Fannie Mae

O Brothers, where art thou?

The bankruptcy of Lehman Brothers, coming on the back of the conservatorship of Fannie Mae and Freddie Mac, sent market participants rushing to compute their exposures and replace affected hedges. How did the market bear up? By Peter Madigan and Nick…

Fannie and Freddie CDS to settle at October auction

The auction process to settle credit default swap (CDS) contracts written against Freddie Mac and Fannie Mae will take place in the first week of October, Risk has learned, although losses on the agreements are likely to be minor for most counterparties.

US authorities step in to rescue GSEs

The US Treasury and Federal Housing Finance Agency (FHFA) announced on Sunday details of a rescue plan to place the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac into government conservatorship.

New GSE legislation to be approved by end of week

Sweeping new legislation empowering the US Treasury to provide Fannie Mae and Freddie Mac with virtual carte blanche to access to government lines of credit could be approved by Congress as soon as the end of this week, Treasury secretary Hank Paulson…

GSEs plan $2 trillion in US mortgage purchases

Fannie Mae, Freddie Mac and their regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), have announced an initiative potentially worth $2 trillion to increase liquidity in the troubled US mortgage market.

Fannie under fire from Ofheo

Last month, US mortgage agency Fannie Mae came under fire from its regulator – the Office of Federal Housing Enterprise Oversight (Ofheo) – for accounting and operational failures, about a year after sibling mortgage agency Freddie Mac became embroiled…

Fannie Mae earnings filing delayed

US mortgage agency Fannie Mae will not file its third-quarter earnings report on time, and may be hit with approximately a $9.0 billion loss if an investigation into its accounting practices reveals it did not qualify for hedge accounting, the…

Collateralization: A safety net for investors?

The proliferation of credit derivatives has given rise to the widespread use of collateralization—posting collateral against the risk of default. But as Saskia Scholtes reports, this practice may be creating its own risks.

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