The average FICO score on single-family loans purchased by Fannie Mae and Freddie Mac now stands at 750--up from 715 on purchases during 2006 and 2007, the two years that account for most of the GSEs' credit losses.

The government sponsored enterprises have tightened their underwriting standards since being placed in conservatorship in September 2008, according to the Federal Housing Finance Agency's newly released annual report to Congress.

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