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Housing Enterprises: Potential Impacts of Severing Government Sponsorship

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Report Type Reports and Testimonies
Report Date May 13, 1996
Report No. GGD-96-120
Subject
Summary:

The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are government-sponsored enterprises with $1.4 trillion in combined obligations as of the end of 1995. In response to growing concern over the potential risk that these obligations pose to taxpayers and questions about their continued need for government-sponsored status, GAO studied the effects of repealing the charters of Fannie Mae and Freddie Mac, eliminating any federal sponsorship, and allowing them to operate as fully private corporations. This report assesses the effects of privatization on (1) the enterprises; (2) residential mortgage markets in general; and (3) housing finance, homeownership, and housing affordability for low- and moderate-income families and residents of underserved areas. GAO also identifies and discusses other policy options that Congress may want to consider to limit the enterprises' potential risk to taxpayers or increase their social benefits.

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