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A GSE Critic Accuses Freddie Of Self-Insurance Charter Creep.
Long time GSE critic Rep. Richard Baker, R-La., is asking Freddie Mac's regulator to look into a possible charter violation by the government-sponsored enterprise involving self-insured risk.
Recent disclosures by Freddie Mac revealed that the secondary mortgage company did not record certain retained interests and credit obligations when it sold mortgage-backed securities.
"Is Freddie Mac essentially self-insuring risk that should be otherwise covered by third parties?" Rep. Baker asked in a letter to Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight.
"If so, is it retaining risk on high loan-to-value loans that would otherwise have to be covered by third-party enhancers as required under the charter?" On high LTV loans, GSEs are generally required to have mortgage insurance.
A Freddie Mac spokesman said, "There is no charter violation." But he would not elaborate.
Separately, Rep. Baker, who chairs a GSE oversight panel, asked the .General Accounting Office to examine the accounting treatment Freddie Mac and Fannie Mae employ for their derivative activities.
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