Fannie Mae and Freddie Mac continued to invest heavily in the non-agency subprime and Alternative A market in 2005, but it wasn’t enough to prevent the two government-sponsored enterprises from losing more ground in the mortgage market. With unexpectedly strong ARM business in the primary market and stiff competition from other MBS investors, 2005 wasn’t a highly favorable business climate for the two GSEs. In addition to their business challenges, Fannie and – to a… [One data table included]