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U.S. FHFA Announces Timeline For Fannie, Freddie Strategic Plan

deutsche-boerse.comMarch 9, 2012

By Ian McKendry

WASHINGTON (MNI) - The U.S. Federal Housing Finance Agency Friday announced a timeline for the initial steps it will take to reduce Fannie Mae and Freddie Mac's market share and build a new infrastructure for the secondary mortgage market.

The FHFA said with the help of both mortgage giants, it will "develop and finalize a plan by December 31, 2012 for the design and build of a single securitization platform that can serve both Enterprises and a post-conservatorship market with multiple future issuers."

The FHFA also said it will increase guarantee fees for Fannie Mae and Freddie Mac loans and "develop appropriate risk-based pricing by state" as part of its effort to lower Fannie Mae and Freddie Mac's market share.

In addition, the FHFA said it will explore the viability of the multifamily line of business without a government guarantee, investments in non-performing assets and risk sharing transactions.

The FHFA said it will take those steps, along with a number of others, and measure the progress in a "scorecard" which it released Friday, weighting the importance of each goal.

The FHFA said the results will be addressed in Fannie Mae and Freddie Mac's annual SEC Filing next year.

The FHFA weighted the development of a new infrastructure as 30%; contracting Fannie Mae and Freddie Mac's presence in the marketplace at 30%; maintaining foreclosure prevention and refinance activities at 20%; and managing the conservatorship of Fannie Mae and Freddie Mac efficiently at 20%.

The FHFA also announced it will be reducing the top five executives at Fannie Mae and Freddie Mac's pay by 75% from when they were placed under conservatorship and implement a new compensation program.

"I believe the new compensation program strikes the balance between prudent executive pay including the elimination of bonuses, with the need to safeguard quality staffing in order to protect the taxpayers' investment and achieve the objectives in the Conservatorship Scorecard," FHFA Acting Director Edward DeMarco said in a statement.


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