[20080804]RS22916_房利美和房地美的财务问题：常见问题解答.pdf

Order Code RS22916Updated August 4, 2008Fannie Maes and Freddie Macs FinancialProblems: Frequently Asked QuestionsN. Eric WeissSpecialist in Financial EconomicsGovernment & Finance DivisionSummaryRecent turmoil in the housing and financial markets has raised doubts about thefuture of Fannie Mae and Freddie Mac, which are chartered by Congress as government-sponsored enterprises (GSEs) and are widely believed to have an implicit guaranteefrom the federal government. Now the implicit guarantee is nearly explicit: Section1117 of the Housing and Economic Recovery Act of 2008 (H.R. 3221, P.L. 110-289)authorizes the Treasury to purchase any amount of Fannie or Freddie securities, whetherdebt or equity, if necessary to provide stability to financial markets, prevent disruptionsin the availability of mortgage credit, or protect the taxpayer. This means that if eitherof the two GSEs is unable to raise funds in private markets, the federal governmentcould simply purchase debt securities that the firms were unable to sell elsewhere, orrecapitalize either firm by purchasing stock, possibly becoming the majority shareholderin the process. The Federal Reserve has taken actions to allow Fannie an