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Inside The GSEs

March 31, 2010

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Challenges Seen in Moving Beyond Fnm, Fre

While much of the GSE community continues to ponder the future form and function of Fannie Mae and Freddie Mac, the biggest concern among some observers and policymakers is how to handle the transition to that new world – a subject of critical importance that has not escaped the attention of Treasury Secretary Tim Geithner.Transitioning to a new mortgage finance system presents several... Read More

San Fran FHLB Sues Over Non-Agency MBS

The Federal Home Loan Bank of San Francisco became the second FHLBank this year to take some of its investment partners to court over losses suffered from souring non-agency mortgage-backed securities. Earlier this month, the Bank filed complaints against nine securities dealers over some of the holdings as it attempts to rescind the purchases it made of 134 securities in 113... Read More

HAMP Begins Taking Over GSE Mitigation Efforts

The federal government’s Home Affordable Modification Program began to play a bigger role in GSE foreclosure mitigation efforts during the fourth quarter of 2009 even though the number of foreclosure sales continued to climb. A new Inside the GSEs analysis of data from the Federal Housing Finance Agency reveals that Fannie and Freddie loan... [Includes one chart] Read More

GSEs Pressing to Make Room in Portfolios for Buyouts

Fannie Mae and Freddie Mac are making progress in clearing out their portfolios to handle the expected surge of delinquent mortgages they are buying out of their mortgage-backed securities pools – but they have more work to do, especially Fannie. Fannie, in only one month’s time, just about doubled the amount of room under its portfolio cap to handle its universe... Read More

Mortgage Industry Asks GSEs to Maintain HVCC

The Mortgage Bankers Association is asking Fannie Mae and Freddie Mac to maintain the controversial Home Valuation Code of Conduct until the issue of appraiser independence is settled at the legislative and regulatory levels. “While MBA members have expressed concerns related to the HVCC, most of these concerns stem from ambiguity in the HVCC agreement and related guidance from your... Read More

Sen. Webb, Rep. Hensarling Target GSE Exec Comp

Executive compensation at Fannie Mae and Freddie Mac continues to be a Congressional lightning rod, with members of both parties ratcheting up their efforts to rein it in. In the Senate, Virginia Democrat Jim Webb and California Democrat Barbara Boxer recently offered an amendment to the tax extenders legislation that would have imposed a one-time 50 percent tax on... Read More

Republicans Issue Goals, Principles for GSE Overhaul

In the run-up to last week’s hearing on reforming the nation’s housing system, Republican members of the House Financial Services Committee continued their efforts to try to shape the debate by issuing a package of goals and principles they believe should drive policymakers’ efforts. Among the five goals the GOP members articulated were to “re-establish a housing finance market... Read More

Geithner Has FHLBanks’ Back on Covered Bonds

The Federal Home Loan Banks have an ally in Treasury Secretary Timothy Geithner when it comes to covered bonds legislation that was introduced two weeks ago by Rep. Scott Garrett, R-NJ, with some key bipartisan support. During a hearing last week at the House Financial Services Committee, Garrett began engaging Geithner in an effort to gauge and perhaps enlist the Treasury secretary’s support... Read More

News In Brief

Atlanta FHLB Commits $11 Million To First-Time Homebuyer Program: The Federal Home Loan Bank of Atlanta announced... Numerous GSE-Related Amendments Offered to Dodd Regulatory Reform Bill: Republican members of the Senate Banking... Uncle Sam Hasn’t Forgotten About FHLBs in GSE Overhaul: The Federal Home Loan Banks continue to be overshadowed... Read More

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