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Inside The GSEs

May 13, 2011

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Freddie Profits, Fannie Loses in 1Q Earnings

The two sibling GSEs experienced a wildly divergent earnings period during the first quarter of 2011 as Freddie Mac posted its first quarterly gain in two years while big sister Fannie Mae announced losses that drove it even deeper into the red. [Includes one data chart.] Read More

FHFA: FHLBanks Should Reduce Investments

A large investment portfolio intended to generate added earnings is inconsistent with the purposes of the Federal Home Loan Bank System and is a "misuse" of the system's preferential access to capital markets, the head of the FHLB’s regulator told Bank directors this week. [Includes one data chart.] Read More

Reps: Sub GSEs With Private Charters

A bipartisan bill unveiled this week by two House members would overhaul the federal mortgage finance system to ensure private sector capital for homebuyers and capital requirements to protect taxpayers - without Fannie Mae or Freddie Mac. Read More

House Bill Filed To Make High-Cost Loan Limits Permanent

Two California members of the House, one Republican, one Democrat, have introduced a bill to extend indefinitely high-cost loan limits for Fannie Mae, Freddie Mac and the FHA due to expire this fall. Read More

Appeals Court Denies Freddie Shareholders’ Lawsuit

A federal appeals court last week upheld a lower court ruling that shareholders of Freddie Mac cannot sue the former directors and officers of the GSE for losses following the government takeover of Freddie by the Federal Housing Finance Agency. Read More

Fitch: GSE Securities Determine Bank Liqudity

U.S. banks are generally more liquid than Basel III liquidity standards would suggest thanks in large part to the treatment of banks' large portfolios of GSE-related securities, according to Fitch Ratings. Read More

Freddie EVP Federico Resigns

Peter Federico, Freddie Mac's executive vice president - Investments and Capital Markets, has tendered his resignation after more than two decades with the GSE. Read More

Servicers Should Plan Now For New GSE Rules

Mortgage servicers should already be in the process of preparing to implement Fannie Mae and Freddie Mac's soon-to-be unveiled servicing requirements as the two GSEs work to roll out new rules in the coming weeks. Read More

Covered Bond Legislation Moves to Committee

Lawmakers on a House subcommittee last week approved by a wide bipartisan margin a bill that would create a legislative framework for a covered bond market in the U.S. and, some critics contend, an unnecessary competitor to the Federal Home Loan Bank system. Read More

Analyst Revises His Diagnosis of Financial Crisis

Government housing policy and agencies played a much larger role in the housing crisis than initially believed, but a fresh look at the conclusions of two GSE critics has prompted a top JPMorgan Chase analyst to take the unusual step of issuing a public retraction. Read More

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