The Government National Mortgage Association's president said he does not expect lenders to repurchase delinquent loans from its pools in such large chunks as they did in the fourth quarter.

Realizing that it no longer made sense to advance payments to investors on these loans — which carried rates of 6% to 6.5% when their internal cost of funds is much lower — lenders repurchased $57.6 billion of mortgages from Ginnie pools in the fourth quarter. Buybacks totaled $186.5 billion for all of 2009.

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