[20200828]IN11489_GSE的不利市场再融资费用.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The GSEs Adverse Market Refinance Fee Updated August 28, 2020 Fannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs), were chartered by Congress to provide liquidity for both the single- and multi-family mortgage markets. In the years following the housing and mortgage market turmoil beginning in 2007, the GSEs experienced financial difficulty. On September 6, 2008, the Federal Housing Financial Agency (FHFA), the GSEs primary regulator, took control of them from their stockholders and management in a process known as conservatorship. FHFA has since implemented various initiatives to improve the GSEs financial conditions, and it has recently prioritized their exit from conservatorship. Specifically, the GSEs are now being allowed to accumulate capital reserves to buffer against mortgage default risks, and FHFA has re-proposed a rule to establish a capitalization framework that would be in place following their return to stockholder control. On August 12, 2020, both Fannie Mae and Freddie Mac announced an adverse market refinance fee of 50 basis points (0.5%) on the cash-out refinance loan