Home > Boards > Free Zone > User's Groups > HomeBuilders

Federal Home Loan Mortgage CorpOTC Markets Group Inc

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
mlkrborn Member Profile
 
Followed By 39
Posts 7,816
Boards Moderated 1
Alias Born 01/04/06
160x600 placeholder
mlkrborn   Monday, 02/13/12 03:15:33 PM
Re: None
Post # of 473 
Federal Home Loan Mortgage CorpOTC Markets Group Inc - OTCQB:FMCC


UPDATE: Obama Budget Sees Positive Contribution From Fannie, Freddie
1:46p ET February 13, 2012 (Dow Jones)
UPDATE: Obama Budget Sees Positive Contribution From Fannie, Freddie

--Government-sponsored enterprises, including Fannie Mae and Freddie Mac, will contribute $10.46 billion to government coffers in fiscal year 2013
--Same agencies project to be a $12.32 billion drain on budget in the current fiscal year
--New revenue coming from increase fees and Fannie Mae and Freddie Mac dividend payments

(Updates with additional details from White House budget materials starting third paragraph.)

By Eric Morath
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--Government-sponsored enterprises, including mortgage funders Fannie Mae (FNMA) and Freddie Mac (FMCC), will contribute $10.46 billion to the Treasury Department's coffers in fiscal year 2013 after costing the government billions in recent years, according to President Barack Obama's budget.
The enterprises cost taxpayers $12.63 billion in the 2011 fiscal year and are estimated to cost another $12.32 billion in the current fiscal year, which ends Sept. 30, but those outlays will flip to revenue next fiscal year, the budget said.
The budget, released Monday, forecasts that Fannie Mae and Freddie Mac will have sufficient earnings to start paying a portion of scheduled dividend payments to the government in fiscal year 2013. From 2014 through 2022 the administration expects net dividend receipts of $121 billion.
The budget also expects a positive contribution from increased guarantee fees to implemented at Fannie Mae and Freddie Mac as part of agreement over the payroll tax extension. In the budget, the White House said the fee increase will enhance the price-competitiveness of non-agency mortgages.
The new fee revenue will be sent to the Treasury, resulting in deficit reductions of $37 billion through 2022, Obama's budget proposal said.
Meanwhile, Obama's budget plans to increase funding for the Department of Housing and Urban Development by 3.2%, or $1.4 billion.
The agency would maintain current funding levels for many of its programs and increases spending for sustainable development and housing counseling services, including assistance for families in danger of foreclosure.
The department, however, will cut $640 million in spending on project-based rental assistance programs and look to increase the minimum rent charged to assisted households.

-By Eric Morath, Dow Jones Newswires; 202-862-9279; eric.morath@dowjones.com

(END) Dow Jones Newswires
02-13-12 1346ET
Copyright (c) 2012 Dow Jones & Company, Inc.BT201202130059132012-02-13 18:46:00.0006RP1NK5JET7CT55U1241RGRAJGDJNF

Previous versions and related news

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist