Fannie Mae-No Politics (FNMA)

[Dollars1]

As described above, FHFA's analysis concludes that the current average level of guarantee fees is appropriate based on current assessments of cost and risk. Because these average guarantee fees currently include the adverse market charge, removing this fee component necessitates other guarantee fee adjustments. As a result, FHFA is directing the Enterprises to replace the revenue attributable to the adverse market charge with targeted changes in fees that address various risk-based and access-to-credit considerations. Overall, FHFA expects these changes to be revenue neutral to the Enterprises based on their recent mix of business.