WASHINGTON — An analysis of Fannie Mae and Freddie Mac with President Bush’s budget proposal Monday showed that the administration is concerned that the government-sponsored mortgage companies may have trouble maintaining profit growth.

The Office of Management and Budget, which prepared the report, cited a number of factors that could contribute to slower profit growth at the GSEs. The report cited consolidation of mortgage originators, which gives large customers more bargaining power on fees; the fact that the share of all mortgages securitized by the GSEs is growing faster than mortgage lending in general, which could effectively cap their growth; and the possibility that investors already holding large amounts of their debt may be unwilling to let counterparty risk exposure to the GSEs climb much higher.

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