Fannie Mae’s April monthly numbers were characterized by strong growth in the guarantee business and slow-to-stable growth in retained portfolio commitments that were partly offset by weak retained portfolio growth, said a JPMorgan Securities report released this morning.

JPMorgan said that retained portfolio growth was slow due to relatively unfavorable MBS-to-debt spreads. Also, there was a slowdown in settled outstanding commitments. The firm added that Fannie’s retained portfolio will likely remain weak with dollar rolls continuing and liquidations still at high levels.

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