Fannie Mae Reverse Mortgage Portfolio Grows, Market Share Shrinks
November 6th, 2009 | by John Yedinak Published in GNMA, News, Reverse Mortgage | 2 Comments
The reverse mortgage portfolio of Fannie Mae grew from $41.6 billion as of December 31, 2008 to $49.8 billion as of September 30, 2009 according to its 3Q SEC filing.
The GSE estimates its market share of the total market of reverse mortgage loans outstanding was approximately 90% as of December 31, 2008.
According to the filing, changes in pricing strategy and market conditions have lead its market share of HECM acquisitions to fall to 20% during the 3Q and to 10% in September 2009. Ginnie Mae has picked up the slack for FNMA, issuing $5.1 billion of HMBS in FY 2009.
FNMA posted a net loss of $19.8bn, or $3.47 per share, in Q309, compared with a net loss of $15.2bn in Q209.
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