Government-Sponsored Enterprises: The Government's Exposure to Risks

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Report Type	Reports and Testimonies
Report Date	Aug. 15, 1990
Report No.	GGD-90-97
Subject	Farm credit banks Farm income stabilization programs Federal corporations Financial management systems Government guaranteed loans Government sponsored enterprises Interest rates Mortgage programs Student loans Farm Credit System Farm credit

Summary:

Pursuant to a legislative requirement, GAO reviewed the risks undertaken by government-sponsored enterprises (GSE).

GAO found that: (1) GSE have been generally successful in minimizing losses from risks, and there were no risk control problems or financial conditions that would indicate a current threat to the viability of GSE; (2) the government supervises some GSE but not others; (3) certain Farm Credit System (FCS) institutions remain weak; (4) because risk control mechanisms cannot eliminate all risk, the federal government and GSE need to be concerned with protecting against unexpected adverse events; (5) except for short-term rate increases, creditors have treated GSE securities as very safe investments; (6) the government's primary interest is achieving specific public policy purposes, while GSE owners and managers are primarily concerned with maximizing shareholder value; and (7) unless the government oversees GSE risk-taking and capital levels, it has little capability to prevent taxpayer losses that may arise from GSE failure.

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Government-Sponsored Enterprises: The Government's Exposure to Risks