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Inside The GSEs

June 25, 2008

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News In Brief

FHLBank of Dallas Preps For Possible Member Failure: The Federal Home Loan Bank of Dallas won regulatory approval for... Former Fannie CEO Johnson Bails From Obama Veep Team: Former Fannie Mae CEO Jim Johnson felt compelled to resign from the... Fannie Mae CIO Joins Netuitive Board of Directors: Fannie Mae Chief Information Officer Rahul Merchant is... MPF Gains Reprieve, Pulls Down Chicago FHLBank’s Counterparty Credit Rating: The days of the Federal Home Loan Banks’ foray into... Read More

Advances Up 50 Percent by Top Bank, Thrift Users

The top 40 bank and thrift users of Federal Home Loan Bank advances increased their use of such loans by 49.6 percent in the first quarter from a year ago, up to $577.77 billion – but just 4.4 percent from the fourth quarter, according to the latest ranking and analysis by Inside The GSEs. The much slower rate of growth from the first quarter suggests the... [Includes one chart and one graph] Read More

FHLBanks Fear FDIC Proposal Would Harm Advances

The Federal Home Loan Banks are concerned that a proposal pending at the Federal Deposit Insurance Corp. inadvertently threatens their advance business. In April, the FDIC adopted an interim final policy statement on covered bonds and solicited public comments on some related issues, including the FDIC’s treatment of... Read More

GSEs Face ‘Green’ Housing Goal Legislation

Fannie Mae and Freddie Mac have now found themselves confronted with the prospect of yet another group of housing objectives: “green” housing goals that seek to promote the construction of more energy efficient homes. The House Financial Services Committee recently held a hearing on H.R. 6078, the Green Resources for Energy Efficient Neighborhoods (or GREEN) Act... Read More

Dodd’s Countrywide Loan Clouds GSE Reform Vote

The Senate’s chief architect on GSE reform has come under a cloud of criticism and suspicion because of a favorable mortgage he received from a top lender deeply involved in the subprime mortgage mess. Sen. Chris Dodd, D-CT, chairman of the Senate Committee on Banking, Housing and Urban Affairs, was identified last week as a beneficiary of the so-called Friends of Angelo program, which facilitated... Read More

RBC to be More of an Issue, Especially for Freddie

The risk-based capital regulation of Fannie Mae and Freddie Mac by the Office of Federal Housing Enterprise Oversight took a step closer to relevance earlier this month when OFHEO issued its final rule for the loss severity calculations under the regulation. Under the final rule, Fannie and Freddie will have to change the way they recognize losses in their RBC calculation due to foreclosures, and the two GSEs will each face... Read More

Feds Urge OFHEO: Dump Appraisal Deal; Suit Likely

The federal bank regulatory agencies late last week urged the Office of Federal Housing Enterprise Oversight to ditch the controversial GSE appraisal deal, significantly amend it, or at least delay its implementation until the deal’s “significantly adverse consequences are prevented and the other material, legal and policy concerns … are satisfactorily addressed.” Announced March 3 by the New York Attorney General’s office and... Read More

FHLBanks Want More Flexibility in Refi Plan

Most Federal Home Loan Banks generally support the subprime loan refinance proposed rule recently issued by the Federal Housing Finance Board, but they’d like their regulator to make some changes to the proposal to give them more flexibility. The Federal Housing Finance Board’s proposed rule would temporarily grant the Banks the authority to use an Affordable Housing Program direct set-aside... Read More

Senate Poised to Pass GSE Reform, Finally

Nearly six years after the first scrutiny of the GSEs and their oversight by a member of Congress, the full Senate is on the verge of passing comprehensive GSE reform legislation. The Senate began considering the GSE legislation as part of a broader omnibus housing package, H.R. 3221, the Foreclosure Prevention Act of 2008, this past Thursday. And after Senators voted Tuesday of... Read More

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