{"id":31248,"date":"2015-03-06T04:49:13","date_gmt":"2015-03-06T12:49:13","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=31248"},"modified":"2020-10-06T19:22:29","modified_gmt":"2020-10-07T02:22:29","slug":"taxpayers-on-hook-for-fannie-and-freddie","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/taxpayers-on-hook-for-fannie-and-freddie\/","title":{"rendered":"Taxpayers Are Still on the Hook for Fannie and Freddie"},"content":{"rendered":"

\"Treasury<\/a>
Treasury official Michael Stegman said he won\u2019t allow Fannie and Freddie to build up capital reserves to protect against another downturn.<\/figcaption><\/figure>
\nWe all paid a price when the housing market came crashing down \u2014\u00a0$187.5 billion to bail out Fannie Mae and Freddie Mac alone. They’ve paid us back, with interest, but they haven\u2019t been fixed.
\nIt hasn\u2019t really mattered lately because the companies are making money and sending their profits to taxpayers. But it\u2019s a good bet the good times won\u2019t last. Earnings took a steep dive last quarter and reserves will disappear by 2018. If Fannie and Freddie start reporting losses, we\u2019re still on the hook to help them out.
\nYesterday, the Obama administration planted a flag in the sand<\/a> when Treasury official Michael Stegman said he won\u2019t allow the companies to build up capital reserves to protect against another downturn.
\nPlowing billions of dollars back into the companies would expose taxpayers to \u201cgreat risk\u201d and be \u201cirresponsible,\u201d Stegman said at a Goldman Sachs event in New York.
\nBut why not just force Fannie and Freddie to start amassing cash so they won\u2019t need our help if there\u2019s a next time? That\u2019s what banks do.
\nSize is one problem. As a nation, our combined mortgage debt is almost $10 trillion. The Federal Reserve likes to see a risk-weighted capital ratio of 8 percent and, last year, the nation\u2019s 31 biggest banks combined held nearly $8.8 trillion<\/a> in risk-weighted assets. Fannie and Freddie\u00a0are starting near ground zero. It would take billions of taxpayer dollars for them to catch up.
\nThat\u2019s a gross simplification, but it gives you an idea of the scope of the problem. Fannie and Freddie have paid about $40 billion in interest on their bailout so far. Even if they\u2019d kept that cash, it\u2019s a mighty thin capital cushion.
\nReal reform will require legislation from Congress. Stegman\u2019s speech sent the message to Capitol Hill and the markets that, until then, Fannie and Freddie will remain wards of the state.
\nIf you own a home or want to buy<\/a>, the debate is important. If Washington does nothing or makes the wrong move, another bailout could be in the making and mortgages would be even harder to get than they are now.<\/p>\n","protected":false},"excerpt":{"rendered":"

We all paid a price when the housing market came crashing down \u2014 $187.5 billion to bail out Fannie and Freddie alone. They’ve paid us back, with interest, but they haven\u2019t been fixed.<\/p>\n","protected":false},"author":13355,"featured_media":31249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[43],"tags":[66,71,73,74,77],"coauthors":[79,198,206,163],"class_list":["post-31248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-equality-policy","tag-agents","tag-celebrity","tag-finance","tag-mortgage-tips","tag-taxes"],"acf":[],"yoast_head":"\nTaxpayers Are Still on the Hook for Fannie and Freddie - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"We all paid a price when the housing market crashed -- $187.5 billion to bail out Fannie and Freddie alone. 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