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Inside The GSEs

November 15, 2019

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GSE 1-Family Business Posts Modest Rebound in October

Freddie upped its share of GSE single-family MBS issuance with a 7.5% increase from September, while Fannie’s monthly volume slid 3.0% last month. (Includes two data charts.) Read More

Calabria on Conservatorship, GSE Culture and FHLB Membership

The FHFA director said Fannie Mae and Freddie Mac may fully exit conservatorship as early as 2022. Meanwhile, on FHLBank membership to non-banks, Calabria said the agency will soon be putting out a request for information. Read More

HFSC Considers Bill Extending QM Patch

The legislation appears to be a de facto extension of the qualified-mortgage patch, according to Cowen analyst Jaret Seiberg. He said the bill could be positive for housing by ensuring the supply of mortgage credit is not constrained.

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Court Orders Treasury to Produce Documents in Fairholme Case

A District Court judge ordered the Treasury Department to produce all documents attached to subpoenas. He also asked the Treasury to produce a log of any documents withheld based on an assertion of privilege. Read More

Experts Argue Treasury Plan Endangers GSE Cross-Subsidies

Treasury claims the GSEs’ unfair advantage is because of their capital treatment. Urban Institute researchers say it’s because of the government backstop of their credit risk. Read More

Climate Change, Wildfires and the Risks Posed by the GSEs

Over the last decade, the U.S. has averaged nearly 56,000 wildfires a year, covering more than 6.5 million acres, and destroying thousands of homes. The problem is acute enough that discussions are underway to create a reinsurance market for wildfire damage. Read More

Fannie Executes $10.5 Billion CIRT Deal

The transaction is structured so that Fannie retains the first 40 basis points of losses. Once the $42 million retention layer is exhausted, re-insurance will cover the next 375 bps of losses. Read More

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