DOW JONES NEWSWIRES
Fannie Mae (FNM) said delinquencies in its mortgage portfolio continued to rise, showing a potential plateau in the woes has yet to arrive.
It and smaller sibling Freddie Mac (FRE) were put into conservatorship a year ago by the federal government amid fears of mounting losses at the companies.
Fannie said Friday that August serious delinquencies, or those at least 90 days behind, rose to 4.45% on single-family homes from 4.17% in July and 1.57% a year earlier. Fannie's delinquencies have been worse than Freddie's.
The report also showed that Fannie's mortgage portfolio grew 1.7% in September to $792.68 billion, or a 22% annual rate. Its book of business, which includes mortgage-backed securities and other guarantees, rose $13.6 billion to $3.24 trillion. Its annualized growth rate was 5.2% for the month.
In addition, Fannie's net commitments to purchase mortgages more than doubled in September to $69.67 billion after August's 69% month-on-month tumble. Fannie and Freddie are key mortgage financiers.
Fannie shares closed Friday at $1.08. The stock is up 42% this year.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com