Last week Freddie Mac reported weak February numbers, in direct contrast to rival Fannie Mae, which just released its monthly numbers the previous week. Freddie's results were characterized by a sharp drop in its retained portfolio and in its MBS PCs outstanding.

The GSE's retained mortgage portfolio contracted at a 14.7% annualized rate to $561.5 billion last month. This is compared to an increase of 0.7% in January, 41% in December and 15.5% for the entire of last year, said Sandler O'Neill. Retained portfolio commitments were also flat at $9.3 billion compared to $8.2 billion in January.

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