Low-downpayment programs introduced by Fannie Mae and Freddie Mac almost two years ago have been slow to gain traction. According to an Inside Mortgage Finance analysis of mortgage-backed securities data, the two government-sponsored enterprises purchased $10.31 billion of purchase mortgages with loan-to-value ratios of 96 to 97 percent during the first nine months of 2016. However, nearly half of that came in the third quarter, which saw a 52.7 percent jump from the previous period. Bob Ryan, acting director of the Federal Housing Finance Agency’s division of conservatorship, said...