Fannie Mae produced net income of $4.64 billion, up 26% from the same quarter a year ago, and Freddie Mac earned $4.17 billion, a sharp increase from last year’s $1.36 billion.

SALT LAKE CITY — Bleak news for Fannie Mae and Freddie Mac: Moody’s Investors Service says the government may have to wind down and replace the mortgage loan backers within 18 months.

Creates a new government corporation (FMIC) to regulate the MBS market and provide catastrophic guarantee (for a fee) on MBS that meet product standards, including 5% down payment. Private capital must have 10% first loss position. Gradually wind down Fannie and Freddie.

The Johnson-Crapo bill would wind down Fannie Mae and Freddie Mac over a period of at least five years, replacing the two companies with a system in which private companies could package mortgages into federally insured securities, while private capital would take initial losses.

Moody’s believes that there is an increasing likelihood that a new organization will be created to replace Fannie Mae and Freddie Mac for two reasons.

“Until there is an agreement on what this future system should look like, calls for winding down Fannie Mae and Freddie Mac are premature,” says Cristian deRitis, a Moody’s analyst. with a.

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Fannie Mae and Freddie Mac are two companies that are in the longest conservatorship of my lifetime.In fact, a new law was passed at the precipice of conservatorship that specifically governs.

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PATH contains a comprehensive but ultimately unviable proposal to wind down Fannie Mae and Freddie Mac and privatize the nation’s housing finance system. If fully implemented, the PATH would lead to significantly higher mortgage rates, particularly in tough economic times, and would put 30-year fixed rate mortgage

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Given such sentiment, few would have imagined that during the next six years Fannie Mae and Freddie Mac would continue to provide the vast preponderance of the new single family mortgages being issued.