With total Freddie Mac production for the month of January down significantly, market observers are wondering if the GSE is actually losing market share to rival Fannie Mae, or if it's merely a case of monthly fluctuations in production flows.

In January, total Gold production dropped to $40.3 billion (comprising 30.6% of conventional production), which is a 34% month over month dip. The last time Gold production dipped this low relative to total conventional issuance was back in April 2000, when it only comprised 34% of production during a period when total conventional issuance was $16 billion, according to analysts from Countrywide Securities. They added that the decline in production was somewhat more pronounced in 30-year Golds, which dropped 37%, while 15-year Gold issuance fell 27%.

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