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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (26333)	2/11/2005 10:16:43 PM
From: ild	Read Replies (2) \| Respond to of 110194

GSES LOSING SHARE; WM STEPPING IN Washington Mutual was the most active mortgage acquirer for the first nine months of ’04, capturing 16% of community banks’ business, according to a recent industry survey. These banks are selling more of their mortgages to wholesalers and less to Fannie and Freddie, which is likely a result of wholesalers’ ramp up in marketing, as well as the effect of current accounting issues surrounding the GSEs. Overall, the percentage of mortgages sold dropped to 43% from 57% in the prior year, largely due to rising interest rates and less refinancings. Survey respondents reported selling a total of 35% of their mortgages to wholesalers and conduits, up from 22% in the prior year, while only 8% and 10% went to Fannie and Freddie, respectively.