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Conference Paper
The simple microeconomics of government-sponsored enterprises
Sparks, Roger; Passmore, Wayne (2001)
Proceedings , Paper 706

Working Paper
The GSE implicit subsidy and value of government ambiguity
Passmore, Wayne (2003)
The housing-related government-sponsored enterprises Fannie Mae and Freddie Mac (the "GSEs") have an ambiguous relationship with the federal government. Most purchasers of the GSEs' debt securities believe that this debt is implicitly backed by the U.S. government despite the lack of a legal basis for such a belief. In this paper, I estimate how much GSE shareholders gain from this ambiguous government relationship. I find that (1) the federal government's implicit subsidy of Fannie Mae and Freddie Mac has resulted in a funding advantage for the GSEs over private sector institutions, (2) ...
Finance and Economics Discussion Series , Paper 2003-64

Working Paper
Executive compensation at Fannie Mae and Freddie Mac
Sierra, Gregory E.; Emmons, William R. (2004)
Corporate governance-and executive-compensation arrangements in particular-should be an important component of the agenda to reform the housing GSEs. The GSEs' safety-and-soundness regulator-who is essentially the debtholders' and taxpayers' representative-must be admitted to the GSEs' boardroom in a way that is atypical of an ordinary publicly held company. This intrusion into the board's oversight of executive-compensation plans is justified given the GSEs' public purposes and their large potential cost to taxpayers. Prudent public policy requires greater supervisory control over executive ...
Supervisory Policy Analysis Working Papers , Paper 2004-06

Working Paper
The Marginal Effect of Government Mortgage Guarantees on Homeownership
Kim, You Suk; Grundl, Serafin J. (2019-04-16)
The U.S. government guarantees a majority of residential mortgages, which is often justified as a means to promote homeownership. In this paper we use property-level data to estimate the effect of government mortgage guarantees on homeownership, by exploiting variation of the conforming loan limits (CLLs) along county borders. We find substantial effects on government guarantees, but find no robust effect on homeownership. This finding suggests that government guarantees could be considerably reduced with modest effects on homeownership, which is relevant for housing finance reform plans that ...
Finance and Economics Discussion Series , Paper 2019-027

Journal Article
GSE Risks
Poole, William (2005-03)
This article was originally presented as a speech to the St. Louis Society of Financial Analysts, St. Louis, Missouri, January 13, 2005.
Review , Volume 87 , Issue Mar , Pages 85-91

Journal Article
The GSEs: where do we stand?
Poole, William (2007-05)
This article was originally presented as a speech to the Chartered Financial Analysts of St. Louis, St. Louis, Missouri, January 17, 2007.
Review , Volume 89 , Issue May

Speech
Government-sponsored enterprises: testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, February 24, 2004
Greenspan, Alan (2004)
Speech , Paper 43

Conference Paper
An update to the GSE implicit subsidy and the value of government ambiguity
Sherlund, Shane M.; Passmore, Wayne (2004)
Proceedings , Paper 948

Journal Article
Alternative arrangements for the distribution of intraday liquidity
McAndrews, James J. (2006-04)
In July 2006, the Federal Reserve will end its provision of free daylight credit to government-sponsored enterprises (GSEs), financial services corporations created by Congress to establish a secondary market in mortgages and other consumer loans. To meet their payments to investors, the GSEs can use a wide variety of alternative funding arrangements. While such arrangements can in theory distribute liquidity efficiently, a decline in the intraday funds in circulation following the Fed's move may lead to some slowing in payments by both the GSEs and commercial banks.
Current Issues in Economics and Finance , Volume 12 , Issue Apr

Speech
The Federal Reserve's liquidity facilities
Dudley, William (2009)
Remarks at the Vanderbilt University Conference on Financial Markets and Financial Policy Honoring Dewey Daane, Nashville, Tennessee.
Speech , Paper 7

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