After watching their share of the residential mortgage market climb to a record-busting 62 percent in 2003, Fannie Mae, Freddie Mac and the Federal Home Loan Banks saw their share of new originations take a sharp nose-dive in early 2004. The GSE share of the origination market – as measured by new business or purchases – tumbled to 48 percent in the first quarter, the lowest level found in four years. The culprit was