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FEDERAL NATIONAL MORTGAGE ASSOCIATION

(FNMA)
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Federal National Mortgage Association : ABA-FHFA Calls on Congress for Authority to Examine Third-Party Service Providers

06/18/2021 | 04:28am EDT

In the Federal Housing Finance Agency's annual report to Congress, the agency requested the authority to examine third-party service providers to identify practices that could pose safety and soundness risks to Fannie Mae and Freddie Mac.

'The Enterprises' exposure to non-bank seller/servicers has grown significantly since 2008,' said FHFA Director Mark Calabria. 'Non-banks, which operate outside the federal prudential regulatory system, are expected to service most of the Enterprises' portfolios in 2021. A limited and tailored grant of examination authority should position FHFA to achieve its statutory mandate to ensure the safe and sound operations of the regulated entities as housing finance continues to evolve.'

Calabria also urged lawmakers to grant FHFA chartering authority, which would enable it to charter competitors to Fannie and Freddie, and to amend or remove statutory capital definitions to enable FHFA to simplify its capital rule.

The report also included a comprehensive overview of the steps FHFA has taken to respond to the coronavirus pandemic, the work it has done regarding climate and natural disaster risk and how it is preparing Fannie Mae and Freddie Mac to exit conservatorship.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
FEDERAL HOME LOAN MORTGAGE CORPORATION 0.00% 1.08 Delayed Quote.-53.65%
FEDERAL NATIONAL MORTGAGE ASSOCIATION -0.80% 1.24 Delayed Quote.-47.70%
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Financials (USD)
Sales 2021 26 185 M - -
Net income 2021 27,0 M - -
Net Debt 2021 - - -
P/E ratio 2021 31,0x
Yield 2021 -
Capitalization 7 174 M 7 174 M -
Capi. / Sales 2021 0,27x
Capi. / Sales 2022 0,29x
Nbr of Employees 7 700
Free-Float 62,1%
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Mean consensus HOLD
Number of Analysts 3
Last Close Price 1,24 $
Average target price 1,25 $
Spread / Average Target 0,81%
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Managers and Directors
Hugh R. Frater Chief Executive Officer & Director
David C. Benson President & Chief Financial Officer
Sheila Colleen Bair Chairman
Kimberly H. Johnson Chief Operating Officer & Executive Vice President
Nancy J. Jardini Senior VP, Chief Compliance & Ethics Officer