2012 was a year of significant change in the mortgage market. One of the most pronounced changes experienced by Fannie Mae was a significant shift in the composition of our customer base and the emergence of many new originating institutions with whom we had done little or no business. This rapid change in the marketplace prompted us to institute delivery limits for a small number of institutions. This change created some uncertainty in the marketplace as to how extensive the use of selling limits might become. In this document, we describe our rationale behind the decision and the methodology we have employed.
Executive Vice President
Chief Risk Officer
January 22, 2013
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