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Inside The GSEs

April 6, 2011

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Democrats Still in the GSE Catbird Seat

Congressional Republicans are putting the pedal to the metal of GSE legislation, but it’s clear that a package of GOP bills to address the conservatorships of Fannie Mae and Freddie Mac faces a political gauntlet and a highly uncertain future, particularly in the Senate... Read More

Dodd-Frank to Hit FHLBanks’ Derivatives

The derivatives trade is about to get more expensive, more regulated and less effective as a risk management tool for the Federal Home Loan Banks, thanks to provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to the FHLB combined financial report issued by the Office of Finance... Read More

Inspector General to Audit FHFA’s Regulation of FHLBanks

The nascent Federal Housing Finance Agency Office of Inspector General is scheduled to begin at least three audits and evaluations of the effectiveness of the FHFA’s regulation of the Federal Home Loan Banks, according to documentation uncovered by Inside The GSEs… Read More

IG, Bachus Push Fed Standards for Exec. Comp.

Federal Housing Finance Agency Inspector General Steve Linick last week issued a report critical of the FHFA’s regulation of the compensation paid to the executives of Fannie Mae and Freddie Mac. In particular, he faulted the agency for aligning that compensation more closely with that of the private sector than with agencies of the federal government that also provide support to the nation's mortgage finance system... Read More

FHFA’s Implementation of Reform a Significant Risk

The Office of Inspector General of the Federal Housing Finance Agency is raising concerns about the ability of the Finance Agency to effectively implement whatever reforms to Fannie Mae and Freddie Mac the Congress and the President may agree upon... Read More

FHFA-OIG to Scrutinize OFHEO’s Oversight of Fannie, Freddie

Among the audits, survey and evaluations planned or already underway at the Federal Housing Finance Agency Office of Inspector General is a “forensic review” of the Office of Federal Housing Enterprise Oversight’s oversight of Fannie Mae and Freddie Mac... Read More

GSEs Find Volume is Starting to Taper Off

In what may be an omen of a deeper slide of volume in the months to come, Fannie Mae and Freddie Mac saw their issuance of new mortgage-backed securities drop 21.4 percent in the first quarter of the year from the prior period, the latest data from the Inside Mortgage Finance GSE MarketScope show...[includes one full-page chart] Read More

GSE Risk Retention Won't Aid Reform Goals

The interagency proposed rule on qualified residential mortgages as per the Dodd-Frank Wall Street Reform and Consumer Protection Act would exempt mortgage-backed securities issued by Fannie Mae and Freddie Mac from new risk-retention requirements for MBS... Read More

Freddie, Ex-Execs Win Subprime Lawsuit Dismissal

In another illustration of the very limited success plaintiffs are having litigating to recoup their losses from the collapse of the housing market, Freddie Mac and three former top executives at the GSE last week won the dismissal of a putative class-action securities lawsuit initiated against the company and the officials in federal court back in 2008... Read More

HFSC Republicans Get Their Way With GSE-Related Legislation

After spending 11 hours on Tuesday marking up eight measures dealing with Fannie Mae and Freddie Mac – and considering upwards of 40 amendments – Republicans on the House Financial Services Committee pretty much were able to check off their full wish list... Read More

News in Brief

The Federal Housing Finance Agency this week issued a final rule that reorganizes existing regulations dealing with consolidated obligations and other authorized Federal Home Loan Bank liabilities... The inside-the-Beltway rumor mill remains active as key positions within the Obama administration remain open or unexpectedly become vacant... Clearinghouse Community Development Financial Institution has become the first non-depository CDFI to borrow from an FHLBank... Read More

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