Freddie Mac recently began reporting more detailed retained portfolio growth disclosure, including information regarding holdings of Freddie PCs, other agency securities (FNMA and GNMA), non-agency securities and raw loans. Before this, the GSE reported other agency securities and non-agency securities in aggregate. Fannie Mae does not disclose this type of information with as much granularity in its monthly volume report.
Merrill Lynch analysts report that the increased disclosure shows that since the end of last year, all of Freddie's retained portfolio growth has been in non-agency, which has grown by $13 billion. Meanwhile, Freddie PC holdings decreased by $6 billion and non-Freddie agency securities have dipped by $3 billion. Merrill added that the non-agency growth could comprise ABS or CMBS and non-agency conforming balance MBS such as those found in the Alt-A market among other things.