Both Freddie Mac and Fannie Mae released their March monthly volume summary reports this morning. Both GSEs saw only modest growth rates despite the lifting of their portfolio caps and the reduction in capital surcharge. This is not surprising given the credit losses, the need for capital preservation, and a growing guarantee business. 

After a 12.4% contraction in February, Freddie Mac's retained portfolio grew 5% in March to $712.5 billion from $709.5 billion. This was the first month this year to show portfolio growth. Year-to-date, the portfolio's growth rate is negative 4.6%.

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