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Abstract:Fannie Mae, Freddie Mac, and the Federal Home Loan Bank (FHLB) System were established and chartered by the federal government, as privately owned entities, primarily to facilitate the flow of credit to mortgage borrowers. Their special legal status as government-sponsored enterprises (GSEs), which includes tax and regulatory exemptions, enhances the perceived quality of the debt and mortgage-backed securities (MBSs) that they issue or guarantee and translates into a federal subsidy. By the Congressional Budget Office’s (CBO’s) estimates, the total subsidy grew steadily from $6.8 billion in 1995 to approximately $15.6 billion in 1999; it dropped slightly, to $13.6 billion, in 2000, reflecting a slowdown in the growth of the GSEs’ activities (see Table 1). Although the single largest source of the subsidy is the implicit guarantee on the GSEs’ debt issues, in recent years the value of tax and regulatory exemptions has become significant, totaling an estimated $1.2 billion in 2000.
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