Freddie Mac said Friday that its investment portfolio declined by an annual rate of 4% last month, reflecting the government-sponsored enterprise's repurchase this year of nearly all mortgages 120 days or more past due.

At the end of May, Freddie's total mortgage portfolio — which includes loans it guarantees along with other mortgages and mortgage-related securities held on its books — stood at $2.22 trillion, down from $2.23 trillion at the end of April.

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