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CED-77-28 1 (1977-03-08)

handle is hein.gao/gaobaagyq0001 and id is 1 raw text is: DOCUMENT RESUME 00552 - (A08916281 Government National Mortgage Association's Secondary Mortgage Market Activities. CED-77-28. Marck 8, 197?;. 56 pF. Staff study by Henry Eschwege, Director, Community and Economic Development Div. Issue Area: Domestic Housing and Community Development: Federal credit Incentives to Stimulate Housing (2104). Contact: Community and Economic Development Div. Budget Function: Commerce a:i Transportation: Mortgage Credit and Thrift Insurance (401). Organization Concerned: Department of Housing and Urban Developeent; Governmert National Mortgage Association. Congressional Relevance: House Committee on Banking, Currency and HousIng; Senate Committee on Banking, Housing and Urban Affairs. Authority: Housing ani Urban Development Act of 1968 (12 U.S.C. 1717). Emerg'.ncy Cone Finance Act of 1970, title III (12 U.S.C. 1452 pt seq.). Housing Act of 1954 (12 U.S.C. 1716 et seq.). Emergency Home Purchase Assistance Act of 197P. Emergency Housing Act of 1975. The Government National Mortgage Association participates in ths buying and selling of mortgages in the secondary mortgage market. Findings/Conclusions: The Association atteapts to accomplish its legislatively assigned missions primarily by: issuing to mortgage originators comitmeDts to purchase mortgages with primarily below-market iDterest rates; purchasing and selling such mortgages; and guaranteeing securities, backed by pools of mortgages, that are issued by approved mortgage originators. Review of the Assoriation's sales activity identified a number of alternatives that ,Arrant stu4y by the Association because they have potential to increase revenues or otherwise imprcve operations. The sale of Association mortgages directly tc the Federal Linancing Bank wo'ild allow the Association to adhere to the Oftice of Management and Budget's imposed outlay ceiling, while it would eliminate the need to sell the mortgage in the private market under uafavorable conditions. Recommendations: The Association might be able to receive a better return on the sale of securities if it sold the securities directly to investors rather than by blocks to syndicates which resell them at a profit. The Associations should also consider reducing the amount required for a security issue to an amount less than the present $1 million. (SC)

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