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GREENSPAN WARNS ON FANNIE MAE
Fed Chief says subsidized mortgage financiers Fannie Mae, Freddie Mac hurt market discipline.
http://money.cnn.com/2003/04/24/new...reenspan_mortgage.reut/index.htm

WASHINGTON (Reuters) - Congress should keep a close eye on market risks stemming from the capital adequacy of mortgage financiers Fannie Mae and Freddie Mac, Federal Reserve Chairman Alan Greenspan told Congress in a letter.
"Traditionally, such capital adequacy questions have been evaluated with regard to credit and interest rate risks. However, in the case of the [government-sponsored enterprises] and other large regulated financial institutions, funding liquidity and market liquidity risks also need to be considered," he wrote to Rep. Richard Baker (R-La.), who chairs the congressional panel that oversees the mortgage finance companies.
Greenspan's letter, released by Baker's office Thursday, said the perception of government backing for the GSEs undermines the effectiveness of market discipline with regard to the mortgage finance firms and the Federal Home Loan Banks.
Fannie Mae and Freddie Mac are shareholder-owned companies chartered by Congress to provide a deep and steady flow of funds to mortgage markets. The companies do not lend directly to home buyers but buy mortgages from lenders and package them as securities or hold them in their own portfolios.
Congress gives the companies benefits including the ability to borrow up to $2.25 billion each from the Treasury to help them expand home ownership. While the government does not guarantee the companies' debt, many investors believe their charters and advantages mean the government would bail them out of financial troubles.
Greenspan said that perception leads to lower borrowing costs for the mortgage financiers and is a cause for concern.
"I am concerned about the market distortions created by the implied subsidies generated by the housing-related government-sponsored enterprises," the Fed chief said.

-->>Für sowas durfte der Chef der zuständigen Aufsichtsbehörde vor Monaten
>auf der Stelle seinen Hut nehmen...
>
>GREENSPAN WARNS ON FANNIE MAE
>Fed Chief says subsidized mortgage financiers Fannie Mae, Freddie Mac hurt market discipline.
>http://money.cnn.com/2003/04/24/news/companies/greenspan_mortgage.reut/index.htm
>WASHINGTON (Reuters) - Congress should keep a close eye on market risks stemming from the capital adequacy of mortgage financiers Fannie Mae and Freddie Mac, Federal Reserve Chairman Alan Greenspan told Congress in a letter.
>"Traditionally, such capital adequacy questions have been evaluated with regard to credit and interest rate risks. However, in the case of the [government-sponsored enterprises] and other large regulated financial institutions, funding liquidity and market liquidity risks also need to be considered," he wrote to Rep. Richard Baker (R-La.), who chairs the congressional panel that oversees the mortgage finance companies.
>Greenspan's letter, released by Baker's office Thursday, said the perception of government backing for the GSEs undermines the effectiveness of market discipline with regard to the mortgage finance firms and the Federal Home Loan Banks.
>Fannie Mae and Freddie Mac are shareholder-owned companies chartered by Congress to provide a deep and steady flow of funds to mortgage markets. The companies do not lend directly to home buyers but buy mortgages from lenders and package them as securities or hold them in their own portfolios.
>Congress gives the companies benefits including the ability to borrow up to $2.25 billion each from the Treasury to help them expand home ownership. While the government does not guarantee the companies' debt, many investors believe their charters and advantages mean the government would bail them out of financial troubles.
>Greenspan said that perception leads to lower borrowing costs for the mortgage financiers and is a cause for concern.
>"I am concerned about the market distortions created by the implied subsidies generated by the housing-related government-sponsored enterprises," the Fed chief said.