The Chemical Bank-Chase Manhattan merger is proving to be a boon to Fannie Mae. The combined company sold $6.8 billion of mortgages to Fannie Mae through September - $2.7 billion more than the partners sold it all of last year.
Last year the two banking companies sold 56% of their conventional loans to Fannie Mae, formally the Federal National Mortgage Association, and 43% to Freddie Mac, the Federal Home Loan Mortgage Corp. This year through last month the new Chase sold 68% to Fannie Mae and 32% to Freddie Mac.
The securitization totals were compiled by Mortgage Marketplace, an American Banker newsletter, from figures provided by Muller Data Corp.
The newsletter said the percentage of lenders dealing primarily with Fannie Mae or Freddie Mac has remained at about two to one in Fannie's favor.