Fannie Mae and Freddie Mac started 2005 relatively slowly, with new business volume at both government-sponsored enterprises lagging well behind the pace they set in early 2004. Fannie Mae reported $130.64 billion in new business volume for the first quarter of 2005, down 19.9 percent from the same period last year. The figure, which includes mortgage securitization activity as well as purchases of whole loans and non-Fannie mortgage assets for its retained portfolio, was off…