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Fannie Mae and Freddie Mac: Analysis of Options for Revising the Housing Enterprisesí Long-Term Structures
Fannie Mae and Freddie Mac: Analysis of Options fo

Our Price: $25.00
By Gene L. Dodaro (au)
Year: 2009
Pages: 73
Binding Paperback

Product Code: 1437922120

Congress established Fannie Mae and Freddie Mac (the enterprises) with two key housing missions: (1) provide stability in the secondary market for residential mortgages (also in periods of economic stress) and (2) serve the mortgage credit needs of targeted groups such as low-income borrowers. To accomplish these goals, the enterprises issued debt and stock, purchased mortgages from lenders with the proceeds, and retained them in portfolio or pooled them into mortgage-backed securities (MBS) sold to investors. On Sept. 6, 2008, the Fed. Housing Finance Agency (FHFA) placed the enterprises into conservatorship out of concern that their deteriorating financial condition ($5.4 trillion in outstanding obligations) would destabilize the financial system. With estimates that the conservatorship will cost taxpayers nearly $400 billion, this report was initiated to help inform the forthcoming congressional debate on the enterprises' future structures. It discusses the enterprises' performance in meeting mission requirements, identifies and analyzes options to revise their structures, and discusses key transition issues. The report reviewed studies and data, and interviewed housing finance experts and officials from the enterprises, FHFA, Depts. of the Treasury and Housing and Urban Development (HUD), the Fed. Reserve, lenders, and community groups. Tables and figures.

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