It is not a surprise but now we measure the share of conventional mortgages purchased by Fannie Mae and Freddie Mac (the GSEs). The HMDA data shows that the GSE share increased from 19% in 2006 to 28% in 2007. This is the first year of share increase for GSE purchases of conventional mortgages since 2003.
According to the HMDA data, the GSE purchased 2.1 million mortgages in 2007. The mortgage amounts were $433 billion. These are the lowest numbers in more years than we have data for. 2007 was a bad year for the mortgage industry. 2008 is worse! What will 2009 bring?