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Budgetary Impact Of Fannie Mae And Freddie Mac
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Book Synopsis Budgetary Impact of Fannie Mae and Freddie Mac by : Douglas W. Elmendorf
Download or read book Budgetary Impact of Fannie Mae and Freddie Mac written by Douglas W. Elmendorf and published by DIANE Publishing. This book was released on 2011 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. Provides an estimate of the budgetary impact of the activities of Fannie Mae and Freddie Mac (two gov¿t.-sponsored enterprises, or GSEs, that provide credit guarantees for more than half of the residential mortgages in the U.S.). This report also discusses alternative budgetary treatments for the GSEs, describes the usefulness of alternative treatments, and explains the rationale for the use of fair-value subsidy estimates for the GSEs in its baseline budget projections. Those fair-value estimates deviate from FCRA-based estimates in an important way: By incorporating a market-based risk premium associated with the GSEs¿ credit guarantees, they reflect the fact that the government¿s assumption of financial risk is costly to taxpayers.
Book Synopsis CBO’s Budgetary Treatment of Fannie Mae and Freddie Mac by : Damien Moore
Download or read book CBO’s Budgetary Treatment of Fannie Mae and Freddie Mac written by Damien Moore and published by DIANE Publishing. This book was released on 2010 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fannie Mae's and Freddie Mac's Financial Problems by : N. Eric Weiss
Download or read book Fannie Mae's and Freddie Mac's Financial Problems written by N. Eric Weiss and published by Createspace Independent Pub. This book was released on 2012-10-20 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The continuing conservatorship of Fannie Mae and Freddie Mac at a time of uncertainty in the housing, mortgage, and financial markets has raised doubts about the future of these enterprises, which are chartered by Congress as government-sponsored enterprises (GSEs) and whose debts are widely believed to be implicitly guaranteed by the federal government. In the second quarter of 2012, both Fannie Mae and Freddie Mac reported profits for the first time since the fourth quarter of 2006. Also, the second quarter of 2012 was first time that neither GSE had to request financial support from the Treasury. The Treasury has agreed to buy mortgage-backed securities (MBSs) from the GSEs and to raise funds for them. Initially, each GSE gave Treasury $1 billion in senior preferred stock and warrants to acquire, at nominal cost, 80% of each GSE. Treasury holds more than $187 billion of preferred stock in the two GSEs. Treasury has agreed to invest whatever is required to maintain GSE solvency through calendar year 2012. Now the formerly implicit guarantee is nearly explicit. In addition to Treasury's purchases of senior preferred stock, the Federal Reserve (Fed) has purchased GSE bonds and MBSs. Under terms of the federal government's purchase of their preferred stock, the enterprises are required to pay the government dividends of nearly $20 billion annually (10% of the support). Housing, mortgage, and even general financial markets remain in an unprecedented situation. Estimates of the total cost to the federal government use different baselines and vary widely. The FHFA estimates that Treasury is likely to purchase $220 billion-$311 billion of senior preferred stock by the end of 2014. The Congressional Budget Office estimates the budget cost to be more than $300 billion. Standard & Poor's has estimated the cost at $280 billion plus $405 billion to create a replacement system. Once Treasury's support for Fannie Mae and Freddie Mac ends, sometime after 2012, the GSEs will be challenged to pay the 10% annual cash dividend contained in their contracts. The enterprises could instead pay a 12% annual senior preferred stock dividend indefinitely. In August 2011, Standard & Poor's downgraded the debt of the federal government, Fannie Mae, and Freddie Mac. To date, there is no evidence that this has increased mortgage interest rates, but the impact may take longer to occur or to be detected.
Book Synopsis Fannie Mae and Freddie Mac by : Oonagh McDonald
Download or read book Fannie Mae and Freddie Mac written by Oonagh McDonald and published by A&C Black. This book was released on 2013-07-18 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book demonstrates how politicians and federal agencies dominated Fannie Mae and Freddie Mac and took just thirteen years to wreck the American dream of home ownership.
Book Synopsis Guaranteed to Fail by : Viral V. Acharya
Download or read book Guaranteed to Fail written by Viral V. Acharya and published by Princeton University Press. This book was released on 2011-03-14 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why America's public-private mortgage giants threaten the world economy—and what to do about it The financial collapse of Fannie Mae and Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to $150 billion, and substantially more will be needed. The U.S. economy--and by extension, the global financial system--has a lot riding on Fannie and Freddie. They cannot fail, yet that is precisely what these mortgage giants are guaranteed to do. How can we limit the damage to our economy, and avoid making the same mistakes in the future? Guaranteed to Fail explains how poorly designed government guarantees for Fannie Mae and Freddie Mac led to the debacle of mortgage finance in the United States, weighs different reform proposals, and provides sensible, practical recommendations. Despite repeated calls for tougher action, Washington has expanded the scope of its guarantees to Fannie and Freddie, fueling more and more housing and mortgages all across the economy--and putting all of us at risk. This book unravels the dizzyingly immense, highly interconnected businesses of Fannie and Freddie. It proposes a unique model of reform that emphasizes public-private partnership, one that can serve as a blueprint for better organizing and managing government-sponsored enterprises like Fannie Mae and Freddie Mac. In doing so, Guaranteed to Fail strikes a cautionary note about excessive government intervention in markets.
Book Synopsis Privatization of Fannie Mae and Freddie Mac by : Harold L. Bunce
Download or read book Privatization of Fannie Mae and Freddie Mac written by Harold L. Bunce and published by DIANE Publishing. This book was released on 1997 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report demonstrates that a significant proportion of prospective homeowners remains underserved by the mortgage finance industry. The report reviews and evaluates the framework of housing goals that has been established by Fannie Mae and Freddie Mac. It finds that the housing goals represent a promising approach to focusing their resources on the mortgage credit needs of homebuyers. Such a programmatic emphasis by these enterprises represents an appropriate exchange for the benefits that they receive through their ties with the Federal government.
Book Synopsis Budgetary Cost of Fannie Mae and Freddie Mac and Options for the Future Federal Role in the Secondary Mortgage Market by : Deborah Lucas
Download or read book Budgetary Cost of Fannie Mae and Freddie Mac and Options for the Future Federal Role in the Secondary Mortgage Market written by Deborah Lucas and published by DIANE Publishing. This book was released on 2011-05-06 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statement of Deborah Lucas, Assistant Dir. for Financial Analysis, Congressional Budget Office (CBO). Historically, support for the mortgage market has been part of a broader federal policy aimed at encouraging home ownership and, to a lesser extent, at making housing more affordable for low- and moderate-income families. The activities of Fannie Mae, Freddie Mac, and the Federal Housing Admin. (FHA) have been an important aspect of that policy. In 2010, Fannie Mae and Freddie Mac owned or guaranteed roughly half of all outstanding mortgages in the U.S., and they financed 63% of the new mortgages originated that year. Including the 23% of home loans insured by federal agencies such as FHA, about 86% of new mortgages made in 2010 carried a federal guarantee. However, the largest federal subsidiesfor home ownership have generally come from favorable tax treatment for housing. This testimony focuses on the CBO's estimates of the budgetary cost of the government's takeover and continuing operation of Fannie Mae and Freddie Mac. Lucas also discusses how the budgetary treatment of those two enterprises differs from that of FHA and other federal mortgage programs and the potential problems those inconsistencies cause, and summarizes alternative options for the future role of the federal government in the secondary mortgage market. Tables. This is a print on demand report.
Book Synopsis Fannie Mae, Freddie Mac, and the Federal Role in the Secondary Mortgage Market by : Deborah Lucas
Download or read book Fannie Mae, Freddie Mac, and the Federal Role in the Secondary Mortgage Market written by Deborah Lucas and published by United States Congress. This book was released on 2010 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Oversight and Government Reform Publisher : ISBN 13 : Total Pages :356 pages Book Rating :4.3/5 (91 download)
Book Synopsis The Role of Fannie Mae and Freddie Mac in the Financial Crisis by : United States. Congress. House. Committee on Oversight and Government Reform
Download or read book The Role of Fannie Mae and Freddie Mac in the Financial Crisis written by United States. Congress. House. Committee on Oversight and Government Reform and published by . This book was released on 2009 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Impact of Major Legislation on Budget Deficits by : Marc Labonte
Download or read book Impact of Major Legislation on Budget Deficits written by Marc Labonte and published by DIANE Publishing. This book was released on 2010-08 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: After recording a fiscal year (FY) 2000 federal budget surplus of $236.2 billion, the Congressional Budget Office (CBO) in January 2001 projected continued surpluses throughout the decade. However, enactment of major legislation during the 107th to 111th Congresses, in combination with changing economic conditions, altered the federal budget outlook for the decade dramatically. In FY 2002, the budget recorded a deficit for the first time since 1997, and the federal government has run a deficit in each subsequent year. This report examines to what extent major legislative changes from 2001 to 2009 caused the budget to move from surplus to deficit. Charts and tables.
Book Synopsis Housing and the Financial Crisis by : Edward L. Glaeser
Download or read book Housing and the Financial Crisis written by Edward L. Glaeser and published by University of Chicago Press. This book was released on 2013-08-19 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash. Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.
Book Synopsis Estimating the Value of Subsidies for Federal Loans and Loan Guarantees by : Deborah Lucas
Download or read book Estimating the Value of Subsidies for Federal Loans and Loan Guarantees written by Deborah Lucas and published by . This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Federal Response to Market Turmoil by : United States. Congress. House. Committee on the Budget
Download or read book Federal Response to Market Turmoil written by United States. Congress. House. Committee on the Budget and published by . This book was released on 2008 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Budgetary Impact and Subsidy Costs of the Federal Reserve's Actions During the Financial Crisis by :
Download or read book The Budgetary Impact and Subsidy Costs of the Federal Reserve's Actions During the Financial Crisis written by and published by . This book was released on 2010 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: And introduction -- Actions by the Federal Reserve to address the financial crisis -- The projected impact of the Federal Reserve's actions on the Federal Budget -- Estimates of fair-value subsidies from the Federal Reserve's actions -- Appendix A : Programs created by the Federal Reserve during the financial crisis -- Appendix B : CBO's fair-value methods.
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis Budget Options by : United States. Congressional Budget Office
Download or read book Budget Options written by United States. Congressional Budget Office and published by . This book was released on 2003 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Fateful History of Fannie Mae by : James R. Hagerty
Download or read book The Fateful History of Fannie Mae written by James R. Hagerty and published by Arcadia Publishing. This book was released on 2012-09-04 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A lucid and meticulously reported book by one of the Wall Street Journal’s ace reporters” (George Anders, Forbes contributor and author of The Rare Find). In 1938, the administration of Franklin Delano Roosevelt created a small agency called Fannie Mae. Intended to make home loans more accessible, the agency was born of the Great Depression and a government desperate to revive housing construction. It was a minor detail of the New Deal, barely recorded by the newspapers of the day. Over the next seventy years, Fannie Mae evolved into one of the largest financial companies in the world, owned by private shareholders but with its nearly $1 trillion of debt effectively guaranteed by the government. Almost from the beginning, critics repeatedly warned that Fannie was an accident waiting to happen. Then, in 2008, the housing market collapsed. Amid a wave of foreclosures, the company’s capital began to run out, and the US Treasury seized control. From the New Deal to President Obama’s administration, James R. Hagerty explains this fascinating but little-understood saga. Based on the author’s reporting for the Wall Street Journal, personal research, and interviews with executives, regulators, and congressional leaders, The Fateful History of Fannie Mae, he explains the politics, economics, and human frailties behind seven decades of missed opportunities to prevent a financial disaster.
