The GAO’s fact-filled, even-handed review of the FHLBanks’ role in last spring’s regional banking crisis has been used to justify arguments by both critics and supporters of the banks.
The rating service focuses on the government’s implicit guarantee and the critical role the GSEs play in housing finance and the financial sector more generally. Fannie and Freddie also have healthy earnings.
The collapse of commercial real estate during the 2008 financial crisis wasn’t the result of poor underwriting by lenders, but due to a widespread misperception of risk, according to a new Fed paper.
Critics argue the new second mortgage program is another attempt by Freddie Mac to expand its footprint. But GSE insiders say it’s already allowed under its charter.
Newly-released minutes from the Fed’s meeting in March indicate that the Fed is ready to slow the pace of Treasury runoff while maintaining the already slow pace of MBS runoff.
Rates were up across all default categories in the fourth quarter of 2024.
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