All totaled, the new tax law will result in Treasury – which owns the senior preferred stock of the GSEs – forking over $4.01 billion to aid Fannie and Freddie...

Prior to release of 4Q17 results, the GSEs had an “account balance” of $103.0 billion with Uncle Sam: $291.4 billion of dividends paid to Treasury versus $188.4 billion of assistance received.

No one has suggested publicly that Mayopoulos is unhappy with his pay, but in a new 10-K filing, Fannie worries that...

Joshua Rosner, managing director of Graham Fisher & Co., states: “This sounds like the early stages of a utility model..."

Fannie Mae and Freddie Mac both suffered from what’s likely to be a one-time event that resulted in a hit on their earnings for the fourth quarter thanks to the late 2017 Tax Cuts and Jobs Act that impacted their deferred tax assets.

The DTA hit Fannie took and the resulting net loss was fully expected and likely won’t cause an uproar on Capitol Hill. However, one lobbyist quipped: "Ah, the first taxpayer bailout of a large financial institution since the Great Recession."

Under this arrangement, the FHLBanks would be “jointly and severally liable” for the obligations of any single-family guarantor formed under the new system…

Housing finance reform legislation is being worked on in the House and Senate but has yet to be formally introduced.

As National Association of Realtors Vice President Joe Ventrone put it: “It’s an unintended consequence of the tax bill rather than falling into the bailout narrative.”

Look for New Residential to become a buyer of Ginnie Mae servicing packages...