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Inside The GSEs

November 24, 2010

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FNM, FRE Face Foreclosure Finger Pointing

As mortgage servicers in the U.S. cope with growing criticism over the pace of foreclosures, Fannie Mae and Freddie Mac are becoming stealth targets, with critics accusing them of facilitating the foreclosure debacle. During a hearing last week in the Senate Banking, Housing and Urban Affairs Committee... Read More

FHFA Proposes Voluntary FHLBank Mergers

The Federal Housing Finance Agency this week issued a proposed rule that would establish the conditions and procedures for Federal Home Loan Banks to voluntarily merge, a prospect that might seem more tempting after all the turmoil the Banks have endured since the housing market’s collapse. But given the fact that all 12 of the FHLBanks turned... Read More

Fannie, Freddie Market Share Bounces Back

The GSEs saw their combined share of new mortgage-backed securities issuance and new originations in the third quarter recapture the ground lost in the second quarter, largely due to the strength of refinance activity during the period. Between the two of them, Fannie and Freddie registered...[Includes two data charts] Read More

Smith Tapped to Run FHFA, But Wither DeMarco?

Industry representatives tilted somewhat in the favorable direction in terms of their reaction to the news that President Obama has called upon North Carolina Commissioner of Banks Joseph Smith to head the Federal Housing Finance Agency. “He is a well rounded... Read More

Lawmaker Presses for Details on GSE Legal Expenses

House Republicans are wasting little time in putting the heat on Fannie Mae, Freddie Mac and the Federal Housing Finance Agency – this time, over the amount of money the GSEs are paying for the legal defense of former Fannie and Freddie executives. Rep. Randy Neugebauer, R-TX, a senior Republican on the House Financial Services Committee, has asked... Read More

GSEs Urge SEC to Revise ABS Disclosure Proposal

Fannie Mae and Freddie Mac are warning the Securities and Exchange Commission that one of its proposed new disclosure requirements on representations and warranties related to asset-backed securities offerings could significantly mislead investors in GSE securities, with little gained in return. “The GSEs believe... Read More

Cooperative GSEs May be Most Politically Palatable

The Government Accountability Office has provided a briefing to members of Congress on the possible structural reform options for Fannie Mae and Freddie Mac that largely focuses on the pros and cons of what could prove to be the most politically acceptable choice: a cooperative model. Released last week, the GAO briefing concluded... Read More

FHLBs’ Capital Ratios, Retained Earnings Improving

The Federal Home Loan Banks as a group are seeing further strengthening in their capital ratios and their retained earnings, recent data from the Office of Finance show. Back in 2007, the Banks’ regulatory capital ratio was at a low of 4.4 percent, slightly higher... Read More

News In Brief

With the end of the third quarter, the 12 Federal Home Loan Banks stepped one fiscal quarter closer to the day their collective obligation to help finance the savings-and-loan bailout will be satisfied. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 required... Read More

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