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Federal Subsidies and the Housing GSE's [i] (May 2001)

handle is hein.congrec/cbo06834 and id is 1 raw text is: FEDERAL SUBSIDIES AND THE HOUSING GSEs May 2001 NOTES Numbers in the text and tables may not add up to totals because of rounding. All years referred to in this study are calendar years. 7Pr-face This study responds to a request from Congressman Richard H. Baker--in his capacity as Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, House Committee on Financial Services--that the Congressional Budget Office (CBO) update its May 1996 study Assessing the Public Costs and Benefits of Fannie Mae and Freddie Mac. That study provided an estimate of the value of the federal subsidy to Fannie Mae and Freddie Mac. Congressman Baker also asked that CBO extend the estimate to include the Federal Home Loan Banks and to update its estimate of the portion of the subsidy that the government-sponsored enterprises (GSEs) retain. Congressman John M. Spratt, Ranking Member, House Committee on the Budget, separately requested an explanation of the methods and assumptions that CBO used in preparing its updated estimate. In addition, Senator Robert F. Bennett, Chairman, Subcommittee on Financial Institutions, and Senator Wayne Allard, Chairman, Subcommittee on Housing and Transportation, both of the Senate Committee on Banking, Housing, and Urban Affairs, jointly requested that CBO review two critiques of its previous work that were prepared under contract for Fannie Mae and Freddie Mac. This study also responds to those requests. Deborah Lucas and Marvin Phaup prepared this study, with the assistance of David Torregrosa and Lauren Marks and under the direction of Steve Lieberman and Roger Hitchner. Barry Anderson, Charles Capone, Arlene Holen, Angelo Mascaro, John McMurray, Eric Warasta, and Rae Roy of CBO also contributed to the report. Many people outside CBO provided assistance, including staff of Fannie Mae and Freddie Mac, Joe MacKenzie of the Federal Housing Finance Board, Patrick Lawler and Robert Seiler Jr. of the Department of Housing and Urban Development's Office of Federal Housing Enterprise Oversight, Edward DeMarco and Mario Ugoletti of the Department of the Treasury, Wayne Passmore of the Federal Reserve Board, Ron Feldman of the Federal Reserve Bank of Minneapolis, Bill Shear of the General Accounting Office, and Barbara Miles of the Congressional Research Service. Under contract with CBO, Brent Ambrose and Arthur Warga prepared a report in support of this study: An Update on Measuring GSE Funding Advantages, which is available from CBO's Microeconomic and Financial Studies Division. Also, David Torregrosa authored the supporting CBO paper Interest Rate Differentials Between Jumbo and Conforming Mortgages, 1995-2000.

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