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Inside The GSEs

October 4, 2019

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Booming GSE Market in 3Q19 More Fragmented

Small and mid-sized mortgage banks expanded their footprint in the GSE market during the third quarter. (Includes two data charts.) Read More

Is This the End of the Net Worth Sweep? Not Quite

Fannie and Freddie will be able to retain all their second-quarter profits, rather than forward them to Treasury. Combined, the GSEs will add $5.2 billion to their net worth this month. Read More

Repo Turmoil Casts Doubt on Move from LIBOR to SOFR

SOFR-linked debt is vulnerable to much higher rate volatility than those referencing LIBOR. This risk was highlighted last month when surging repo rates sent SOFR briefly to a record 5.25%. Read More

REITs Once Again Eye Membership in FHLB System

REITs have long sought access to the FHLB system — particularly to the low rates at the advance window. The recent Treasury recommendation may finally give those aspirations new hope. Read More

GSE Shareholders Appeal ‘Win’ to Supreme Court

The shareholders want the SCOTUS to reverse the sweep. They argue that if the FHFA is unconstitutional, then all of its actions were illegal. Read More

FHFA OIG: Fannie/Freddie Speak Different ‘Cyber’ Languages

A lack of consistency in terminology used by the GSEs makes it impossible for the FHFA to assess the cybersecurity risks they face. Read More

Should the Fed Have a Role in GSE Reform?

FHFA’s Calabria said capital rules for Fannie and Freddie don’t take place in a vacuum; they influence other financial decisions as well. Read More

FHFA Settles Watt Sexual Harassment Case

The agency reached a settlement with Simone Grimes, who had accused her former boss, then-FHFA Director Mel Watt, of sexual harassment. Read More

Climate Change Increases Credit Risk for GSEs

After a billion-dollar event, lenders are significantly more likely to increase the share of mortgages they securitize. Read More

GSE Roundup

Freddie elects former SEC Commissioner Kathleen Casey to the board; Fannie executes sixth credit insurance risk transfer deal of 2019. Read More

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