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Mudd Is Optimistic as Fannie Mae Looks to Future.
Washington -- Fannie Mae said its book of business grew at the compound annualized rate of 24.7% in December, while mortgage-backed securities and other guarantees increased by 27.1% as the total MBS issuance reached $64 billion.
Fannie's gross mortgage portfolio increased at a 3.3% compound annualized rate and net retained commitments were $11.3 billion in the month of December.
In November (the latest such data available), Fannie said the serious delinquency rate for conventional single-family homes increased by 7 basis points to 0.9%. The multifamily serious delinquency rate rose one basis point to 0.08%. Mortgage market highlights also included a decrease by 4.8 percentage points to 10.1% in the monthly average ARM share of the number of conventional mortgage applications in December, the lowest such share recorded since November 2001.
Commenting on the GSE financial statements while at the Citigroup 2008 Financial Services Conference, president and CEO Daniel Mudd said that compared to last year when Fannie "was focusing on catching up and getting current with our financial statements," now it is a current filer and will file its 2007 10-K by the end of February. Also, Fannie projected its single-family mortgage guaranty business "would grow and regain market share" he said, and in 2007 that business grew by double digits in a shrinking market, and Fannie more than doubled its market share from under 20% in early 2006 to over 40%.
"We expected a significant correction to begin in the housing market, with falling home prices and rising mortgage delinquencies. Well ... we all know what happened next," he said. "I cannot, however, claim to have called the speed and depth of the fall of the housing market starting last summer. The market correction took its toll on virtually all major financial institutions in 2007, including us."
According to Mr. Mudd, the three key points are "One, the prime, conventional, conforming market for the most part has remained a stable center amid the turmoil, and continues to perform well. Two, as we've made clear, Fannie Mae is not immune to the downturn and our financial results show ...
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