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Inside The GSEs

September 1, 2010

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Guarantee Business Caused Most GSE Losses

The single-family credit guarantee business of Fannie Mae and Freddie Mac was responsible for 73 percent of the $226 billion loss of capital the GSEs suffered from the end of 2007 through the second quarter of 2010, according to the Federal Housing Finance Agency’s first conservator’s report on the companies’ financial condition. “Credit-related expenses have been... Read More

Non-Prime Advance Collateral Rising

The Federal Home Loan Banks accepted more non-prime mortgage collateral to support member advance use in 2009, on a percentage basis, than they did the year before, according to a new report submitted to Congress by the Federal Housing Finance Agency. The FHFA’s second annual Report on Federal Home Loan Bank Collateral Securing Advances – prepared for the Senate Committee on Banking, Housing and Urban Affairs and the House Financial Services Committee – analyzes, among other… Read More

GSE Share of Issuance, Originations Dips in 2Q10

Fannie Mae and Freddie Mac saw their respective shares of new mortgage-backed securities issuance and new originations dip in the second quarter after posting modest rebounds in the first quarter, as the market’s zigzag pattern continued into the half-way mark in 2010. Fannie and Freddie securitization volume is usually... [Includes one data chart] Read More

GOP Takeover of House to Bring More GSE Gridlock

As the latest public polling data continue to roll in with increasingly negative electoral prospects for Congressional Democrats in November, a number of Republicans have begun licking their chops in anticipation, with some House members of the Grand Old Party planning... Read More

Frank, Kanjorski Tell FHFA to Recoup Losses for GSEs

Following up on the Federal Housing Finance Agency’s decision to subpoena 64 counterparties of Fannie Mae and Freddie Mac to recoup losses the GSEs have suffered, a handful of House Democrats recently pressed the FHFA to use all of its powers to recover money from companies that used... Read More

Ohio A.G., Plaintiffs Oppose Conservatorship Rule

Back in July, the Federal Housing Finance Agency issued a proposed rule addressing conservatorship and receivership of the GSEs, and it’s not playing very well in Ohio, where the state Attorney General and public employee plaintiffs that are suing Fannie Mae and Freddie Mac are very much opposed. The crux of their opposition is... Read More

Finance Agency Supplements Staff Ethical Standards

The Federal Housing Finance Agency last week published a final regulation augmenting the ethical standards of its professional personnel, banning certain financial interests, including GSE securities, and limiting certain outside employment and business activities. The new final rule, effective Aug. 27, supplements the Standards of Ethical Conduct for Employees of the Executive Branch of the U.S. Office of Government Ethics. “The final regulation, which affects only FHFA employees, is necessary to ensure the public trust in FHFA… Read More

FHFA Says FDIC Guarantee Acceptable for Collateral

A Federal Home Loan Bank may accept a guarantee from the Federal Deposit Insurance Corp. as collateral to secure advances held by a Bank member that is in receivership, according to a new regulatory interpretation issued by the Federal Housing Finance Agency. “A Bank has the statutory authority to... Read More

News In Brief

In the wake of a recent report by the Government Accountability Office that criticized the Federal Housing Finance Agency for its oversight of Federal Home Loan Bank alternative collateral policies, a leading member of Congress is saying... Read More

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