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Inside The GSEs

August 1, 2007

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GSEs to Continue Regaining Market Share

Second quarter data confirm a trend that’s likely to continue through the remainder of the year: Fannie Mae’s and Freddie Mac’s mortgage-backed securities programs are regaining lost share in the overall MBS market. Non-agency MBS issuance... [Includes one chart] Read More

FHLBank Exposure to Subprime Small

As the subprime sector continues to struggle, concerns have arisen about the subprime holdings of the housing-related GSEs, such as Fannie Mae, Freddie Mac, and now even the Federal Home Loan Banks. “There’s a certain element in the banking system that wants... Read More

Will SEC, OFHEO Probes of Freddie Mac Bear Fruit?

It’s been three years since the Securities and Exchange Commission sent Freddie Mac a “Wells Notice” indicating the agency was planning to pursue fraud charges against the GSE in response to its extensive accounting problems. Since that time, an investigation... Read More

Citigroup Units Split on GSE Subprime Exposure

Citigroup’s U.S. fixed income strategy group generated some scary headlines last week when it issued a report estimating that Fannie Mae and Freddie Mac face a combined potential loss on their non-agency subprime holdings of $4.7 billion, or about 6 percent of... Read More

Freddie, Feds Discuss Subprime Securitization

Top officials from Freddie Mac and the Office of Federal Housing Enterprise Oversight met with some of their counterparts from the Treasury Department and the Federal Deposit Insurance Corp. recently to discuss what else can be done to respond to the ongoing... Read More

Squeeze on GSEs May Spell End of Exotic Mortgages

The Office of Federal Housing Enterprise Oversight may have set the stage for Fannie Mae and Freddie Mac to eventually turn off the spigot on financing for nontraditional and subprime mortgages. And that may well mean the end of the line for so-called “exotic... Read More

Dodd Eyes GSE Bill in Fall as Industry Urges Action

The mortgage finance industry is urging Sen. Chris Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, to follow up on a published report and move ahead with work on GSE reform legislation. Seven trade groups wrote Dodd and Sen. Richard Shelby... Read More

House Panel Passes Frank’s GSE-Funded Housing Bill

The House Financial Services Committee just passed federal legislation that would set up a national affordable housing production program, largely financed by Fannie Mae and Freddie Mac, as Inside The GSEs went to press. At issue is H.R. 2895, the... Read More

Fannie Mae, Freddie Mac Split on Loan Limit Drop

Fannie Mae and Freddie Mac are of differing minds about permitting a drop in the conforming loan limit, a prospect that the Office of Federal Housing Enterprise Oversight raised late in June. On June 20, OFHEO took the unprecedented step of soliciting public input... Read More

Covered Bonds Not Seen as a Threat to GSEs

The housing GSEs and their regulators say they don’t see much of a threat from the recent emergence of covered bond programs backed by mortgages in the United States – but that might change if such programs become prevalent in the marketplace. During a speech to a... Read More

News in Brief

Finance Board Appoints Directors For Atlanta, Cincinnati FHLBanks: The Federal Housing Finance Board recently made some director appointments... Fannie, Freddie Expect Tough Market to Continue:Fannie Mae and Freddie Mac both expect the downturn in the mortgage marketplace to... Read More

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