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1、NationalizingMortgageRiskTheGrowthofFannieMaeandFreddieMacPeterJ.WallisonandBertElyTheAEIPressPublisherfortheAmericanEnterpriseInstituteWASHINGTON,D.C.2000AvailableintheUnitedStatesfromtheAEIPress,c/oPublisherResourcesInc.,1224HeilQuakerBlvd.,P.O.Box7001,LaVer
2、gne,TN37086-7001.Toorder,calltollfree1-800-269-6267.DistributedoutsidetheUnitedStatesbyarrangementwithEurospan,3Henri-ettaStreet,LondonWC2E8LUEngland.ISBN0-8447-7146-513579108642q2000bytheAmericanEnterpriseInstituteforPublicPolicyRe-search,Washington,D.C.Allri
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5、ntents1INTRODUCTION12BACKGROUND53MARKETSHARES114GROWTH205THREATTOPRIVATE-SECTORCOMPETITORS246RISKS287CONCLUSION48NOTES51ABOUTTHEAUTHORS53v1IntroductionannieMaeandFreddieMacaretodaythelargestFfinancialinstitutionsintheUnitedStates.Manyeconomicstudies,includingon
6、ebytheCongres-sionalBudgetOffice(CBO),haveconcludedthatthesegovernment-sponsoredenterprises(GSEs)receiveanimplicitgovernmentsubsidyarisingoutofthestatutorybenefitstheyretainedatthetimetheywere‘‘privat-ized’’(Fanniein1970,Freddieinthe1980s).In1996,theCBOestimated
7、thevalueofthatsubsidyat$6.5bil-lionforthepreviousyear,andthesubsidyhasgrownsubstantiallylargersincethen.AccordingtotheCBO,onlyaportionofthatsub-sidyisactuallypassedalongtothemortgagemarkets.1Thebalance,almostathird,isretainedfortheshare-holdersandmanagementsof
8、thetwocompanies,ac-countingformorethan40percentoftheir1995profits(whichrankedthemamongthemostprofitablepubliclyheldcompaniesintheUnitedStates).ThelowerinterestratesthatFannieandFredd
