Government-sponsored Enterprises: Hearing Before the Subcommittee on Oversight of the Committee on Ways and Means, House of Representatives, One Hundred First Congress, First Session, September 28, 1989U.S. Government Printing Office, 1990 |
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AAA rating agricultural BASHAM billion borrowing budget capital adequacy capital levels capital standards Chairman PICKLE Committee CONG CONGRES LIBRARY CONGRESS LIBRARY CONGRESS THE LIBRARY Connie Lee corporations credit rating agencies credit risk currently debt entities establishing risk-based capital Fannie Mae Farm Credit Administration farm credit system Farmer Mac Federal Government Federal Home Loan financial safety FIRREA FOGEL Freddie Mac GLAUBER Government-sponsored enterprises GRADISON GSE risk-taking GSE's guaranteed guarantors home loan banks interest rate risk investors J.J. PICKLE legislation lending leverage LIBRARY OF CONGRE LIBRARY OF CONGRESS Mac's Mae and Freddie Mae's McGRATH monitor mortgages oversee percent portfolio lenders private market private sector problem regulator regulatory RESS THE LIBRARY result risk-taking and capital safety and soundness Sallie Mae savings and loan Secretary securities shareholders specific statement student loans SUBCOMMITTEE ON OVERSIGHT subsidy supervision taxpayer Thank Treasury recommends U.S. General Accounting
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42. lappuse - GSE's the funds needed to take these unusual risks if they expect to be protected from loss by Federal assistance. The farm credit and thrift crises vividly demonstrate the effects of inadequate Federal oversight of the risk-taking and capital of financial institutions. The Government did not have adequate monitoring capability or any capital rules in place to learn about the farm credit crisis in time to prevent it from becoming serious.
13. lappuse - BEFORE THE SUBCOMMITTEE ON OVERSIGHT OF THE HOUSE COMMITTEE ON WAYS AND MEANS Mr.
39. lappuse - Farm Credit Banks Banks for Cooperatives Federal Home Loan Banks Federal National Mortgage Association (Fannie Mae) Federal Home Loan Mortgage Corporation (Freddie Mac) Student Loan Marketing Association (Sallie Mae) College Construction Loan Insurance Association (Connie Lee) Federal Agricultural Mortgage Corporation (Farmer Mac) 1986...
42. lappuse - Mae in the 1980s. Thus, caution dictates that the government not wait for a crisis before protecting its interests. By strengthening oversight and establishing risk-based capital rules in the current favorable environment, the potential for future financial crises can be reduced.
8. lappuse - ... by the Federal Government to perform specific credit functions, but are now, with one exception, entirely privately owned. GSEs generally serve as financial intermediaries to facilitate the flow of credit to private borrowers in three major areas: (1) agriculture, (2) housing, and (3) postsecondary education.
2. lappuse - Committee on Ways and Means, US House of Representatives, announced today that the Subcommittee will conduct a hearing to review the utilization of pension plan assets in leveraged buyouts and related transactions.
42. lappuse - The government did not have adequate monitoring capability or capital rules in place to learn about the Farm Credit crisis in time to prevent it from becoming serious. For thrifts, capital regulations were largely unenforced, and oversight and supervision were weak. As a result, the crisis reached unprecedented proportions. After each financial crisis, legislation reformed and strengthened the supervisory role of the financial regulators, making them more independent and giving them responsibilities...
37. lappuse - ... system of monitoring, some reasonable capital rules, and appropriate enforcement authorities are needed for Fannie Mae, Freddie Mac, and Sallie Mae. In general, this system needs to assure that the federal government obtains timely information on the risks undertaken by certain GSEs as well as proper oversight, including congressional oversight. This oversight should be designed to keep emerging problems from imposing losses on taxpayers and develop appropriate responses quickly so that major...
40. lappuse - ... absorb, for a period of at least 7 years, the effects of housing defaults comparable to those experienced during the Great Depression. Currently, Freddie Mac says it holds sufficient capital to withstand such losses for 10.5 years. -- Sallie Mae's financial performance has been consistently profitable. Because student loans are guaranteed by state agencies and the federal government, it has experienced minimal credit losses. Its policy is to minimize losses from changes in interest rates by borrowing...
23. lappuse - Thank you, Mr. Chairman. First of all. Mr. Chairman. I would like to thank the witnesses for coming down here and giviner up what turned out.