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Inside The GSEs

April 14, 2010

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GSE Regulators Escape FCIC Criticism

The collapse of Fannie Mae and Freddie Mac is due to either a failed business model and inherently conflicting public and private missions, according to former top company officials, or old-fashioned greed, lobbying might and political influence, according to former chief regulators. But no one affiliated with the Financial Crisis Inquiry Commission seems to have considered the... Read More

FHLB Non-Agency MBS Exodus Continues

The amount of non-agency mortage-backed securities held collectively by the Federal Home Loan Banks declined again in the fourth quarter of 2009, the ninth consecutive quarterly drop, according to an analysis by Inside The GSEs of the latest data from the Federal Housing Finance Agency. Non-agency MBS investments by the FHLBanks came... [Includes one chart] Read More

Subprime MBS Outpaces Alt A Declines at FNM, FRE

Subprime mortgage-backed securities evaporated from the balance sheets of Fannie Mae and Freddie Mac at a faster pace in the fourth quarter and year-over-year than did similar instruments backed by Alt A mortgage assets, according to an analysis of data provided by Inside B&C Lending, an affiliated publication. Subprime MBS in portfolio came... [Includes one chart] Read More

GSE Securitization Drops Slightly in 1Q10

Mortgage securitization activity at Fannie Mae and Freddie Mac cooled off slightly in the first quarter of 2010 as neither GSE – nor the mortgage industry at large – made any significant moves to expand their business in a still-weak market. Fannie and Freddie generated $208.9 billion of single-family mortgage-backed securities during the first three months of the... [Includes one chart] Read More

FNM, FRE Encourage Caution With Housing Goals

Fannie Mae and Freddie Mac are generally supportive of a Federal Housing Finance Agency proposed rule that will set new affordable housing goals for the companies for 2010 and 2011, with Freddie being a bit more enthusiastic. But the two GSEs suggested their regulator be a little more conservative on some of the numbers and to proceed with caution as it implements the new goals... Read More

Fed Support of GSE MBS Officially Comes to an End

The Federal Reserve, as expected, brought to an end its program to support agency mortgage-backed securities, concluding the effort at the end of March with $1.776 trillion in gross agency MBS purchases. Of that, $1.651 trillion was Fannie Mae and Freddie Mac securities – with Fannie snaring the lion’s share of the Fed’s business at $1.140 trillion. Freddie garnered $511.43 billion... Read More

FHFA Adopts Rule on FHLB Director Election, Comp

The Federal Housing Finance Agency last week adopted a final rule implementing two separate proposed rules, one that addresses Federal Home Loan Bank director compensation and another that deals with FHLB director elections. On the subject of director compensation (for which the FHFA issued a proposed rule in October), the FHFA is repealing the statutory caps on the annual... Read More

FHFA Rescinds Repo Agreement as Qualifying Asset

In a move that could make Federal Home Loan Bank membership a little more difficult for certain institutions, the Federal Housing Finance Agency has rescinded a previous regulatory interpretation under which residential mortgage loan repurchase agreements could satisfy a requirement that a membership applicant must have at least 10 percent of its assets in home mortgages... Read More

News In Brief

FHFA Set to Name Meg Burns As Top Communications Official: Inside The GSEs has learned that the Federal Housing Finance Agency is creating a new, senior-level communications position and will name Meg Burns, a top official at the Federal Housing Administration, to the slot... Read More

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