Fannie Mae-No Politics (FNMA)

[Lionscantwinagame]

In 2005 and 2006, being the peak years of subprime origination and subprime MBS issuance, the following were the largest producers.

Top Subprime Mortgage Originators:
1. HSBC
2. New Century Financial
3. Countrywide
4. Citigroup
5. WMC Mortgage
6. Fremont
7. Ameriquest Mortgage
8. Option One
9. Wells Fargo
10. First Franklin

These 10 subprime originators generated $456.1 billion in 2005 and $362.4 billion in 2006 worth of subprime loans. The total dollar value for subprime origination in 2005 and 2006 was $664.0 billion and $600.0 billion respectively. There are 15 other originators on the list not shown, and when added in with the 10 shown above, the sum total for all 25 is $604.9 billion in 2005 and $543.2 billion in 2006.

Top Subprime MBS Issuers:
1. Countrywide
2. New Century
3. Option One
4. Fremont
5. Washington Mutual
6. First Franklin
7. Residential Funding Corp
8. Lehman Brothers
9. WMC Mortgage
10. Ameriquest

These 10 subprime MBS issuers generated $292.8 billion in 2005 and $283.9 billion in 2006 worth of subprime MBS. The total dollar value for subprime MBS issuance in 2005 and 2006 was $508.0 billion and $448.6 billion respectively. There are 15 other issuers on the list not shown, and when added in with the 10 shown above, the sum total for all 25 is $417.6 billion in 2005 and $427.6 billion in 2006. So 25 subprime MBS issuers constituted 82% of the market in 2005 and 95% in 2006.

I believe Alan Greenspan hailed these securities as innovation of the private market.

Sources:
https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr318.pdf

http://www.insidemortgagefinance.com/data/origination.html