[20051021]RS22307_限制房利美和房地美的投资组合规模.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS22307October 21, 2005Limiting Fannie Maes and Freddie MacsPortfolio SizeEric WeissAnalyst in Financial InstitutionsGovernment and Finance DivisionSummaryFederal Reserve Chairman Alan Greenspan and Treasury Secretary John W. Snowrecently have urged the 109th Congress to pass legislation to limit the size of FannieMaes and Freddie Macs portfolio to reduce the risk to the federal government and theeconomy. In 2003, these government-sponsored enterprises (GSEs) combined retainedportfolio had risen to $1.6 trillion from $136 billion in 1990.One of the more controversial aspects of GSE reform is this proposal to limit thesize of the investment portfolios, which consist of mortgages and mortgage-backedsecurities (MBSs) that are subject to several types of financial risk. If these risks are notmanaged properly, or if market movements turn dramatically against the GSEs, thegovernment may face two unsatisfactory alternatives: either let the GSE go into defaultand hope that the financial repercussions can be controlled, or step in and assumepayments on the GSE debt at a signif