Search
- Blog Post
In September 2008, the federal government took control of Fannie Mae and Freddie Mac—two government sponsored enterprises (GSEs) that provide credit guarantees on more than half of the outstanding residential mortgages in the United States. Although they are not legally federal agencies, the government operates them to fulfill the public purpose of supporting the housing and mortgage markets. Therefore, CBO believes that it is appropriate to include the GSEs’ financial transactions in the federal budget.
- Report
CBO estimated the budgetary impact of the activities of Fannie Mae and Freddie Mac using the methodology specified in the Federal Credit Reform Act of 1990.
- Blog Post
Over the past several years, the nation has experienced its most severe financial crisis since the Great Depression of the 1930s. To stabilize financial markets and institutions, the Federal Reserve System used its traditional policy tools to reduce short-term interest rates and increase the availability of funds to banks, and created a variety of nontraditional credit programs to help restore liquidity and confidence to the financial sector. In doing so, it more than doubled the size of its asset portfolio to over $2 trillion and assumed more risk of losses than it normally takes on.
- Report
The Budgetary Impact and Subsidy Costs of the Federal Reserve's Actions During the Financial Crisis
- Report
Testimony before the Subcommittee on Military Personnel, Committee on Armed Services, U.S. House of Representatives
- Report
Testimony prepared for the Joint Economic Committee, U.S. Congress
- Blog Post
I testified this morning before the Joint Economic Committee about policies to increase economic growth and employment in 2010 and 2011. This hearing was originally scheduled for several weeks ago but then canceled because of the snow. My prepared remarks today were essentially the same as those released a few weeks ago and were based on CBOs January report on this topic and a follow-up letter to Senator Casey. My comments emphasized three points:
- Report
This background paper describes CBO’s budgetary treatment of Fannie Mae and Freddie Mac and the methods CBO used to estimate their costs.