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Budgetary Impact of Fannie Mae and Freddie Mac
Douglas W. Elmendorf
出版DIANE Publishing, 2011
主題Business & Economics / General
ISBN143794017X9781437940176
URLhttp://books.google.com.hk/books?id=02oFhq78QjsC&hl=&source=gbs_api
EBookSAMPLE
註釋This is a print on demand edition of a hard to find publication. Provides an estimate of the budgetary impact of the activities of Fannie Mae and Freddie Mac (two gov¿t.-sponsored enterprises, or GSEs, that provide credit guarantees for more than half of the residential mortgages in the U.S.). This report also discusses alternative budgetary treatments for the GSEs, describes the usefulness of alternative treatments, and explains the rationale for the use of fair-value subsidy estimates for the GSEs in its baseline budget projections. Those fair-value estimates deviate from FCRA-based estimates in an important way: By incorporating a market-based risk premium associated with the GSEs¿ credit guarantees, they reflect the fact that the government¿s assumption of financial risk is costly to taxpayers.