n w= mn en we ns ene en a nn 32% 8 =) ° by Ee oe - 24% s x : oe oo oe lee | 16% 2 = ail if fall TH} 7 oa i i 1 0% 1988 1992 1996 2000 “a Fannie Mae RMBS Mai Freddie Mac RMBS ——Fannie + Freddie RMBS as % Total RMBS Sources: 1988-2006 data from Calculated Risk; Fannie Mae / Freddie Mac data from FHFA Annual Report to