The level of repurchase activity at Fannie Mae and Freddie Mac continued to decline during the first quarter, helped along by the resolution of older buyback cases, according to a new Inside The GSEs analysis of Securities and Exchange Commission disclosures by the two. Lenders repurchased or replaced just $315.0 million of mortgages – or otherwise indemnified the GSEs – during the first quarter, the analysis reveals. That was the lowest quarterly repurchase total since Fannie and Freddie, along with other asset securitizers, began filing repurchase disclosures with the SEC back in early 2012. First-quarter repurchases were down 11.8 percent from the fourth quarter of 2015 and 35.9 percent below the total for the first three months of last year.