Number: RS21263
Title: Fannie Mae, Freddie Mac and SEC Registration and Disclosures
Authors: Mark Jickling and Barbara Miles, Government and Finance Division 
Abstract: On July 12, 2002, Fannie Mae and Freddie Mac jointly announced that they would voluntarily register their common stock and begin filing financial reports with the SEC. Both companies would retain the exemption regarding their mortgage-backed securities, however. Ending the exemption would have the effect of requiring, as a matter of law, greater disclosure for securities issued by the government-sponsored enterprises (GSEs), and would remove one advantage that the GSEs have over their mortgage market competitors. A staff report published in January 2003 by three federal regulators found that additional disclosures by the GSEs would be useful to, and not disruptive of, the mortgage-backed securities market. The GSEs subsequently announced that they would provide more information voluntarily.
Pages: 6
Date: Updated July 11, 2003