Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (FHLBs) are government-sponsored enterprises (GSEs) that help bring capital to the housing markets. Their regulator is the Federal Housing Finance Agency (FHFA).


HFAs and the Housing GSEs
Fannie Mae and Freddie Mac purchase and securitize loans from HFAs and other lenders who then use the proceeds to finance more mortgages. The FHLBs provide advances and other financial products to support their members’ affordable housing activities. The GSEs are critical in providing liquidity, stability and affordability to the mortgage market, particularly for long-term, fixed-rate mortgages. Until recent years, Fannie Mae and Freddie Mac were large purchasers of Housing Bonds and Housing Credits.

GSE Reform

Recently, Congress has begun to consider comprehensive reform legislation, particularly Fannie Mae and Freddie Mac. NCSHA supports a strong, healthy GSE system in order to ensure stability, liquidity, and affordability in the home mortgage market. NCSHA's position paper on GSE reform calls for a for a system with an explicit goverment guarantee, robust affordable housing goals, and a clear commitment to partnering with HFAs.

Useful Links: Federal Housing Finance Agency, Fannie Mae, Freddie Mac, U.S. Federal Home Loan Bank System

NCSHA Blog Posts

  • August 29, 2014

    On August 29, the Federal Housing Finance Agency (FHFA) published proposed affordable housing goals for Fannie Mae and Freddie Mac for 2015-2017. The current annual affordable housing goals, required under the Housing and Economic Recovery Act of 2008, are effective through the end of 2014.

  • August 26, 2014
    BPC Logo.JPG

    The Bipartisan Policy Center hosted a regional housing forum in Idaho on August 21, 2014, featuring discussions on housing finance reform, the Housing Credit, the Federal Housing Administration (FHA), and rural housing.



    • April 29, 2011

      Get into the swing of spring with an energetic exchange of ideas and knowledge with your HFA peers from across the country at our annual Virtual Spring Training. Spring Training is open to HFAs only.

      Government Sponsored Enterprises (GSEs) - Resources