GSE Business Slumping in Third Quarter As Mortgage Refinancing Hits 2-Year Low
October 10, 2013
Despite continuing growth in purchase-mortgage production, Fannie Mae and Freddie Mac saw a marked decline in their overall business during the third quarter of 2013, according to a new ranking and analysis by Inside Mortgage Finance. The two government-sponsored enterprises securitized $284.9 billion of single-family mortgages during the third quarter, a 15.6 percent drop from the previous three-month period. It marked the lowest quarterly production for the GSEs since the second quarter of last year and it was attributable to a sharp drop in refinance activity. Fannie and Freddie securitized...[Includes three data charts]