Fannie Mae Reverse Market Share Drops Below 10%, Posts Huge Loss During 4Q

Screen shot 2010-02-28 at 4.32.59 PM.pngFannie Mae purchased less than 10% of the reverse mortgage production in the marketplace during the 4Q of 2009 said its filing from the Securities and Exchange Commission (SEC).

While the government sponsored entity (GSE) estimates its market share was 90% in 2008, an increase in demand for Ginnie Mae HMBS securities has driven its share to 50% in 2009 said its 4Q filing.

The GSE purchased $8.6 billion of HECMs during 2009, growing its portfolio to $50.2 billion as of December 31, 2009, up from $41.6 billion as of December 31, 2008.

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FNMA changed its pricing strategy last year and saw its market share of acquisitions tumble to 20% during the 3Q and now less than 10% in the 4Q.

Fannie Mae posted a fourth-quarter net loss of $16.3 billion, or $2.87 a share and is seeking 15.3 billion in U.S. aid, bringing the total owed under a government lifeline to $76.2 billion.

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  • Well, in speaking about market share- let me just say, that Bank of America has lost my business due to Land Safe! What a joke of an AMC! I believe they get kickbacks for bringing in values ridiculously low! Thank God for Genworth- they allow us to use our in house AMC!

  • Well, in speaking about market share- let me just say, that Bank of America has lost my business due to Land Safe! What a joke of an AMC! I believe they get kickbacks for bringing in values ridiculously low! Thank God for Genworth- they allow us to use our in house AMC!

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