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60 | TH E M R EP O RT O R I G I NAT I O N S E R V I C I N G A NA LY T I C S S E C O N DA R Y M A R K E T SECONDARY MARKET THE LATEST Fannie Mae's Portfolio Narrows The GSE's mortgage holdings shrink for the eighth consecutive month. F annie Mae's gross mortgage portfolio experienced its largest compound annual rate of contraction for one month in 2015 when it declined at a rate of 30.2 percent in November, according to the enterprise's November 2015 Monthly Volume Summary. That annual rate of contrac - tion in November translated to about an $11 billion month-over- month decline in the value of Fannie's gross mortgage portfo - lio, from $364.2 billion down to about $353.5 billion. The portfolio contracted at a compound annu- alized rate of 15.7 percent for the first 11 months of 2015, according to the MVS. Only two months (January and March) saw expansion in the portfolio in 2015; November marked the eighth consecutive month of contraction. The port - folio has expanded in only three months out of the last 64 since June 2010 (March 2015, January 2015, and December 2012). At the beginning of that stretch in June 2010, the portfolio's value was $818 billion. At the start of 2015, the portfolio's value was $414.8 billion. Following close to five years of steady declines, the serious delinquency rate on single-family mortgages insured by Fannie Mae stayed flat from October to November at 1.58 percent, which is consistent with the level reported for September 2008—the month that both Fannie Mae and Freddie Mac were taken into conservatorship by the FHFA, at the onset of the housing crisis. The serious delinquency rate on mortgages backed by Fannie Mae for November 2015 was less than half of the national rate reported by CoreLogic for the month of October (3.4 percent). The number of loan modifica - tions completed by Fannie Mae was way down over the month, from 6,882 in October to 5,618 in November. Year-to-date as of the end of November, Fannie Mae has completed 87,613 loan mods, an average of 7,964 per month. Fannie Mae completed an average of 10,235 loan mods per month for the full year of 2014.