Treasury provides three options to replace Fannie, Freddie

The seizure of the companies has cost the Treasury more than $130 billion. The Obama team wants to take a gradual approach. And on the question of what should replace. but three different options..

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Privatizing Fannie and Freddie: Be Careful What You Ask For Few are happy with the current housing finance system that has Fannie Mae and Freddie Mac in conservatorship and taxpay-ers backing most of the nation’s residential mortgage loans. Yet legislative efforts to replace the system have largely faltered,

The Treasury. for banks to replace that capital with other sources given the constraints in the capital markets, he adds. To continue to own the GSEs common and preferred shares from now is.

They would issue the Treasury $1 billion in preferred stock with a 10% dividend. finally, they’d issue warrants for up to 79% of the companies to the Treasury. The boards had no choice. They agreed and were promptly dismissed. All told the U.S. Treasury extended $187.5 billion in loans to Fannie Mae and Freddie Mac.

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Initially, Fannie and Freddie were required to distribute 80% of the profits to the Treasury. However, in 2012, such a ruling was amended, requiring 100% distribution of the earnings.

This option would replace Fannie and Freddie with a system aimed at helping low-income and veteran buyers (FHA’s traditional target) in normal times and also provide a backup in a crisis. According to the Treasury Department this option is possible through the use of high-priced guarantee fees and restricted amounts of public insurance.

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 · The Fed began buying Fannie and Freddie’s MBS shortly after Treasury required them to start shrinking their portfolios when they were put in conservatorship. To date the Fed’s holdings of these MBS have more than offset the shrinkage in the companies’ portfolios, so there has been no impact on mortgage rates from Fannie and Freddie effectively exiting the portfolio business.

Under option 3, Obama is proposing to replace Fannie and Freddie with private companies that would provide mortgage insurance. Those companies would then be forced to buy reinsurance from the government for all of the mortgages they guarantee.

Marketwatch: Treasury eyes Fannie, Freddie fees hikes. One idea under consideration at the Treasury is to have Fannie and Freddie’s regulators, the Federal Housing Finance Agency, increase the guarantee fee for mortgage securities Fannie and Freddie sell to investors that include mortgages of a value between $625,500 and $729,750,