Theres no passing the buck. They now own this problem and so they have a very strong incentive to get it right, Howard said. View photos Fannie and Freddie are one of the legacy issues from the financial crisis. The Treasury placed Fannie and Freddie into conservatorship in early September 2008 amid concerns about their capital. At the time, though, the GSEs met their statutory capital requirements, but then-Treasury Secretary Hank Paulson called those capital requirements thin and poorly defined as compared to other institutions. Over the next few years, Fannie and Freddie incurred large credit-related losses. But by 2012, home prices had bottomed out, and Fannie and Freddie began to make money again. In August 2012, the Treasury amended the terms of its senior preferred stock agreement , requiring the GSEs to pay thenet-worth sweep. Its been eight years and Fannie and Freddie still operate in a state of conservatorship. Theyve repaid the billions in bailouts theyve received and theyve returned to profitability, making billions in profits all of which goes directly to the Treasury as a way to reduce the http://www.marketwatch.com/story/13-top-us-microlenders-for-your-small-business-2017-01-05 deficit. They work Meanwhile, mortgage reform has dragged on for the last eight years.
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