Fannie Mae-No Politics (FNMA)

[obiterdictum]

This tells all.

Deborah Lucas, a professor of finance at the MIT Sloan School of Management and former assistant director of the CBO....

The CBO views do not count when counting actual money or liabilities of the GSEs since the White House budget simply does not include Fannie and Freddie and never has as GSEs. Fannie and Freddie are deemed federally chartered, private shareholder companies. To look at how profitable they are, one examines their books not the US Government books or fiscal statements. Lucas' statement omits views on the other GSEs as well.

Other GSEs include:

* The 12 Federal Home Loan Banks
* The Farm Credit System
____Agricultural Credit Bank
____Farm Credit Bank
* The Federal Agricultural Mortgage Corporation - Farmer Mac.

This chapter contains descriptions of the data on the Government-sponsored enterprises listed below. These enterprises were established and chartered by the Federal Government for public policy purposes. They are not included in the Federal Budget because they are private companies, and their securities are not backed by the full faith and credit of the Federal Government. However, because of their public purpose, detailed statements of financial condition are presented, to the extent such information is available, on a basis that is as consistent as practicable with the basis for the budget data of Government agencies.
—The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation provide assistance to the secondary market for residential mortgages.
—The Federal Home Loan Banks assist thrift institutions, banks, insurance companies, and credit unions in providing financing for housing and community development.
—Institutions of the Farm Credit System, which include the Agricultural Credit Bank and Farm Credit Banks, provide financial assistance to agriculture. They are regulated by the Farm Credit Administration.
—The Federal Agricultural Mortgage Corporation, also a Farm Credit System institution under the regulation of the Farm Credit Administration, provides a secondary market for agricultural real estate, rural housing loans, and certain rural utility loans, as well as for farm and business loans guaranteed by the U.S. Department of Agriculture.

How is it that these other GSEs that are also are not on budget are not reported on by Deborah Lucas? Why are her statements being reported at this time and without context?

Source: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/gov.pdf