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by CareyBot

Government-chartered mortgage funders Fannie Mae and Freddie Mac said contracts to buy mortgages were up sharply in March after regulators reduced the companies' minimum capital requirements, increasing their purchasing power by $200 billion. Freddie Mac said retained portfolio mortgage purchase and sales agreements hit $43.5 billion, up from $14.8 billion in February. Fannie Mae reported that mortgage commitments rose to $31 billion in March, up from $25 billion in February. In loosening the companies' capital requirements in March, the Office of Federal Housing Enterprise Oversight said Fannie and Freddie should be able to purchase or guarantee $2 trillion in mortgages this year (see story). In February, OFHEO lifted a $1.5 trillion cap on loans and mortgage-backed securities t...