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The necessary restatement was expected to cost $10.8 billion, but was completed at a total cost of $6.3 billion in restated earnings as listed in Fannie Mae's Annual Report on Form 10-K. [76] Concerns with business and accounting practices at Fannie Mae predate the scandal itself.
Fannie Mae, however, is converted into a stand-alone corporation, a government-sponsored enterprise (GSE). 1970 : Federal Home Loan Mortgage Corporation ( Freddie Mac ) is created by an act of Congress as a government-sponsored enterprise to buy mortgages from the Thrift/savings and loan industry; it is owned by the industry itself (until 1989)
Further, shadow banks were able to mask the extent of their risk taking from investors and regulators through the use of complex, off-balance sheet derivatives and securitizations. [16] Economist Gary Gorton has referred to the 2007–2008 aspects of the crisis as a "run" on the shadow banking system. [17]
An FNMA loan, aka a conforming loan or Fannie Mae-backed mortgage, is a loan or mortgage that has been sold to the Federal National Mortgage Association (FNMA, or Fannie Mae) — or one that meets ...
While asset values on the balance sheet are marked down to reflect expected losses, these institutions still owe the creditors the full amount of liabilities. To use a simplistic example, Company X used a $10 equity or capital base to borrow another $290 and invest the $300 amount in various assets, which have fallen 10% in value to $270.
In 2003, the Bush Administration sought to create a new agency, replacing the Office of Federal Housing Enterprise Oversight, to oversee Fannie Mae and Freddie Mac.In 1992, in the wake of the savings and loan crisis, and over concern that similar lending problems would develop, the Office of Federal Housing Enterprise Oversight was created as part of the Department of Housing and Urban ...
Types of loans: Fannie Mae and Freddie Mac make a market in conventional loans — mortgages originated and backed by private lenders — while Ginnie Mae solely focuses on government-agency ...
The value was estimated for each security as of the time immediately following the announcement by Treasury of its purchase. For example, the COP found that the Treasury bought $25 billion of assets from Citigroup on October 14, 2008, however, the actual value was estimated to be $15.5, creating a 38 percent (or $9.5 billion) subsidy. [22]