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McLean, VA -- Freddie Mac's mortgage purchase activity declined by 12.6% in July compared to the prior month and the growth of its retained portfolio slowed to an annual rate of 1.9%.
The secondary market agency's monthly volume report shows that Freddie acquired $41.89 billion in mortgages during July, down from $47.95 billion in June. Purchase volume totaled $44.76 billion in July 2004.
The July report also shows that the total assets in the retained portfolio fell by nearly $5 billion during July and ended the month at $660.03 billion. In July 2004, the retained portfolio had $656.34 billion in assets.
Freddie Mac and Fannie Mae used to grow their portfolios at a 10%-15% annual rate until they became enmeshed in accounting scandals and the Bush administration and Federal Reserve Board chairman ...