Fannie Mae (FNMA)

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Forces hard at work to get gses to fail. Frannie could require another bailout if lockdown lasts - FT

Apr. 03, 2020 11:48 AM ETFederal National Mortgage Association (FNMA)By: Liz Kiesche, SA News Editor8 Comments

Fannie Mae (OTCQB:FNMA -2.7%) and Freddie Mac (OTCQB:FMCC -0.8%) have the enough resources to last through a lockdown of ~12 weeks, but would need funds from Congress or the Federal Reserve after that, Mark Calabria, director of the Federal Housing Finance Agency, told the Financial Times in an interview.The two government-sponsored enterprises, which have been under FHFA's auspices since the 2008 financial crisis, back $10T of U.S. mortgages.Almost 10M Americans have filed for unemployment benefits in the past two weeks and Congress passed a bill allowing homeowners to forego payments on federally-backed mortgages for up to a year.~300K borrowers have asked for forbearance on loans backed by Fannie and Freddie as of April 1, he said.