Freddie Mac said Friday that its portfolio of home loans and mortgage bonds shrank at an annualized rate of 38% last month as federal regulators seized control of the government-sponsored enterprise.

The portfolio, which had expanded by $85.8 billion in April through July, fell by $24 billion in September, to $736.9 billion, as Freddie sold off more assets, the McLean, Va., GSE said in its monthly volume summary.

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