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Article: Fannie Mae buying spree, Street hire signal new push.
- Article from:
- Investment Dealers' Digest
- Article date:
- March 15, 1999
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A wave of multi-billion dollar purchases for its mortgage portfolio and a recent hire of a top Wall Street pro indicates that Fannie Mae is gearing for one of its biggest market offenses to date, market players said.
The government-sponsored enterprise snatched up $13.5 billion in mortgage paper in February, raising its net mortgage portfolio levels to $432.5 billion. This comes on the heels of a massive record $14.7 billion in mortgages purchased last December. Market sources said the agency's heavy buying habits, along with those of Freddie Mac, are seriously impacting the mortgage market-wreaking havoc, for instance, with the traditional swap spread levels of ...