What Are Fannie Mae And Freddie Mac? – Forbes Advisor

Fannie Mae and Freddie Mac buy mortgages from lenders to hold or repackage as mortgage-backed securities. Find out about mortgage relief programs during COVID-19.

Миф 1. Ипотечный кризис был вызван многотраншевой моделью

На самом деле ретроспективный анализ статистики американского рынка показывает, что последствия кризиса были вызваны не многотраншевой структурой сделок, а качеством активов, заложенных в обеспечение по ИЦБ. Так называемые субстандартные кредиты (subprime mortgages) выдавались в США в большом количестве без должной проверки платежеспособности заемщиков. В рамках выполнения Affordable Housing Goals, подразумевающих снижение ипотечной ставки по кредитам и повышение доступности жилья для семей с низким и умеренным доходом, агентства способствовали насыщению рынка ипотеки низкокачественными кредитами.

Распространенная в отдельных штатах практика «долг в обмен на ключи», позволяющая заемщику списать долг в обмен на заложенное по ипотеке жилье в любой момент времени, также не являлась причиной кризиса, а была фактором, усугубившим последствия рецессии. Отсутствие должного контроля за монополистами, ограниченное число качественных заемщиков, а также стремление Fannie Mae и Freddie Mac во что бы то ни стало выполнить поставленные перед ними задачи по объемам выдачи ипотеки и занять монопольную позицию стали отправной точкой возникновения рынка субстандартных кредитов.

По состоянию на 2008 год два агентства являлись владельцами или гаранторами более 70% низкокачественных кредитов в стране. Их дальнейшая секьюритизация (в том числе через однотраншевые ИЦБ) и переупаковка структурированных ценных бумаг в синтетические инструменты (CDO) и стали причинами кризиса.

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What Is Fannie Mae?

In the early 20th century, homeownership was out of reach for many people in the United States. Unless you could pay cash for an entire home (which few people could), you were looking at a prohibitively large down payment and a short-term loan that would culminate in a big balloon payment.

During the Great Depression, nearly one in four homeowners lost their homes to foreclosure, the banks didn’t have any money to lend, and the nation faced a real housing crisis. Congress responded in 1938 by creating the Federal National Mortgage Association (FNMA), better known as Fannie Mae, to provide reliable, steady funding for housing. It brought a new type of mortgage to the market: the long-term, fixed-rate loan with an option to refinance at any time.

For decades, Fannie Mae was the dominant buyer and seller of government-insured mortgages. Congress eventually did two things to boost competition in the secondary mortgage market:

  1. It privatized Fannie Mae in 1968, making it a shareholder-owned company funded entirely with private capital.
  2. It created Freddie Mac in 1970.

History of Fannie Mae

Fannie Mae was created as a federal government agency in 1938 as part of an amendment to the National Housing Act. Fannie Mae initially bought mortgages insured by the Federal Housing Administration (FHA) and later added loans guaranteed by the Veterans Administration (VA) to the mix.

Fannie Mae was converted into a public-private, mixed-ownership corporation in 1954 under the Federal National Mortgage Association Charter Act. It became privately owned in 1968 and two years later became authorized to buy conventional mortgages in addition to FHA and VA loans.

The agency started to issue mortgage-backed securities (MBS) in the 1980s to provide more liquidity in the mortgage investment market. It gets the money to buy mortgage-related assets by issuing assorted debt securities in the U.S. and international capital markets.

What Do Fannie Mae and Freddie Mac Do?

Fannie Mae and Freddie Mac have similar charters, mandates, and regulatory structures. Each buys mortgages from lenders to either hold in their portfolios or repackage as MBSs that can be sold. In turn, lenders use the money they get from selling mortgages to originate more loans. This helps individuals, families, and investors access a continuous and stable supply of mortgage funding.

According to their charters, Fannie Mae and Freddie Mac «establish secondary market facilities for residential mortgages [and] provide that the operations thereof shall be financed by private capital to the maximum extent feasible.» Both entities are mandated to do the following:

  • Maintain stability in the secondary market for residential mortgages
  • Respond appropriately to the private capital market
  • Offer ongoing support to the secondary market for residential mortgages by increasing the liquidity of mortgage investments and making more money available for residential mortgage financing
  • Promote access to mortgage credit by increasing the liquidity of mortgage investments and making more money available for residential mortgage financing

Fannie Mae has one additional responsibility according to its charter: to manage and liquidate federally-owned mortgage portfolios to minimize any adverse effects on the residential mortgage market and minimize losses to the federal government.

References

  • U.S. taxpayers to get another big check from Fannie Mae, Freddie Mac — Chicago Tribune
  • Wikipedia: Federal takeover of Fannie Mae and Freddie Mac
  • Wikipedia:Fannie Mae
  • Wikipedia:Freddie Mac
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