Freddie’s guarantee book of business rose from $3.104 trillion at the end of 2024 to $3.115 trillion as of the end of March. Fannie’s fell from $3.622 trillion to $3.610 trillion. (Includes data table.)

The sign of a good business model is one that makes profits in good times and bad. Fannie and Freddie have shown strong profits throughout the post-pandemic downturn. (Includes data table.)

It’s the first time Freddie’s MBS business has been larger than Fannie’s on an annual basis since 1991.