In its efforts to support the housing market's tenuous recovery, Fannie Mae took on slightly more risk with the new loans it bought or guaranteed in the first quarter.

The $116 billion of single-family mortgages the government-sponsored enterprise acquired during the period had a higher average loan-to-value ratio and a lower average FICO score than last year's crop of loans. Riskier features, such as interest-only periods, adjustable rates and investment properties as collateral, were also more prevalent than in 2009, albeit nowhere near as common as during the bubble years.

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