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Inside The GSEs

September 17, 2008

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What New Shape Should FNM, FRE Take?

Stunned by the federal government’s takeover of Fannie Mae and Freddie Mac, GSE experts are already brainstorming about the possible forms the companies might take after they emerge from the cocoon of conservatorship. Most of the discussion has revolved around three very different possible approaches. Under the public utility model, Fannie and Freddie would come back on their own as... Read More

FHLBanks Agree to Treasury Backstop Deal

Lost amid all the tumult, turmoil and hoopla surrounding the federal government’s takeover of Fannie Mae and Freddie Mac was the move by the U.S. Treasury to create a backstop lending facility for the 12 Federal Home Loan Banks to use – whether or not they needed or wanted it. The facility is designed to serve as a source of contingent liquidity to support the FHLBanks’ debt... Read More

Should the Feds Have Taken Over Fannie and Freddie?

Is it Monday morning quarterbacking or buyer’s remorse? The federal government’s bailout of Fannie Mae and Freddie Mac is a little more than a week old, and already concerns are being raised about whether it should have been done at all, or perhaps timed differently. “The GSEs might have been able to muddle through for the next six months, and at least their debt was selling, although... Read More

Takeover Puts GSE Appraisal Deal in Limbo, For Now

The sudden and dramatic federal takeover of Fannie Mae and Freddie Mac has cast a cloud of uncertainty over the controversial GSE appraisal deal the pair struck earlier this year, according to one legal expert in Washington, DC. “The appointment of the Federal Housing Finance Agency as conservator of Fannie Mae and Freddie Mac calls into question the continued viability of... Read More

Fannie, Freddie Cede Some Share to Ginnie

After reaching an all-time record 82.4 percent combined market share of new mortgage securities issuance in the first quarter, Fannie Mae and Freddie Mac ceded a bit of the turf to Ginnie Mae in the second, registering 76.8 percent between the two of them. Still, that’s the second best level of share ever for the pair, according to the latest analysis by Inside The GSEs... [Includes one chart] Read More

FHFA Deflates Mudd, Syron ‘Golden Parachutes’

It looks like the hard-line GSE reform hawks are granting no quarter to Fannie Mae and Freddie Mac after their stunning rout 10 days ago, when the Treasury Department and the Federal Housing Finance Agency placed the two GSEs into conservatorship, took over their operations, and banned the powerful lobbying forces from the K Street ring. The FHFA went one step further early this week... Read More

FHLBanks Tighten Their Advance Underwriting

Further deterioration in the mortgage market is spurring the Federal Home Loan Banks to tighten lending policies for their advances, which could make it more costly for lenders to use the increasingly popular mortgage financing options. The Atlanta FHLBank recently made substantive revisions to its credit and collateral policy, implementing a new credit risk rating system. “As part of an... Read More

FHLBank Discount Note Issuance Exceeds All of 2007

After zooming to a new monthly record high of $237.77 billion in July, Federal Home Loan Bank debt issuance turned the volume down just a notch in August, registering $219.7 billion for the month, still a healthy level of activity. That helped the FHLBanks smash the record of $1.70 trillion in debt issuance for the entire year of 2007 – with four months left... [Includes one chart] Read More

News In Brief

Affordable Housing Assuming New Priority at Fannie and Freddie: The federal government’s takeover of Fannie Mae and Freddie Mac may have thrown a legal wrench into... GSE Stock Values Nearly Vanish, But Fannie and Freddie Still Listed: The valuations of shares of Fannie Mae’s and Freddie Mac’s common stock are flirting with... Read More

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