2014年3月20日木曜日

Plan to replace Fannie Mae, Freddie Mac

Fannie MaeとFreddie Macを解体するようだ。
米株式市場で、連邦住宅抵当金庫(ファニーメイ)と連邦住宅貸付抵当
公社(フレディマック)の株価が大幅に下落した。上院の銀行委員会指
導部が前日、政府の管理下にある両社を最終的に解体する方針で合意し
たことが材料視された。

Johnson-Crapo proposalは、Fannie MaeとFreddie Macを段階的に縮小し
閉鎖するとのこと。最近の決算では、両者と過去最高の収益を計上。
Fannie Maeは、配当支払い額合計が米政府から支援額を超えたとのこと。
サブプライムローン詐欺で、政府管理下になったが、市場回復と手数料
引上げで黒字。

Johnson-Crapo proposalは両院の承認は得られていないが、超党派の
ため、承認される確率が高いようだ。
米国は、景気が回復し始め、住宅市場が活性化なのか。
民間市場は回復しても、国の財政は悪化か。

オバマに高額献金をした二社だが、結局、米民主党らから閉鎖案が提出
され、承認されそう。オバマのご友人は、別会社に異動か。
オバマが大統領ではなくなった時に、閉鎖となれば、約束(?)は守られるか。

オバマ 公的資金投入会社から高額献金
米金融システム 世界の中心から外れるのか
米損保 GSに賠償請求
日本のハゲタカ
バンカメを民事提訴
JPMorgan 罰金130億ドル支払いへ


---ファニーメイとフレディマック大幅安、解体で上院委合意=米株市場---
2014年 03月 13日 07:36 JST
http://jp.reuters.com/article/businessNews/idJPTYEA2B0A420140312

[ニューヨーク 12日 ロイター] -12日の米株式市場で、連邦住宅抵当金庫(ファニーメイ)と連邦住宅貸付抵当公社(フレディマック)の株価が大幅に下落した。上院の銀行委員会指導部が前日、政府の管理下にある両社を最終的に解体する方針で合意したことが材料視された。
 フレディマックは約17%下落。ファニーメイは約12%下げた。両社とも一時20%超下落した。
 前日には一時、2008年第3・四半期以来の高値をつけたが、その後ファニーメイは30%超下落。フレディマックも26.8%安となった。
 カルバート・インベストメンツ(メリーランド州)のポートフォリオマネジャー、VishalKhanduja氏は「目指しているものは住宅金融システムにとって素晴らしいが、実行するのは難しい。ファニーメイとフレディマックのコンセプト自体は残し社名だけ無くすのか、どこから民間資本を呼び込むかなど、依然不明だ」と述べた。


---ファニーメイとフレディマック大幅安、解体で上院委合意=米株市場---
2014年3月13日07時36分
http://www.asahi.com/business/reuters/CRBTYEA2B0A5.html

 [ニューヨーク 12日 ロイター] -12日の米株式市場で、連邦住宅抵当金庫(ファニーメイと連邦住宅貸付抵当公社(フレディマック)の株価が大幅に下落した。上院の銀行委員会指導部が前日、政府の管理下にある両社を最終的に解体する方針で合意したことが材料視された。
 フレディマックは約17%下落。ファニーメイは約12%下げた。両社とも一時20%超下落した。
 前日には一時、2008年第3・四半期以来の高値をつけたが、その後ファニーメイは30%超下落。フレディマックも26.8%安となった。
 カルバート・インベストメンツ(メリーランド州)のポートフォリオマネジャー、VishalKhanduja氏は「目指しているものは住宅金融システムにとって素晴らしいが、実行するのは難しい。ファニーメイとフレディマックのコンセプト自体は残し社名だけ無くすのか、どこから民間資本を呼び込むかなど、依然不明だ」と述べた。


---ファニーメイとフレディマック株急落-廃止道筋示す法案を嫌気---
更新日時: 2014/03/12 08:04 JST
http://www.bloomberg.co.jp/news/123-N2AM7K6K50Y301.html

 3月11日(ブルームバーグ):米株式市場で11日、政府支援機関(GSE)である住宅金融会社ファニーメイ (連邦住宅抵当金庫)とフレディマック (連邦住宅貸付抵当公社)普通株の株価が、取引時間中としては10カ月ぶりの大幅安となった。上院銀行委員会の有力議員が、ファニーメイとフレディマックの段階的な廃止の道筋を盛り込んだ超党派による法案を公表したことが嫌気された。
 ファニーメイの株価は11日のニューヨーク市場で一時44%急落した後に若干値を戻し、31%安の4.03ドルで終了。フレディマックは27%安の4.04ドルで取引を終えた。優先株も最大12%下落した。ワシントンを拠点とする株式調査会社ハイト・アナリティクスのマネジングディレクター、エドウィン・グロシャンズ氏が超党派の法案について、株主にとってネガティブだと発言したことに反応した。
 上院銀行委のティム・ジョンソン委員長(民主、サウスダコタ州)とマイク・クラポ議員(共和、アイダホ州)が公表した法案は、民間資本が最低10%の損失を被った段階で、ファニーメイとフレディマックの機能を政府の保証保険が引き継ぐ内容。さらに大部分の住宅ローンの借り手に対し、最低5%の頭金の支払いを求めている。


---ファニーメイの返済、米政府からの支援額を上回る-黒字基調---
更新日時: 2014/02/24 09:49 JST
http://www.bloomberg.co.jp/news/123-N1H3U46JIJUY01.html

 2月21日(ブルームバーグ):米政府管理下にある政府支援機関(GSE)、ファニーメイ (連邦住宅抵当金庫)の昨年10-12月(第4四半期)決算は8四半期連続の黒字となった。ファニーメイは米財務省に新たに72億ドル(約7380億円)を返済する計画で、配当支払い額の合計が金融危機後に受けた支援額(1161億ドル)を上回ることになる。
 ファニーメイの21日の当局への届け出によると、10-12月期の純利益は65億ドル。2013年通期では過去最高の840億ドルとなった。
 損失を膨らませていたファニーメイとフレディマック (連邦住宅貸付抵当公社)は、リーマン・ブラザーズ・ホールディングス破綻直前の08年9月に公的管理下に入ったが、その後の住宅市場回復や手数料引き上げが寄与して黒字転換した。
 ファニーメイから財務省への返済額は今回の配当支払いを含めると、計1211億ドルとなる。


---Plan for Fannie, Freddie Successor Unveiled---
By: Peter King - MortgageLoan.com
Wednesday, Mar 12, 2014
http://www.mortgageloan.com/plan-fannie-freddie-successor-unveiled-9678

Mortgages with as little as 5 percent down would still be allowed under a Senate proposal for replacing Fannie Mae and Freddie Mac, with first-time homebuyers allowed to put down as little as 3.5 percent.

The proposal, which is being put forward by the top Democrat and Republican on the Senate Banking Committee, provides a blueprint for winding down Fannie Mae and Freddie Mac in order to replace them with a new federal agency to be called the Federal Mortgage Insurance Corporation (FMIC).

Among the plan's key goals are to encourage an expanded role for private capital in the housing market while shielding taxpayers from liability in the event of another downturn. It also seeks to ensure the continued availability of affordable, 30-year fixed-rate mortgages, a key feature of the U.S. housing market.
Johnson-Crapo proposal

The proposal, which is being put forward by Sen. Tim Johnson (D-SD), chair of the Senate Banking Committee, and Sen. Mike Crapo (R-ID), the committee's ranking Republican, must still win approval in both the Senate and House of Representatives. However, members of both parties have been expressing their support and the administration has commended the initiative, which are positive signs for its chances.

"There is near unanimous agreement that our current housing finance system is not sustainable in the long-term and reform is necessary to help strengthen and stabilize the economy," said Sen. Johnson. " This bipartisan effort will provide the market the certainty it needs, while preserving fair and affordable housing throughout the country."

The need to replace Fannie Mae and Freddie Mac with a new mortgage finance system is one of the few things both Democrats and Republicans have agreed on in recent years. But working out an approach acceptable to both sides has been a time-consuming challenge.
Investors would absorb initial losses

The new insurer, the FMIC, would help shield mortgage investors against potential losses when loans go bad, the same as Fannie Mae and Freddie Mac do currently. However, under the new proposal private investors would absorb the first 10 percent in losses before the government-backed insurance would kick in.

That's different from the current model, where Fannie Mae and Freddie Mac guarantee the full returns on all mortgages they back.

Just as with the current model, the cost of the insurance would be covered by fees charged for guaranteeing the loans. Mortgages would also have to meet certain standards in order to qualify for FMIC, similar to the "conforming loan" standard now required by Fannie Mae and Freddie Mac.

Because the FMIC would be a federal agency, the government's guarantee of mortgages would be explicit, rather than implied as it was under the formerly semi-private Fannie Mae and Freddie Mac. The implied guarantee of the current system was blamed for underpricing mortgage risk during the expansion of the housing bubble a decade ago.
Higher rates likely

To be sure, mortgages guaranteed under the new program will likely be more costly than those currently guaranteed by Fannie Mae and Freddie Mac, since mortgage investors will be asked to take on more risk. The stated goal of bringing more private capital into the mortgage market also means mortgage rates will likely be higher than they would be under the present system, since higher returns are needed to attract private investment.

It's not clear what role private mortgage insurance (PMI) will play under the new system. Currently, Fannie Mae and Freddie Mac require that PMI be included on any mortgage with less than 20 percent down. In the event the loan goes into foreclosure, the private mortgage insurer is responsible for making up the difference between the actual down payment and 20 percent; so if the borrower had put down 5 percent of the purchase price, the private mortgage insurer would be liable for 15 percent in the event of foreclosure.

It's expected that congressional leaders will seek to get a vote on the Johnson-Crapo bill before the election season begins in earnest this summer.


---Key senators agree on plan to replace Fannie Mae, Freddie Mac---
By Jim Puzzanghera
March 11, 2014, 10:48 a.m.
http://www.latimes.com/business/money/la-fi-mo-fannie-mae-freddie-mac-senate-housing-finance-reform-20140311,0,2529598.story#axzz2vnRxHLMr

WASHINGTON -- Congressional efforts to shut down bailed-out Fannie Mae and Freddie Mac took a significant step forward Tuesday as key senators announced bipartisan agreement on a plan to overhaul the housing finance system.

The proposal, which will be detailed in the coming days, would slowly shrink the companies and replace them with a scaled-back government guarantee for mortgages.

Fannie Mae and Freddie Mac were seized by the federal government in 2008 as they neared bankruptcy from bad loans they guaranteed during the subprime housing boom.

Senate Banking Committee Chairman Tim Johnson (D-S.D.), and the panel's top Republican, Mike Crapo of Idaho, said they had reached agreement after a series of hearings last year on how to overhaul the complex housing system and reduce the role of the federal government in backing home loans.

Since the 2008 financial crisis, Fannie, Freddie and the Federal Housing Administration have backed about 90% of all new mortgages.

"There is near-unanimous agreement that our current housing finance system is not sustainable in the long term and reform is necessary to help strengthen and stabilize the the economy," Johnson said as he and Crapo released the principles they had agreed should be part of legislation.

The White House praised the announcement as "a good-faith compromise."

"We support this effort and believe it is a workable bipartisan approach to complete the biggest remaining piece of post-recession financial reform," said White House spokesman Bobby Whithorne.

While there is strong bipartisan agreement that Fannie and Freddie should be shut down and the housing finance system overhauled, Democrats and Republicans remain at odds about how exactly to do it.

The proposal from Johnson and Crapo builds on bipartisan legislation unveiled last year by Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.)

That bill, which has five Democratic and five Republican cosponsors on the banking committee, would try to reduce future risk to taxpayers from a housing downturn by requiring banks and other private firms that package mortgages into securities to hold at least 10 cents in capital for every dollar of the underlying loans to cover the first wave of losses.

A centerpiece of that plan would be a new agency, the Federal Mortgage Insurance Corp., that would collect fees from the industry and pay to cover losses on mortgage on mortgage securities after the 10% private capital behind the securities was paid out.

Johnson and Crapo endorsed the idea of the new agency.

Warner and Corker said they were pleased that the overhaul process was moving forward. And the Financial Services Roundtable, which represents large banks, called the principles from Johnson and Crapo "a positive step toward needed reform."

But House Republicans want to take a different approach. A bill passed by the House Financial Services Committee would gradually close Fannie and Freddie over five years but would not replace their role with any new government mortgage guarantee. That job would be left to the private sector.

Rep. Scott Garrett (R-N.J.), a key supporter of that bill, said he was pleased the Senate was moving on the issue but believed the House approach was the right one.

"The federal government's domination of the housing finance market has left taxpayers on the hook for trillions in mortgage guarantees," Garrett said.

Fannie and Freddie have become symbols of the financial crisis and the government has pumped a total of $187.5 billion into the two companies to keep them afloat since 2008.

But the rebound in the housing market has turned their finances around. Both companies are profitable and when first-quarter dividend payments are made will have sent the Treasury $204.9 billion, fully offsetting the government bailout's cost.

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