[20030711]RS21263_房利美、房地美和SEC的注册和披露.pdf

1 Fannie Mae is formally referred to in its chartering legislation as the Federal National MortgageAssociation, and Freddie Mac as the Federal Home Loan Mortgage Corporation.2 Barbara Miles, former Specialist in Financial Institutions, contributed to this report.Order Code RS21263Updated July 11, 2003Fannie Mae, Freddie Mac, and SECRegistration and Disclosures Mark JicklingSpecialist in Public FinanceGovernment and Finance DivisionSummaryBusinesses selling securities to the public generally must register with theSecurities and Exchange Commission (SEC). The government-sponsored enterprises(GSEs) Fannie Mae and Freddie Mac1 are large public issuers but are exempt from SECregistration and reporting requirements. This privilege saves them millions of dollarseach year and adds to the market perception that their securities have an “impliedguarantee” from the federal government a guarantee that is not officially extended.The GSEs have announced that they would voluntarily register with the SEC, butit remains an issue whether voluntary disclosures will meet SEC standards for otherpublicly traded firms. Ending the exemption would have the effect of requiring, as amatter of law, greater pu