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Inside The GSEs

February 3, 2010

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Obama Budget Silent on GSEs’ Fate

The Obama administration’s fiscal year 2011 budget – long awaited by GSE watchers for its much-anticipated detailed proposals for reforming Fannie Mae and Freddie Mac – came up empty on that count this week. Instead, the White House budget documents only stated that, “The administration continues to monitor the situation of the GSEs closely and... Read More

FHLBs Fret Over Accounting, Systemic Risk

The Council of Federal Home Loan Banks and 10 other trade associations last week urged Sens. Chris Dodd, D-CT, and Richard Shelby, R-AL, to pay close attention to accounting policy as part of Congress’ efforts to reform the oversight of the financial services industry – especially when it comes to confronting systemic risk.“During the recent problems in the financial markets, many have... Read More

California, New York Top GSE Markets in 2009

California and New York remained the top markets for Fannie Mae and Freddie Mac mortgage business in 2009, with both states producing bigger gains than the overall market. A total of $240.92 billion of single-family loans on California properties were sold to the GSEs last year, according to a new report based on the Inside Mortgage Finance MBS Database. That was up 54.3... [Includes one chart] Read More

Whistleblower Rule Protects GSEs More Than Sellers

The Federal Housing Finance Agency has issued a new “GSE whistleblower” regulation that requires Fannie Mae, Freddie Mac and the Federal Home Loan Banks to report loan fraud or possible fraud to the agency, and will protect them (and their officers, directors, attorneys, and accountants) from liability for doing so. But the final rule, drafted under the mandate of the Housing and Economic... Read More

Lawmakers Target GSE Exec Compensation

It looks like Republican members of the House Financial Services Committee and their frequent sparring partner, Chairman Barney Frank, D-MA, are finding a bit of accord on one thing these days – an interest in reigning in the executive compensation of the top executives at Fannie Mae and Freddie Mac. Republicans on Frank’s committee are pushing legislation they introduced late last month... Read More

GSE Refi, Loan Mod Efforts Gaining Momentum

Fannie Mae and Freddie Mac continue to ratchet up their efforts to refinance existing homeowners while modifying the mortgages of thousands of others. The two GSEs initiated more than 485,000 mortgage loan modifications under the Obama administration’s Home Affordable Modification Program, even as total refinance volume increased as the pair refinanced more than 4 million loans last year... Read More

Fannie Withdrawal from Reverse Mortgages a Model?

Fannie Mae, once the dominant financier of reverse mortgages, has quietly been winding down its involvement in the sector over the last year or so, providing a possible model for how policymakers might be able to help the broader housing finance sector to transition into a less GSE-dependent system. “Fannie’s role in our market has been steadily diminishing in a nice and natural way that... Read More

Covered Bond Road Show Tries to Reassure

Major players in the covered bonds industry brought their international road show to the nation’s capital last week, hosting a panel discussion to answer questions, stimulate debate, and foster greater interest in a covered bond market in the U.S. while trying to allay concerns that the financial instruments pose a threat to Federal Home Loan Banks advances or GSE securitization... Read More

News In Brief

FHLB of Seattle Sues Banks to Recoup $2 Billion from MBS: The Federal Home Loan Bank of Seattle has sued... GSEs Get Creative in Trying to Unload Growing REO Portfolios: Fannie Mae is trying to generate interest for... FHFA Puts the Kibosh on New Products From Fannie Mae and Freddie Mac: Fannie Mae and Freddie Mac have been directed by... Liberty Analytics Starts Covering Fannie and Freddie. But Why?: Liberty Analytics Co, a provider of large, small... Read More

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