Fannie Mae and Freddie Mac saw their loan purchase market share – as a percentage of all originations – fall in the first-half of the year as the Government National Mortgage Association gained.
Fannie purchased $253 billion in loans from its seller/servicers, while Freddie bought $179 billion.
The figures exclude the purchase of delinquent loans out of MBS pools. (For that story see the Monday paper edition of National Mortgage News.)
According to calculations by NMN, Fannie and Freddie had market shares of 37%, and 26%, respectively in the first-half. In 2009, their shares were 43%, and 29%.
GNMA, which guarantees bonds backed by FHA and VA loans, amassed a market share of 28% during the first-half ($192 billion in MBS guarantees), slightly ahead of Freddie. Last year GNMA had a 24% share.
All three government entities, combined, accounted for 91% of every new mortgage funded in the U.S. during the first half – down from 96% last year.
The figures indicate that depositories are holding onto more loans – in particular jumbo mortgages -- keeping these long term assets on their balance sheets.
