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Secondary Changes.(GSE reform )
It may be a while before we know what reform of the government-sponsored enterprises means for mortgage servicers. But some of the broad outlines of what is likely to occur - if GSE reform is enacted - have taken shape. You can expect to see a regulator with stronger powers, for instance. The GSEs may find it more difficult to obtain authority to engage in new activities, especially if those activities infringe upon the origination of loans.
And, last but not least, the GSEs may find themselves operating under limits to how large they can grow their portfolios. In recent years, both Fannie Mae and Freddie Mac have made hefty profits by holding home loans in portfolio and issuing debt in the capital markets to finance those portfolios. In essence, they have been acting as giant thrifts.
While that portfolio business has helped make the GSEs more profitable than ever before (Fannie Mae's earnings doubled during the tenure of ousted CEO Franklin Raines), growth in the portfolios has heightened concern about the safety and soundness of the housing GSEs. That's because the long-term mortgage portfolios that serve as assets on the GSEs' books are largely financed using short-term debt, precisely the scenario that got the thrift industry in trouble starting back in the early 1980s.
The ...
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...subcommittee on capital markets and GSEs. Fannie Mae and Freddie Mac contend that...overestimates the funding advantages the GSEs enjoy and it underestimates the benefits the GSEs bring to the mortgage market. Fannie Mae released an analysis of the CBO...
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Source: HighBeam Research, Secondary Changes.(GSE reform )