[20180320]IF10851_住房金融：最近的政策发展.pdf

https:/crsreports.congress.gov March 20, 2018Housing Finance: Recent Policy DevelopmentsSeveral recent developments have affected the financial condition of Fannie Mae and Freddie Mac. In February 2018, Fannie Mae announced that one-time tax adjustments due to the 2017 tax revisions (P.L. 115-97) would require it to request $3.7 billion in support from Treasury, and Freddie Mac requested $312 million from Treasury. This followed a December 2017 decision by the Federal Housing Finance Agency (FHFA) and the Treasury to allow Fannie Mae and Freddie Mac each to retain a “capital reserve amount” (or net worth) of $3 billion. Prior to this announcement, the capital reserve amount was scheduled to be zero effective January 1, 2018. The $3 billion net worth will reduce the likelihood that Fannie Mae and Freddie Mac will need additional Treasury support, but it does not eliminate it. This In Focus analyzes recent developments and several housing finance issues stemming from them. Context Fannie Mae and Freddie Mac (known as government-sponsored enterprises or GSEs because of their congressional charters) buy home mortgages and pool them into mortgage-backed securities (MBS), which are sold