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• W21541954 abstract "James R. Peterson, a freelance writer based in NYC. Power breeds envy and Fannie Mae has its detractors. Is it abusing its GSE status or using its position to bolster its new focus on low- and middle-income buyers? While it's hard to argue with success, Fannie Mae, the nation's largest corporation, is corning under increased scrutiny on Capitol Hill and from analysts who cover the financial services industry. To some extent the company's very success is spawning the scrutiny. Simply put, today the situation couldn't look much brighter at Fannie Mae. It's producing record profits. Its trillion dollar plan to help ten million low- and middle-income Americans purchase new homes is ahead of schedule. A slew of underwriting experiments, including commitments to community development and multifamily housing, have proven successful. More than anything else, it has established itself as an undisputed leader in providing minority housing. Straying from its mission What's the problem? Its quasi-government status, for one thing, according to its critics. Fannie Mae is exempt from state and local income taxes, has lower borrowing costs than fully private firms and pays no deposit insurance premiums. Critics say Fannie Mae should either give up these advantages and compete on a level playing field or put its money where its mouth is and stick to its mission of providing low-cost housing to Americans. Fannie Mae contends the money it makes because of its special status ultimately benefits homeowners. Every dollar it borrows in the capital markets is passed along to consumers, says Fannie Mae s executive director, Barry Zigas. He says Fannie has helped cut mortgage rates to home buyers by 20 to 25 basis points. Fannie Mae's are truly extraordinary. The corporation has offered a return on equity over the past five years that has varied from a low of 20.9% in 1995 to a high of 25.3% in 1993. Investors have been big winners with cash dividend payments on common stock increasing 76%, from $501 million in 1993 to $881 million in 1997. The corporation's implicit government-sponsored status gives it a special advantage over other lenders. This status includes an implied government guarantee against insolvency, giving it an advantage in raising money in the capital markets, and an ability to borrow money at government rates to make investments untied to its principle mission of providing low-cost home mortgages. Rather than bundling all of its mortgages for sale to a tertiary market, Fannie Mae retains a large share for its own investment purposes. Consequently, the corporation's retained mortgage portfolio increased steadily from $189 billion to $316 billion in the five years up to and including 1997. Critics believe these marketplace advantages benefit Fannie Mae shareholders too much and home buyers too little. That's one reason why Fannie Mae, Freddie Mac, and other GSEs (government-sponsored enterprises) now are being scrutinized by a key member of Congress, James Leach (R.-Iowa), chairman of the House committee on banking and financial services. Senate banking committee member Lauch Faircloth (R.-NC) also is asking questions about Fannie Mae and Freddie Mac. Rep. Leach likens Fannie Mae's ability to borrow money cheaply and spend it on corporate stocks to the work of an arbitrageur. He cites a General Accounting Office report that shows Fannie Mae's non-mortgage investments at $53.9 billion on June 30, 1997. Assuming a 30 basis point funding advantage on these investments, Fannie Mae collected arbitrage profits of $162 million, or 18% of its 1997 dividend payments, says Leach, who wants more federal oversight of Fannie Mae and Freddie Mac. He also wants Fannie and Freddie to reimburse the government for oversight costs. Bashed by Nader The Congressman's position got a forum and no small amount of momentum last May at a well-publicized Ralph Nader-sponsored conference in Washington, D. …" @default.
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• W21541954 date "1998-10-01" @default.
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• W21541954 title "The Most Powerful Force in American Home Ownership" @default.
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