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

  • January 28, 2015
    Congress Seal.jpg

    Senior House Financial Services Committee member Ed Royce (R-CA), introduced legislation (the Pay Back the Taxpayers Act of 2015) yesterday that would prevent Government-Sponsored Enterprises Fannie Mae and Freddie Mac (the GSEs) from directing funds to the Housing Trust Fund and the Capital Magnet Fund. Royce signaled his intention to introduce the bill while questioning Federal Housing Finance Agency Director Mel Watt at a Financial Services Committee hearing held yesterday.

  • 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.



    Government Sponsored Enterprises (GSEs) - Resources

    • February 27, 2015

      The 2015 NCSHA Congressional Handout is available for download here. This effective tool may be used when speaking to members of Congress, state officials, and business partners alike. Filled with recent statistics and compelling graphics, this informational brochure may be used to share with your constituents the important work that HFAs do and why they do it.