Although it expects to report “significant net income” for both the final three months and the full year 2012, Fannie Mae announced late this week that it will delay its earnings release while the GSE’s accountants continue to crunch numbers to determine if the company should take a lucrative but complex tax deduction. In a form 12b-25 filing with the Securities and Exchange Commission, Fannie requested a filing extension beyond its March 18 deadline because it needs more time to analyze its deferred tax assets, which are unused credits and deductions that can be used to cover future tax bills.“The release of the valuation allowance would have a material impact on the company’s 2012 financial statements and result in a significant dividend payment to the U.S. Treasury,” noted Fannie in its SEC filing.

Legislation introduced this week by a bipartisan group of senators would seek to “jumpstart” the stalled effort in Congress to implement legislative reform of Fannie Mae and Freddie Mac, but industry observers say the measure may also act to hinder cash grabs by government officials when the Treasury Department begins its “sweep” of the GSEs’ profits. The Jumpstart GSE Reform Act – sponsored by Sen. Bob Corker, R-TN, with co-sponsors Sens. Mark Warner, D-VA, David Vitter, R-LA, and Elizabeth Warren, D-MA – would prohibit any increase in Fannie’s and Freddie’s guaranty fee from offsetting other government spending. “The reality is that if Congress were to spend g-fee revenue from the GSEs on other programs, reforming these mortgage behemoths would become nearly impossible,” said Corker.

House Republicans’ proposed budget for next year would see Fannie Mae and Freddie Mac wound down as part of an effort to “end corporate welfare” in the housing sector. The GOP’s 91-page “Path to Prosperity” proposal for Fiscal Year 2014 gives scant mention to the two GSEs – less than two full paragraphs. House Budget Committee Chairman Paul Ryan, R-WI, the proposal’s author, seeks to “drastically decrease” Fannie’s and Freddie’s market dominance by gradually ending their government guarantees and taxpayer subsidies.

Outside vendors to Fannie Mae and Freddie Mac are enjoying the “salad” days of contracting – with promises of more work to come now that the GSEs are actively aiding in the creation of a separate but “outside” single platform to issue mortgage-backed securities. According to a recent Securities and Exchange Commission 10-K filing issued by Freddie Mac, the GSE spent $361 million on “professional services” last year, which is jargon for contract workers and outsourced…

The Treasury Department is on board with a risk-sharing mandate from the Federal Housing Finance Agency that sets a $30 billion goal this year for Fannie Mae and Freddie Mac. That’s the word from FHFA officials who discussed the matter with Inside The GSEs, but who did not want to be identified by name. “Treasury has taken a great interest in these things,” said one FHFA official. “They’re not ignoring what we’re doing.” The Treasury Department did not return telephone calls about the matter.

Fannie Mae announced it has replaced the company’s outgoing top finance executive from within. David Benson, 53, currently Fannie’s executive vice president of capital markets, securitization and corporate strategy, will be the GSE’s fourth chief financial officer since the company’s government takeover in September 2008. Benson replaces Susan McFarland, who joined the company as CFO in July 2011. She will step down as soon as Benson assumes the position and will remain employed by Fannie as a senior advisor for a transition period through June 30, 2013, according to a Securities and Exchange Commission filing.

Fannie Mae is having internal discussions regarding how it might change the way it holds mortgage seller/servicers responsible for losses when a deficiency is discovered on a delivered loan. A spokesman for Fannie told Inside The GSEs that under one scenario, a lender might take the “credit loss” on a mortgage with Fannie agreeing to keep the loan as opposed to forcing a buyback. A deficiency might include a mistake made during the underwriting process, such as borrower information being incorrectly punched into a computer. “If data were punched in wrong, there might be a pricing change,” said the spokesman.

Freddie Mac’s real estate sales unit is looking to bring in more lending partners to widen the reach of its financing program implemented last year specifically to move the GSE’s real-estate owned properties. Since the company rolled out its Homesteps Financing program during the second half of 2012 in four select states, the new financing option for both owner-occupied and investor purchase of REO properties has yielded promising enough results to prompt expansion, says a Freddie…

Freddie Mac is still owed $1.2 billion from the bankrupt Lehman Brothers and likely will not be reimbursed anytime soon due to the fact that the GSE is an “unsecured” creditor, according to a new report by the Federal Housing Finance Agency’s Office of Inspector General. The report notes that the loan was made in August of 2008, not long before Lehman went bust and Freddie was placed into government conservatorship. The loan was described by Freddie officials as a “Fed Funds” transaction available to Lehman on an overnight basis. However, the limit on such transactions was $250 million, according to the OIG Report.

Not only was the jumbo market on a roll last year but the GSEs were major players, according to new figures compiled by Inside Mortgage Finance.