After growing between $21 billion and $33 billion from April through June with annualized growth rates of 33% to 53%, Freddie Mac's retained portfolio increased just $6 billion, or 9.8%. Net retained commitments were essentially nil (negative $0.3 billion).
Meanwhile, Fannie Mae reported its retained portfolio rose $8.5 billion, or 14.4%, compared to $12.7 billion in June, or a 22.8% growth rate. Net retained purchases totaled $16.2 billion, down from $23.4 billion.
The slowdown in growth is no surprise as the GSEs earlier this month reported larger than expected second quarter losses, and announced that they would be engaging in strategies to conserve and enhance capital such as slowing purchases and limiting the growth or reducing the size of the retained portfolios.
The small increase in Freddie's portfolio came primarily as a result of a $6.7 billion increase in non-FHLMC agency securities. Freddie Mac holdings were flat, while non-FHLMC non-agency and mortgage loan holdings were almost offsetting. The rise in Fannie Mae's portfolio came from a $7.4 billion increase in Fannie Mae MBS and $2.2 billion in mortgage loans.
