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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 : Structured Finance Association Asks Treasury To Go Slow On Fannie And Freddie Privatization

11/26/2020 | 09:13am EST

The Structured Finance Association ("SFA") urged the Treasury Department "to avoid the potentially destructive effects" of pushing Fannie Mae and Freddie Mac (the government-sponsored enterprises or the "GSEs") out from under conservatorship prematurely.

In a letter "on behalf of the 370 institutional members of the Structured Finance Association" to Treasury Secretary Steven Mnuchin, the SFA reaffirmed its support for releasing the GSEs from conservatorship. However, the SFA cautioned against a "hastily thrown together exit" from conservatorship based on the political calendar, preferring a timeline that takes "responsible, incremental steps." The SFA stated that its analysis of Treasury's plan for privatizing the GSEs was that it "could take years" to implement.

The SFA offered additional considerations before taking final action. These include assessing:

<ul
  • the degree and type of government support that equity investors should price-in for mortgage-backed securities ("MBS") and GSE debt;
  • the effects of privatization on the capital of banks that are major holders of GSE securities; and
  • the ratings of MBS issued by the GSEs as compared to the ratings of U.S. sovereign debt.
  • The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

    Mr Cadwalader, Wickersham & Taft LLP
    Cadwalader, Wickersham & Taft LLP
    200 Liberty Street
    New York
    NY 10281
    UNITED STATES
    Tel: 2125046000
    Fax: 2125046666
    E-mail: cwtinfo@cwt.com
    URL: www.cadwalader.com

    © Mondaq Ltd, 2020 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

    Stocks mentioned in the article
    ChangeLast1st jan.
    FEDERAL NATIONAL MORTGAGE ASSOCIATION -7.88% 1.87 Delayed Quote.-21.76%
    FREDDIE MAC -7.61% 1.82 Delayed Quote.-21.89%
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    Financials (USD)
    Sales 2020 22 044 M - -
    Net income 2020 -15,0 M - -
    Net Debt 2020 - - -
    P/E ratio 2020 2,20x
    Yield 2020 -
    Capitalization 10 732 M 10 732 M -
    Capi. / Sales 2020 0,49x
    Capi. / Sales 2021 0,49x
    Nbr of Employees 7 500
    Free-Float 62,1%
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    Technical analysis trends FEDERAL NATIONAL MORTGAGE ASSOCIATION
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    TrendsBearishNeutralNeutral
    Income Statement Evolution
    Consensus
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    Mean consensus HOLD
    Number of Analysts 5
    Average target price 2,25 $
    Last Close Price 1,87 $
    Spread / Highest target 167%
    Spread / Average Target 20,5%
    Spread / Lowest Target -100%
    EPS Revisions
    Managers and Directors
    NameTitle
    Hugh R. Frater Chief Executive Officer & Director
    David C. Benson President
    Sheila Colleen Bair Chairman
    Kimberly H. Johnson Chief Operating Officer & Executive Vice President
    Celeste Marie Brown Chief Financial Officer & Executive Vice President