Freddie Mac's market share dipped in April against arch rival Fannie Mae. A report by Fox-Pitt, Kelton said that Freddie Mac's market share was roughly 31% in April, lower than what it was in March. Freddie's traditional share is 40% to 42%.

"We feel that this will disappoint investors as Freddie Mac's share increased to nearly 39% in March 2003 from 31% in February and January," said analysts at the firm. Fox-Pitt said that all else equal, the continued trend of Freddie's lower market share might mean a slower growth rate for its total book of business or its total mortgage portfolio. This could, in turn, have an effect on the growth rate of its retained portfolio.

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