Fannie Mae, in a new quarterly filing, said it is receiving "higher amounts" from lenders on loan repurchase requests while its pipeline of buyback claims on defaulted mortgages continues to grow.

The GSE reports that in the second quarter lenders satisfied its requests for repurchases on loans with an unpaid principal balance of $3.3 billion, almost three-times the figure for the first quarter.
"During the first half of 2011, our primary mortgage servicer counterparties have generally continued to meet their [re-purchase] obligations to us," the GSE said in the Securities and Exchange Commission (SEC) filing.

Meanwhile, Fannie reported that its outstanding repurchase requests totaled $9.6 billion as of June 30, up $1 billion from the end of the first quarter.

The GSE also has $4.4 billion in outstanding re-purchase requests with private mortgage insurers.
"We received proceeds under our primary and pool mortgage insurance policies for single-family of $1.5 billion for the second quarter," the SEC filing said.

Fannie noted that the insurers' have rescinded mortgage insurance coverage on $534 million of the $4.4 billion in outstanding repurchasing requests. Now the GSE is going back to the original seller/servicers to collect that money. "(I)f a mortgage insurer rescinds insurance coverage, the initial receivable becomes due from the mortgage seller/servicer," Fannie states in the SEC filing.

In other GSE news, Freddie Mac posted a $2.1 billion loss in the second quarter after booking large credit and derivatives charges.

The GSE ended the quarter with a net worth deficit of $1.5 billon – but only after paying the U.S. Treasury a quarterly dividend of $1.6 billion.

To date, the GSE has received roughly $66.2 billion of assistance from taxpayers, far less than Fannie Mae which has received $103 billion. (The GSE has requested $1.5 billion of assistance from Treasury for the second quarter.)

Although Freddie’s second quarter results are lacking, there was some good news. Its single-family serious delinquency rate fell to 3.5% at June 30, compared to almost 4% a year ago. Its net interest income rose 12% during the same time to $4.5 billion.

Negatives include its holdings of nonperforming assets which increased to $123 billion from $120 billion a year ago and its multifamily delinquency rate which ended June at 0.31%. A year ago it was 0.22%.

As for the income statement, derivative losses totaled $3.8 billion with credit losses coming in at $2.5 billion.

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