Calabria Says Let Fannie/Freddie Make More Profit

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Posted To: MND NewsWire

If you stuffed the old certificates in your sock drawer ten years ago, it may be time to dig them out. Mark Calabria, the new director of the Federal Housing Finance Agency (FHFA) says Fannie Mae and Freddie Mac common stock might be worth something after all. Bloomberg reports that Calabria told an audience in New York on Monday that the two government sponsored enterprises (GSEs), which have paid billions of dollars in dividends to the U.S. Treasury in return for massive loans at the start of the housing crisis, may be allowed to hold some capital instead of sweeping it each quarter into the government coffers. At present (and only a recent change) the GSEs, which were placed in federal conservatorship in 2008, have been allowed to retain a buffer to protect against a business downturn but...(read more)

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