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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Federal National Mortgage Association    FNMA

FEDERAL NATIONAL MORTGAGE ASSOCIATION

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Federal National Mortgage Association : Treasury approves Fannie Mae, Freddie Mac to keep more profits

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09/30/2019 | 11:48pm EST

In a move toward releasing Fannie Mae and Freddie Mac from government control, the Trump administration permitted the housing loan giants on Monday to hold onto more of their profits.

Announced by the U.S.Treasury and the Federal Housing Finance Agency, the modifications to the Preferred Stock Purchase Agreements will permit Fannie May to maintain capital reserves of $25 billion and Freddie Mac to keep $20 billion, substantially more than the $3 billion in profits they were previously allowed to retain.

The modifications to the PSPAs are part of the Treasury Housing Reform Plan that was released Sept. 5 with focus on releasing the two mortgage firms back to the private sector.

"These modifications are an important step toward implementing Treasury's recommended reforms that will define a limited role for the Federal Government in the housing finance system and protect taxpayers against future bailouts," U.S. Treasury Secretary Steven Mnuchin said in a statement.

The companies had been sending profits over the $3-billion mark to the Treasury, which said to compensate for the loss in dividends its liquidation preferences in preferred stock would increase gradually until they hit $22 billion for Fannie Mae and $17 billion for Freddie Mac.

"This letter agreement between Treasury and FHFA, which allows the Enterprises to retain capital of up to $45 billion combined, is an important milestone on the path to reform," FHFA Director Mark Calabria said in a statement. "FHFA commits to working with Treasury in the coming months to amend the share agreements and further advance broader housing finance reform."

Together, the two firms back more than half of the country's mortgages and they were seized by the government following the 2008 financial crisis and received bailouts from the Treasury in the form of purchasing over a hundred of billion in preferred stock with taxpayer founds.

Copyright 2019 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source US Top News

Stocks mentioned in the article
ChangeLast1st jan.
FEDERAL NATIONAL MORTGAGE ASSOCIATION -11.00% 2.67 Delayed Quote.151.89%
FREDDIE MAC -10.85% 2.505 Delayed Quote.165.09%
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Financials (USD)
Sales 2019 20 411 M
EBIT 2019 -
Net income 2019 92,0 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 134x
P/E ratio 2020 17,8x
Capi. / Sales2019 0,75x
Capi. / Sales2020 0,72x
Capitalization 15 323 M
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Mean consensus HOLD
Number of Analysts 4
Average target price 4,58  $
Last Close Price 2,67  $
Spread / Highest target 190%
Spread / Average Target 71,7%
Spread / Lowest Target 12,4%
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Managers
NameTitle
Hugh R. Frater Chief Executive Officer & Director
David C. Benson President
Jonathan Plutzik Chairman
Kimberly H. Johnson Chief Operating Officer & Executive Vice President
Celeste Marie Brown Chief Financial Officer & Executive Vice President