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Keywords:Federal National Mortgage Association 

Working Paper
The GSE implicit subsidy and value of government ambiguity

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

Journal Article
Uncertainty in federal intervention: Fannie Mae, Freddie Mac and the housing subsidy trail

The Region , Volume 10 , Issue Sep , Pages 4-13

Conference Paper
GSEs as instruments of federal policy: public benefits and public costs

Proceedings , Paper 705

Conference Paper
Valuing conjectural government guarantees of FNMA liabilities

Proceedings , Paper 117

Conference Paper
Fannie Mae's benefits to home buyers: the business perspective

Proceedings , Paper 721

Working Paper
The prepayment experience of FNMA mortgage-backed securities

Research Working Paper , Paper 90-01

Journal Article
Taxpayer risk in mortgage policy

FRBSF Economic Letter

Journal Article
Fannie Mae's new standards

FRBSF Economic Letter

Conference Paper
Freddie Mac and Fannie Mae: their funding advantage and benefits to consumers

Proceedings , Paper 737

Journal Article
Fannie Mae’s and Freddie Mac’s changing roles and reform initiatives

Financial Update , Volume 15 , Issue Apr , Pages 5

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