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| Volume 7 - Number 9 | April 30, 2008 | | | |
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IRS Won’t Alter Status of Acquired Mortgages
The Internal Revenue Service last week abandoned a controversial proposal that likely would have raised taxes for Fannie Mae and Freddie Mac. Coupled with pending legislation approved by the Senate, the IRS decision could mean a substantial tax break for...
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FHLBanks See Advances, Net Income Rise
The Federal Home Loan Banks announced $697 million in combined net income for the first quarter of the year, up 12.2 percent from a year ago and a first quarter record, according to preliminary figures released this week by the FHLBank Office of Finance. If it...
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GSE Market Share Hits Another All-Time High
Fannie Mae and Freddie Mac have bagged another all-time record for combined market share of new mortgage securities issuance, reaching 83.2 percent for the first quarter of the year with a combined $284.6 billion, according to the latest... [Includes one chart]
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Senate Banking Drafting GSE Bill for May 6 Vote
The Senate Committee on Banking, Housing and Urban Affairs is drafting GSE reform legislation as the panel prepares for what may well be a make-or-break vote on May 6. The committee, which is chaired by Sen. Chris Dodd, D-CT, plans to vote on a GSE bill at...
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HUD Lets GSEs Off the Affordable Housing Hook
It’s increasingly apparent that Fannie Mae and Freddie Mac didn’t meet two of their affordable housing purchase subgoals for 2007, but it’s not going to cause them any grief from the Department of Housing and Urban Development. After the GSEs challenged the...
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Fannie Reconsidering Declining Markets Guidelines
Housing advocates have sharply criticized as discriminatory the new loan pricing guidelines for declining markets that Fannie Mae and Freddie Mac recently introduced – causing Fannie to contemplate a change of course. “We have met extensively with advocates...
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GSEs Unlikely to Take Big Hit, But OFHEO’s Watching
Every week, it seems that another major bank, mortgage lender or Wall Street firm takes another multi-billion-dollar writedown on deteriorating mortgage-related assets, but not Fannie Mae or Freddie Mac. The pair continues to sit on nearly $20 billion of...
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OFHEO Concludes Actions Against Raines, Others
After threatening discredited former Fannie Mae officials with liability potentially worth hundreds of millions of dollars, the Office of Federal Housing Enterprise Oversight has once again settled for nickels on the dollar. Last week, OFHEO announced it...
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MPF Program Just a Shadow as Chicago FHLB Bails
The Mortgage Partnership Finance Program of the Federal Home Loan Bank System, long reduced to a diminished status, may have entered the sunset of its life when its primary sponsor, the FHLBank of Chicago, pulled the plug last week. The FHLBank of Chicago...
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News In Brief
FHLBank of New York Names Thomas O’Brien to its Board... OFHEO’s Lockhart Bypassed To Succeed Jackson at HUD... Shaun O’Malley Steps Down From Freddie Mac's Board... Freddie Mac, ICBA Extend Their Business Alliance... Freddie CEO Dick Syron Got a Raise – Sort Of...
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