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Inside The GSEs

April 28, 2010

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Do GSEs Have a Future in Housing Finance?

There is growing pressure on President Barack Obama and the U.S. Congress to look like they are doing something when it comes to crafting a new mortgage finance system for the future. But when the government already accounts for about 90 percent of all new mortgage originations, some industry participants question how much more can be done. Also, there seem to be few buyers... Read More

FHFA Presses Seattle FHLB on Capital Plan

The specter of losses from non-agency mortgage-backed securities holdings continues to haunt the Federal Home Loan Bank System, with the Federal Housing Finance Agency last week asking the FHLBank of Seattle for more information related to the Bank’s capital restoration plan. The Seattle Bank was reaffirmed as “undercapitalized” by the FHFA on Nov. 6, 2009, even though the... Read More

GSE Share of New MBS Issuance Grows in 1Q10

Last week saw the first new non-agency mortgage-backed securities deal in two years, but there’s still no signal of any big change in the MBS market. It remains a GSE business and that’s likely to continue for the foreseeable future. In fact, the GSE share of the market got a little bit stronger in the first quarter, reaching... [Includes one chart] Read More

COP Calls for More Oversight of Fannie, Freddie

The Congressional Oversight Panel, established by Congress to evaluate the progress of the foreclosure mitigation programs under the Troubled Asset Relief Program, called for more oversight and greater transparency when it comes to the roles that Fannie Mae and Freddie Mac are playing in the Obama administration’s housing rescue efforts. The GSEs are playing two roles under the Home Affordable... Read More

White House Reaffirms GSE Intentions

The Obama administration late last week reaffirmed its intention to reform Fannie Mae and Freddie Mac and defended the approach it has taken, responding first to the larger housing bubble burst and the resulting financial collapse, with an emphasis on stabilizing the market first and overhauling the GSEs afterwards. “We agree that Fannie and Freddie are long overdue for reform. That is why the... Read More

Big Banks Should Inherit GSE Credit Business: Posner

Restructuring Fannie Mae and Freddie Mac depends on who controls their credit guarantee businesses in the future. And while the three mostly likely heirs – investors, the federal government or big banks – are all controversial, the least harmful scenario would be for the big banks to end up with that sizeable business, according to new author, Ken Posner, former lead GSE analyst at Morgan... Read More

GSEs Lose Out on Extra Goals Credit from GREEN Act

Fannie Mae and Freddie Mac stood to gain extra housing goal credit under the 2010 iteration of “green” housing legislation being marked up this week by the House Financial Services Committee – without facing additional goal requirements, as would have been the case had the 2008 version been enacted. However, during the markup, the language that referred to the GSEs was struck. Under H.R. 2336... Read More

News In Brief

Dorfman Resigns From Atlanta FHLBank, Moves to SIFMA: Richard Dorfman resigned his... Market, Industry Watch for Signs That Uncle Sam Will Sell GSE Securities: The Federal Reserve Board’s Open Market Committee... FHFA Moves to Restructure The FHLB Office of Finance: The Federal Housing Finance Agency is issuing... First Cal Will be Pilot Lender in Fannie, NattyMac Warehouse Deal: Fannie Mae has selected First California Mortgage Co... Read More

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