"The amount and variety of the loans that WaMu sold to the GSEs fluctuated over time. For example, the following chart, which is taken from data compiled by Inside Mortgage Finance, presents the total dollar volume of loans sold by WaMu to Fannie and Freddie from 2000 until 2008 when WaMu was sold, as well as the percentage those loans represented compared to WaMu's total loan originations. |531|
Year
Sold to Freddie Mac (in billions)
Sold to Fannie Mae (in billions)
Percent of Total WaMu Originiations Sold to GSEs
2000
$ 0
$ 7.1
14 %
2001
$ 1.4
$ 35.3
20 %
2002
$ 0.2
$ 95.7
29 %
2003
$ 2.2
$ 174.3
40 %
2004
$ 1.1
$ 25.9
10 %
2005
$ 34.6
$ 20.3
20 %
2006
$ 32.3
$ 11.2
23 %
2007
$ 31.8
$ 8.2
29 %
2008
$ 20.8
$ 2.1
70 %
TOTAL
$ 124.4
$ 380.1
27.3 %
Source: Inside Mortgage Finance The data indicates that, in total, WaMu sold more than half a trillion dollars in loans to the two GSEs in the nine years leading up to the bank's collapse, accounting for more than a quarter of all of the loans WaMu originated.
The documents obtained by the Subcommittee indicate that, from 2004 to 2008, Fannie Mae and Freddie Mac competed to purchase billions of dollars in WaMu's residential mortgage loans, and WaMu used that competition to negotiate better terms for its loan sales. Twice during that period, WaMu successfully played one GSE off the other to sell more high risk Option ARM loans under better terms to Freddie Mac.
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