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

  • April 11, 2014

    On April 10, the House passed by a vote of 219 to 205 its FY 2015 Budget Resolution, H. Con. Res. 96. House Budget Committee Chairman Paul Ryan (R-WI) released his FY 2015 budget plan, The Path to Prosperity: FY 2015 Budget Resolution, on April 1 and the House Budget Committee reported the budget resolution on April 2. Senate Budget Committee Chairman Patty Murray (D-WA) has stated she will not introduce a budget resolution in the Senate this year.

  • April 4, 2014

    On March 27, Moody’s Investors Service released a Sector Comment analyzing how state HFA programs would be impacted under draft housing finance reform legislation recently introduced by Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID). In its analysis, Moody’s concludes that the Johnson-Crapo draft contains several provisions favorable to HFAs and that, if enacted, the Johnson-Crapo draft would overall represent a credit positive for the agencies.


    • August 2, 2012
      tennesee hi-res.jpg

      The funding comes by way of the AG’s office from the National Mortgage Settlement. It was given to the Tennessee Housing Development Agency to administer. THDA officials say the application process will be similar to that of the Hardest Hit Fund, which helps homeowners on the brink of foreclosure.

    • April 30, 2010
      Ohio HFA.gif

      The Ohio Housing Finance Agency (OHFA) recently issued $5.6 million of tax exempt bonds on behalf of New Hampshire House Associates, LLC. The proceeds of the bonds will be used to finance the acquisition and rehabilitation of a multifamily residential rental facility in Warren, Ohio.


      • 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