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In September 2008, the Federal Housing Finance Agency (FHFA) announced that it would take over the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Both government-sponsored enterprises, which finance home mortgages in the United States by issuing bonds, had become illiquid as the market for those bonds collapsed in the subprime mortgage crisis. The FHFA established conservatorships in which each enterprise's management works under the FHFA's direction to reduce losses and to develop a new operating structure that will allow a return to self-management.[1][2]
As of 2022, Fannie Mae and Freddie Mac remain under conservatorship, and after more than repaying their Treasury loans are building capital reserves for an expected eventual exit.[3]
- ^ Lockhart, James B. III (September 7, 2008). "Statement of FHFA Director James B. Lockhart". Federal Housing Finance Agency. Archived from the original on September 12, 2008. Retrieved September 7, 2008.
- ^ "Fact Sheet: Questions and Answers on Conservatorship" (PDF). Federal Housing Finance Agency. September 7, 2008. Archived from the original (PDF) on September 9, 2008. Retrieved September 7, 2008.
- ^ Donald H. Layton (July 25, 2022). "When Will Government Control of Fannie Mae and Freddie Mac End? (Part 2)". NYC Furman Center Blog.
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