Business volume at Fannie Mae and Freddie Mac slowed down in the first two months of the year, although new MBS guaranty volume is ahead of the pace set in 2005. New business activity – which includes traditional MBS guaranty volume plus purchases of non-agency MBS – dropped 11.7 percent from December to January at Fannie Mae, and fell 26.8 percent at Freddie Mac. Purchases by both government-sponsored enterprises for their retained portfolios were down… [One data table included]