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Fannie Mae (QB)

Fannie Mae (QB) (FNMAG)

16.68
0.00
( 0.00% )
Updated: 09:30:06

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Key stats and details

Current Price
16.68
Bid
16.30
Ask
16.50
Volume
-
0.00 Day's Range 0.00
0.00 52 Week Range 0.00
Market Cap
Previous Close
16.68
Open
-
Last Trade
Last Trade Time
-
Financial Volume
-
VWAP
-
Average Volume (3m)
-
Shares Outstanding
1,158,087,567
Dividend Yield
-
PE Ratio
565.38
Earnings Per Share (EPS)
-
Revenue
26.87B
Net Profit
3M

About Fannie Mae (QB)

Fannie Mae is a government-sponsored enterprise that was chartered by Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold. Fannie Mae is a government-sponsored enterprise that was chartered by Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold.

Sector
Mortgage Bankers & Loan Corr
Industry
Mortgage Bankers & Loan Corr
Headquarters
Washington, District Of Columbia, USA
Founded
-
Fannie Mae (QB) is listed in the Mortgage Bankers & Loan Corr sector of the OTCMarkets with ticker FNMAG. The last closing price for Fannie Mae (QB) was $16.68. Over the last year, Fannie Mae (QB) shares have traded in a share price range of $ 0.00 to $ 0.00.

Fannie Mae (QB) currently has 1,158,087,567 shares outstanding. The market capitalization of Fannie Mae (QB) is $19.32 billion. Fannie Mae (QB) has a price to earnings ratio (PE ratio) of 565.38.

FNMAG Latest News

Free Real-Time Level 2 Quotes Available in Fannie Mae and Freddie Mac at OTCMarkets.com

Free Real-Time Level 2 Quotes Available in Fannie Mae and Freddie Mac at OTCMarkets.com PR Newswire NEW YORK, Dec. 5, 2013 NEW YORK, Dec. 5, 2013 /PRNewswire/ -- Investors and traders in Fannie...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10000000PR
40000000PR
120000000PR
260000000PR
520000000PR
1560000000PR
2600000000PR

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FNMAG Discussion

View Posts
jcromeenes jcromeenes 23 seconds ago
Detroit has never won a Super Bowl. It's time. Dan Campbell seems like one of the greatest player's coaches EVER. Jared Goff is a great rehab story. So much for going for them. The injuries are a bitch. My team that I grew up watching also is TERRIBLE - Raiders. I'm rooting for Detroit to get their first SB ever!!!
👍️0
Brooge warrants cancelled Brooge warrants cancelled 3 minutes ago
never tried , the other one is down there
try difara and L&B before you leave
👍️0
jcromeenes jcromeenes 3 minutes ago
Based on his letter to Rand Paul, I'll name Donald J. Trump.
👍️0
Viking61 Viking61 4 minutes ago
We like it. We got to know Patsy Grimaldi years ago . Always a good time. He’s probably 94 years old by now. He sold the original Grimaldi’s years ago and got bored in his eighties and started another pizza spot up next door to his original. Called it Julianna’s after his daughter I believe. Gino’s over by Atlantic is great also.
👍️0
jcromeenes jcromeenes 5 minutes ago
What's so frustrating is that if an article came out that felt as negative as this is positive, we would be down 15%. Instead we are up a few pennies. It's been long enough. It's time for this baby to spread its wings and fly.
👍️ 1
RickNagra RickNagra 9 minutes ago
Can someone kindly explain what an utility model would mean for us.  It seems to me we are headed in that general direction if we want to be released.  What might the numbers look like ?
👍️0
Golfbum22 Golfbum22 9 minutes ago
Some of this article is good

Some of it is bogus fake news blaming the gse’s for bad behavior and bad loans

Gse’s don’t sell loans and were not responsible for 2008

Someone needs to tell these 2 who wrote this article to get their facts straight

But any news about release is better than no news

Go FnF
👍 2
jog49 jog49 9 minutes ago
"there's support from within the DJT administration to release"

That's just a blanket statement that may or may not be true. Name some names! We all "support" release but none of us are in a position to do anything about it. Anybody in the Trump administration that you know who supports release and can do anything about it?
👍️0
trunkmonk trunkmonk 16 minutes ago
2.62 on its way to 26
👍 3 🚀 1
JOoa0ky JOoa0ky 20 minutes ago
Julianna's is pretty low on the totem pole for pizza rankings.
👍️0
2latefortears 2latefortears 20 minutes ago
It's not that everyone WANTS a utility model, but if that's a parameter that gets the GSE's out of conservatorship with the least amount of political "fallout" this would get resolved much faster. The biggest hang-up from both sides is the "private gains, taxpayer bailout" scenario they don't want to repeat.
👍️0
FOFreddie FOFreddie 21 minutes ago
Hi Ace, Do you think new investors would buy a GSE Common without Divs? Divs probably arent an issue - if the MV is $ 300bn and the Div yield is 4% - this would be $ 12 bn a year and $12 by could be held back to build capital. Probably a div ration of 40% - $ 25 bn x .4 = $ 10 bn in divs and $ 15 bn to build capital. In 10 years that is another $ 150bn in capital. The problem with capital is that it only earns the ROA for the GSEs which may be 3-5% so it will be a necessary inefficiency from a capital structure point of view.
👍️0
jog49 jog49 25 minutes ago
"its not, you don't want a utility model, your stock won't rise"

Odd isn't it that so many of our fellow shareholders don't know that! Utilities put brackets around everything (share price, dividends, etc.) so limitations are everywhere you look?
👍️ 1
2latefortears 2latefortears 27 minutes ago
Agree; the lawsuits also give us shareholders some leverage if the new administration wants to end the conservatorships quickly.
👍️ 2
Ace Trader Ace Trader 31 minutes ago
If the Government writes off the SPSA and warrants and charges a fee for a backstop then yer possibly see $4 dividend per Q. But !!!

First if might not turn in Divs for commons or JPS until they reach the stupid 4.5% 

Who knows at this point it's all guess work but from the commons we have heard so far we know this 

1, there's support from within the DJT administration to release

2, we know some of those involved have large amounts of both common and JPS

3, The 4th amendment stated ( all law suits) must end before release

4, Shareholders damages payout must be settled for the 8-0 Jury and we know they won't want to appeal it as that would take to long to play out before they can release
👍️ 2
Viking61 Viking61 33 minutes ago
We ate at Julianna’s pizza at the base of Brooklyn bridge a couple of days ago. It’s one of our favorites.
👍️0
skeptic7 skeptic7 34 minutes ago
Read that same article in HW, thanks for sharing. I only hope that the new FHFA Director does NOT listen to the below (toward the end of the article):

"The final issue is Congress’ role in taking the GSEs out of conservatorship. As CHLA has long pointed out, the 2008 HERA statute gives FHFA and the Treasury Department the authority to accomplish this. Therefore, while Congress is of course welcome to participate in the process, it is not essential."

Congress is NOT needed and should NOT be included. Period.
👍️0
jog49 jog49 39 minutes ago
"To oversee the operation of 2 companies, they employ 1,226 employee. I think the reasonable headcount should be 100."

There should be NO headcount . . . . .period!
👍 2 💯 1
RickNagra RickNagra 49 minutes ago
Getting ready for prime time.

https://x.com/alec_mazo/status/1864806031400010178?s=46&t=xLP2LlWgJrEMUZZ7Fum-nA

👍️ 2
stink stack stink stack 50 minutes ago
Go Lions!
👍️0
Stern is Bald Stern is Bald 50 minutes ago
Musk and Viv can only make suggestions - Congress holds the power and w/ such a slim majority good luck getting anything passed or cut and the stuff they are suggesting would be nuts politically forever... Touch Social Security? Medicaid? I see a lot of mouth flapping about to happen and minor change...
👍️0
wdereb79 wdereb79 57 minutes ago
Im rooting for the Lions this year since my team is always shitty (Browns). Lots on injuries unfortunately for the Lions. Hopefully they can get healthy or find some decent replacements. Im more of a college fan though. Hotty Toddy! Go Rebs!
👍️0
Viking61 Viking61 59 minutes ago
It was good for the Vikings either way but would have liked to seen the Packers pull it out. It gave some space between the Vikes and the Pack. The Vikings need to get their shyte together though. They need a killer mentality!
👍️0
pauljon4 pauljon4 1 hour ago
Not to complain, but, as a Packers fan, the officials definitely had a hand in this outcome. Or, maybe J Goff is actually J Montana.
Seriously?
👍️ 1
Semper Fi 88 Semper Fi 88 1 hour ago
Take down day or head into the weekend green? They have done the P and D several times as of late. BTW not sure why people are so hyped on DOGE. They literally have no power and elon is someone who takes attention away from trump. We all know he hates that... so far elon wanted scott as Head of Senate and he lost...wasn't even close. He wants to cut the F 35...that will never ever happen...loss # 2. His companies get green electric money to the tune of a Billion a month from taxpayers. He did not start Tesla...he invested and then bought more until he controlled it and then the taxpayer subsidized him until now and into the future for who knows how long. He invented NOTHING. He is clearly unhinged and not even born here. trump gave him a job that pays nothing and has no power...thanks for the 250 million elon...but of course his real mission? Keep that " green energy" tax money coming and that mission to Mars we also pay for...like that will help any of us? In the end we will be released in spite of and not because of elon.
👍️ 1
2latefortears 2latefortears 1 hour ago
I agree with you, unfortunately these clowns say one thing but do another.
👍️0
Brooge warrants cancelled Brooge warrants cancelled 1 hour ago
it was, I guess I was disappointed , expected the lions to blow them out
but exciting high scoring
👍️ 1
Viking61 Viking61 1 hour ago
Last night’s Lions Packers game was good.
👍️0
Brooge warrants cancelled Brooge warrants cancelled 1 hour ago
the denver game on monday night was the most exciting
👍️ 2
Rodney5 Rodney5 1 hour ago
Fannie Mae private shareholder-owned company

If Congress wants a framework established for Fannie and Freddie to operate as a true utility that's fine. BUT Congress will first need to pay the Shareholders fair market value. (explained below)

The Authors of the article quoted former FHFA Director Mark Calabria, that is only a small part of what Mr. Calabria said, need to read the rest of the story.

'The Conservatorships of Fannie Mae and Freddie Mac: Actions Violate HERA and Established Insolvency Principles:' By Michael Krimminger and Mark Calabria

Highlights

“The authors of this paper were intimately involved in the policy discussions and legislative drafting that led to the creation of HERA,”

“disregarding HERA's requirement to “maintain the corporation’s status as a private shareholder-owned company” and FHFA’s commitment to allow private investors to continue to benefit from the financial value of the company’s stock as determined by the market.”

“Conversely, if FHFA agrees to allow Treasury to seize all of the net assets from the Companies simply because Treasury has decided to prevent the Companies from returning to private control, FHFA is violating its obligations under HERA to “preserve and conserve” the Companies’ assets and protect the interests of stakeholders.”

“FHFA and Treasury have radically departed from HERA and the principles underlying all other U.S. insolvency frameworks and sound international standards through a 2012 re-negotiation of the original conservatorship agreement.”

“ignoring HERA's conservatorship requirements and transforming the purpose of the conservatorships from restoring or resolving the Companies into instruments of government housing policy and sources of revenue for Treasury;”

“Congress consciously chose to vest with FHFA, not Treasury, the sole authority over invoking and conducting a conservator or receivership. The role of Treasury is exclusively that of a creditor”

“the Companies received billions of dollars in Treasury support. However, all of that money was repaid long ago. As of today, Treasury has diverted nearly $40 billion beyond what it initially invested in the Companies.”

“If that process can be manipulated to favor one creditor – as FHFA has favored Treasury – then there is no basis to judge what could happen if a company fails. This is particularly troubling because it is the government that has subverted the normal conservatorship process”

“stripping all net value from Fannie Mae and Freddie Mac long after Treasury has been repaid when HERA, and precedent, limit this recovery to the funding actually provided.”

NOTE: limit this recovery to the funding actually provided.

Mr. Calabria referenced HERA and precedent. Federal Statutes do not allow the Treasury to attach a commitment fee onto the Senior Preferred Stock. THEREFORE, by reason of Federal Statute, the Treasury owes the companies the overage payment on $191.4 billion total draws from Treasury, plus compounded interest; (recommended interest payment at a compounded rate of return 10%, in conjunction with the amount the FHFA recommended to the Treasury).

FEDERAL STATUTES

The Charter Act, and the Federal Housing Enterprises Financial Safety and Soundness act of 1992 (FHEFSSA); Both as amended by the HOUSING AND ECONOMIC RECOVERY ACT OF 2008, (HERA). The Charter Acts are Fannie Mae and Freddie Mac's enabling statutes. FHEFSSA and HERA are regulatory statutes, governing the companies' regulators. All are laws passed by Congress.

HERA is a Federal Statute not a contract, the Senior Preferred Stock Purchase Agreement is a contract not the law.

The day of the take down Fannie Mae’s core capital of $47.0 billion and Freddie Mac’s core capital of $37.1 billion Totals $84.1 billion. This amount of core capital remained with the companies until the illegal commitment fee started sucking shareholders money into the dark hole of the Treasury. This continues until massive profits were foreseen by the Treasury coming in to the companies as net profit. At this time Treasury implemented the Net Worth Sweep. From the point in time of the start of the collection of the illegal commitment fee until the companies were allowed to retain earnings a total of $301.1 billion was sent to the Treasury.

$181.4 billion Fannie returned to Treasury. Form 10K Dec 31, 2023. Page 9

$119.7 billion Freddie returned to Treasury. Form 10K Dec 31, 2023 Page 5

Total $301.1 billion

For the purpose of a new lawsuit, that any district court has jurisdiction over, by reason of Federal Statute, the Treasury owes the companies the overage payment on total draws in the amount of draws $191.4 billion, the overage payment $109.7 billion, plus compounded interest; (recommended interest payment at a compounded rate of return 10%, in conjunction with the amount the FHFA recommended to the Treasury).

Under the funding agreement the Treasury paid to Fannie $119.8 billion Form 10k December 31, 2023 page 8

Under the funding agreement the Treasury paid to Freddie $71.6 billion Form 10k December 31, 2023 page 5

$191.4 billion total draws from Treasury

The calculation includes both companies and the calculation starts at the point in time when the Net Worth Sweep was implemented. Calculation of interest payments the Treasury owes Fannie and Freddie Shareholders.

Note: the interest calculation does not include the space in time from the start of the illegal commitment fee period up to the NWS. This amount should be calculated and added to the total amount of interest calculated below.

$301.1 billion sent to the Treasury.
Treasury draws totaling $191.4 billion
Difference of $109.7 billion the Treasury owes to the Shareholders in over payments.

August 17, 2012, Treasury and FHFA agreed to amend the PSPAs, changing the 10% dividend into a “Net Worth Sweep.” The Net Worth Sweep required Fannie Mae and Freddie Mac to pay the full amount of their net worth to Treasury every quarter. FHFA Director DeMarco, this non-elected bureaucrat, has been allowed to steal the companies for the Treasury.

From 2012 to 2024

At a compound annual growth rate of 10% on amount Treasury owes Shareholders $109.7 billion. The interest at the rate of 10% on $109.7 billion calculates within a 12 year period of time in the amount of $344.29 billion in interest.

Principal of $109.7 billion plus $344.29 billion in interest = $453.99 billion

The Treasury owes the Shareholders $453.99 billion

Compound Interest Calculator
Initial investment $109.7 billion, length of time in years 12, interest rate 10% annually.

?Third quarter 2024
Fannie Mae Net Worth $90.5 billion
Freddie Mac Net Worth $56.3 billion

Combined Net Worth $146.8

$146.8 billion plus $453.99 billion = $600.79 billion

Fannie Mae common stock outstanding 1,158,087,567

Freddie Mac common stock outstanding 650,059,553

Combined common stocks
1,808,147,120 … ( Fannie Mae 64.05% Freddie Mac 35.95% }.

$600.79 billion / 1,808,147,120 =

$332.26 per share combined

Fannie Mae 64.05% is $212.81 per share

Freddie Mac 35.95% is $119.44 per share

The above calculation does not include the combined Earnings Power of the companies businesses.

EARNINGS POWER OF THE BUSINESSES

Fannie Mae’s common stock outstanding 1,158,087,567

$18.8 billion net income per year / 1,158,087,567 = $16.23 per share of earnings,

PE Ratio of 14 x $16.23 = $227.22 per share intrinsic value.

Freddie Mac common stock outstanding 650,059,553

Net earnings $3.1 billion per quarter, $12.4 billion net per year.

$12.4 billion net / 650,059,553 = $19.07 per share of earnings

PE Ratio of 14 x $19.07 = $266.98 per share intrinsic value.

Fannie Mae Earnings Power $227.22 plus 64.05% $212.81 = $440.03

Intrinsic Value $440.03 per share

Freddie Mac Earnings Power $266.98 plus $119.44 = $386.42

Intrinsic Value $386.42 per share

Again Note: the interest calculation does not include the space in time from the start of the illegal commitment fee period up to the NWS. This amount should be calculated and added to the total amount of interest calculated.

Treasury taking any amount of equity from shareholders will be considered stolen property under federal law. The Treasury and FHFA illegal exaction due to violating Federal statutes all monies with interest should be returned to the companies. Neither the Charter Act nor did HERA authorize the Treasury to charge a commitment fee on a line of credit to be paid by the Enterprise.

Illegal exaction explained: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174797511

Link to Calabria writing; https://www.cato.org/sites/cato.org/files/pubs/pdf/working-paper-26_1.pdf
👍️ 1 💯 1
wdereb79 wdereb79 1 hour ago
Talking football might make the next 45 days go by faster! For some reason, each day seems to go by slower and slower as we get closer. But I am sure that would break rules on this board. lol.
👍️ 1
2latefortears 2latefortears 1 hour ago
Depends of course what is done with the SPS/warrants. They may start out with .25/share every quarter and work up from there.
👍️0
Brooge warrants cancelled Brooge warrants cancelled 1 hour ago
Rick

Again I expect more from you, dividends? our stock is 2 bucks

cmon
👍️0
RickNagra RickNagra 1 hour ago
What do you suppose the dividends might be like ?
👍️0
Brooge warrants cancelled Brooge warrants cancelled 1 hour ago
Rick , we've been watching this movie for over a decade
the most bullish comments came out mnuchin's big mouth followed by others. yet we are all still here and could have invested in bitcoin, nvidia , amazon among a ton of other stocks. Yes I am long been here for so long but a utility model won't get you what you expect , and if the gov't decides to f us all they can very easily.
We are not out of the woodworks just yet
if you like I can meet you at a costco in brooklyn or queens and treat you to a hot dog, otherwise in miami in 2 weeks. LMK
👍️ 1
2latefortears 2latefortears 1 hour ago
If the GSE's are set up as a utility, their stocks won't run like a tech stock, but the GSE's financials are very similar to Duke energy, and that's $114/share-I'll take it.
👍️ 2
RickNagra RickNagra 2 hours ago
Completely wrong.
👍️0
RickNagra RickNagra 2 hours ago
This is it folks.  A dream come true.  Let's hope other media outlets pick up this article.  Let's hope whales take notice.  I will now sound the whale horn.  Should work.
👍️0
Clark6290 Clark6290 2 hours ago
Concur. Must be why the GSE common stock tanked this week
👍️0
Donotunderstand Donotunderstand 2 hours ago
While I disagree with much of "their thinking - ideas re the economy" --- this Economic team is certainly qualified ----- IMO far more so than RFK for medicine or some other pure politics picks

We will see where this goes - as IMO - if DJT and team quickly impose serious levels of tariffs and quickly start heavy deportation (to the point of uprooting farms and businesses who employ tons and tons of undocumented at half of minimum wage or lower) -- then the economy will have a tough time overall

You read it here ----- IF IF IF the above is implemented fast and hard - we will again have stagflation which really sucks for the market and labor/jobs
👍️0
Brooge warrants cancelled Brooge warrants cancelled 2 hours ago
its not, you don't want a utility model, your stock won't rise
👍️ 1
navycmdr navycmdr 2 hours ago
$Boooooom !

Ending the Fannie/Freddie conservatorships

https://www.housingwire.com/articles/ending-the-fannie-freddie-conservatorships/



Fasten your seatbelts. It could be an interesting ride.
👍 4 👍️ 2 💥 2 🤑 2
navycmdr navycmdr 2 hours ago
The final issue is Congress’ role in taking the GSEs out of conservatorship. As CHLA has long pointed out,

the 2008 HERA statute gives FHFA and the Treasury Department the authority to accomplish this.

Therefore, while Congress is of course welcome to participate in the process, it is not essential.
👍️ 3 💯 2
Clark6290 Clark6290 2 hours ago
Thank you, my internet was down again
👍️0
RickNagra RickNagra 2 hours ago
Holy crap.  Read very carefully.  Best article ever.

https://www.housingwire.com/articles/ending-the-fannie-freddie-conservatorships/

👍️ 4 💯 3
stockprofitter stockprofitter 2 hours ago
Prediction: within a week the telescope will be upgraded with a better model to be able to see a little further…
👍️ 1
navycmdr navycmdr 2 hours ago
pre-mkt FNMA - 1,700 shares

FNMA - BID X ASK $2.47 X $2.54

FMCC - BID X ASK $2.53 X $2.50
👍️0
JOoa0ky JOoa0ky 2 hours ago
Prediction: Ending this week staring at the Three Fifty Wall from afar with a telescope.
👍️0
2latefortears 2latefortears 3 hours ago
Ending the Fannie/Freddie conservatorships
Exiting conservatorship with fairness and competition at the forefront

December 6, 2024, 7:00 am By Scott Olson and Rob Zimmer
Near the end of the first Trump Administration, the Federal Housing Finance Agency (FHFA) finalized a capital rule for Fannie Mae and Freddie Mac. A December 2020 HousingWire article reported that this was part of an overall effort by FHFA to fulfill the statutory mandate of responsibly ending the Enterprises’ conservatorships — with Treasury Secretary Mnuchin testifying before Congress that the GSEs could be released from conservatorship once they accumulated significant capital.

With a second Trump Administration imminent, speculation is growing that the GSEs could soon exit conservatorship. At a September CHLA Roundtable, former FHFA Director Mark Calabria said that there is “maybe a 70% chance” this will be accomplished by 2027, adding that “You can get them out. It’s all feasible, doable.” [See HousingWire story on the CHLA Roundtable].

Is taking Fannie and Freddie out of conservatorship a good idea? CHLA has for many years thought so. But it must be done the right way. A framework should be established for Fannie and Freddie to operate as a true utility – balancing their critical mission of affordable homeownership and rental housing loans with financial and operational guardrails, so they don’t go off the cliff again like they did in 2008.

Equally important, there must be substantive small lender protections to protect community independent mortgage banks (IMBs) and community banks – to ensure that a level playing field is created. This is essential for rigorous competition, which benefits borrowers through lower rates and more choices.

Before people sound the alarm about Fannie and Freddie being returned to the private sector, it is critical to understand that significant financial reforms have taken place since 2008.

The 2008 HERA legislation created a strong regulator — FHFA — with responsibilities to ensure that the GSEs operate in a financially sound manner. In turn, as noted, FHFA adopted strong capital requirements for Fannie and Freddie, and they have already accumulated $146.6 billion in combined capital.

Interest rate risk has significantly been taken out of the equation, through strict caps on the volume of loans GSEs can hold in portfolio. The GSEs have been engaging in credit risk transfers, which both shift credit risk to other players and foster market discipline.

Post conservatorship, CHLA (and many others) believe the GSEs should operate under a true utility model, to rein in the types of actions that led to the conservatorship in the first place.

FHFA should not set pricing for guarantee fees — but it should prevent Fannie and Freddie from using their GSE status to maximize profits, instead keeping fees at levels commensurate with a fair return on capital. FHFA should not allow the GSEs to pursue risky loans like they did pre-conservatorship with no doc, no income loans. FHFA should not allow the GSEs to engage in activities unrelated to their core affordable housing mission of purchasing and bread and butter single family and multi-family mortgage loans.

At the same time, Fannie and Freddie should fully and vigorously pursue their affordable housing mission. CHLA has concerns here, because, for example, FHFA imposed arbitrary volume caps in 2020 on individual lenders originating GSE single family loans for investor properties and second homes.

CHLA would oppose re-imposition of these types of caps — or any other actions that arbitrarily reduce the GSEs’ footprint. Banks have broadly retreated from portfolio mortgage lending since 2008 and the private label securitization (PLS) market for single family loans is moribund. Therefore, it would be folly to assume, without evidence, that the “private sector” will step in if Fannie and Freddie retrench.

The second imperative is to ensure that smaller lenders are protected, that there is a level playing field.

In the years leading up to 2008, Fannie and Freddie offered sweetheart pricing deals to mega-lenders like Countrywide and WAMU. We saw how that turned out. So FHFA during the first Trump Administration commendably adopted a conservatorship policy of mandating G Fee parity.

G Fee parity — no pricing discounts based on lender size or lender GSE volume — needs to be an explicit policy post-conservatorship. This should be broadly defined to avoid loopholes, like price discrimination with regard to buy up/buy down grids or any use of proxies for volume discounts.

CHLA also believes private mortgage insurers should not be able to price discriminate based on the size or volume of the lender, since mortgage insurance is an essential component of lower down payment GSE loans. The same should be true for other essential third party services for GSE loans (e.g., FICO’s 2023 pricing scheme to provide significantly lower pricing to a select group of 50 lenders they picked).

Second, there must be an ongoing commitment by both Fannie and Freddie to maintaining a robust cash window, with full access to all approved seller-servicers on a non-discriminatory basis. The cash window is critical to creating robust competition. It has worked very well during the conservatorship.

Third, Wall Street Banks should not be given new GSE charters. We know Wall Street banks desire a GSE charter (back-stopped by taxpayers), so they can gain an unfair competitive advantage — solely for their own bank customers. This is antithetical to the principles of competition and fair mortgage markets.

The final issue is Congress’ role in taking the GSEs out of conservatorship. As CHLA has long pointed out, the 2008 HERA statute gives FHFA and the Treasury Department the authority to accomplish this. Therefore, while Congress is of course welcome to participate in the process, it is not essential.

CHLA’s concern about a conservatorship exit through legislation is that Wall Street Banks, with their lobbying and PAC powers, will exert unfair influence over the final legislation. We witnessed that a decade ago with the last major Congressional GSE reform. Fortunately, a coalition of small lenders, homebuilders, and consumer groups beat back efforts to give the big banks an unfair advantage.

Put simply, the overriding principle governing taking Fannie and Freddie out of conservatorship must be a level playing field for all lenders, which leads to robust competition and maximum borrower choices.

Fasten your seatbelts. It could be an interesting ride.

Scott Olson is the Executive Director and Rob Zimmer is the Director of External Affairs for the Community Home Lenders of America (CHLA), which represents small and mid-sized IMBs.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: zeb@hwmedia.com.

https://www.housingwire.com/articles/ending-the-fannie-freddie-conservatorships/
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navycmdr navycmdr 3 hours ago
New 8K filing "appears" to be preps
for an exit from Conservatorship ?
https://fanniemae.gcs-web.com/node/43701/html

How Often Are Directors Elected?

Directors and members of corporate boards are typically selected on an annual basis,
although this may vary depending on the company's bylaws or the terms of their office.

In some cases, directors may be elected to serve multi-year terms. However, it's more
common for directors to be elected on a yearly basis



so that shareholders have the opportunity to hold them accountable
for their performance and make changes if necessary.
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