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Regulator: Fannie, Freddie Needed Tsy Help To Raise Capital
09/25 12:18 PM
WASHINGTON (Dow Jones)--The regulator for Fannie Mae (FNM:$2.68,00$0.94,0054.02%) and Freddie Mac (FRE:$2.94,00$1.05,0055.56%) told lawmakers that the federal government decided to seize control of the mortgage giants after they both reported they wouldn't be able to bolster their capital position without help from the U.S. Treasury.
Federal Housing Finance Agency Director James B. Lockhart painted a stark picture of the pressures mounting on the government-sponsored enterprises in the weeks before the government took them over, arguing that by August the only alternative for the firms would have been to start selling off assets as the housing market was tanking.
"That would have been disastrous for the mortgage markets, as mortgage rates would have continued to move higher and, in turn, disastrous for the enterprises as the prices of their securities would have fallen and credit losses increased, " Lockhart told members of the House Financial Services Committee.
He said that the firms' deteriorating financial position, coupled with the worsening housing and capital market conditions, led him to act jointly with Treasury to seize the firms on Sept. 7.
He said that by August, the firms' borrowing costs were climbing and it became clear the firms wouldn't be able to raise capital in any "meaningful size." Meanwhile, central banks stopped buying their securities, while ratings firms notched down their ratings on all but their senior debt.
These factors "convinced us that the time to act was now," Lockhart told members of the committee.