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Monday, May 01, 2017 5:04:02 PM
Orinally, the bank issue the loan and sold the loan to FnF.
That accounts for a very small portion of their business. $2.9b of mortgages are guaranteed by $2.9b of MBS's that Fannie Mae creates. The ownership is still with the originator. Because Fannie creates and finds investors for these MBS's, they recieve a g-fee. The guaranty of these contracts come from the government. They are classified as "consolidated trusts". Until 2010 when GAAP accounting rules were changed, they were always accounted for a off-balance sheet assets. Only an accounting rule change has made Fannie recognize them. They do not own them, which is why Fannie reports consolidated results of operation AS WELL AS unconsolidated results.
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