[20080915]RS22950_房利美和房地美的监护权.pdf

Order Code RS22950September 15, 2008Fannie Mae and Freddie Mac inConservatorshipMark JicklingSpecialist in Financial EconomicsGovernment and Finance DivisionSummaryOn September 7, 2008, the Federal Housing Finance Agency (FHFA) placedFannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs) that playa critical role in the U.S. home mortgage market, in conservatorship. As conservator,the FHFA has full powers to control the assets and operations of the firms. Dividendsto common and preferred shareholders are suspended, but the U.S. Treasury has put inplace a set of financing agreements to ensure that the GSEs continue to meet theirobligations to holders of bonds that they have issued or guaranteed. This means that theU.S. taxpayer now stands behind about $5 trillion of GSE debt. This step was takenbecause a default by either of the two firms, which have been battered by the downturnin housing and credit markets, could have caused severe disruptions in global financialmarkets, made home mortgages more difficult and expensive to obtain, and had negativerepercussions throughout the economy. This report provides basic information on theGSEs, the government intervention, and