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Federal Authority over Fannie Mae, Freddie Mac, and Depository Institutions
Addresses Federal authority over FNMA (Fannie Mae), the Federal Home Loan Mortgage Corp. (Freddie Mac), and depository institutions, in light of Federal Housing Finance Agency (FHFA) decision to place them in conservatorship; due to turmoil in the housing, mortgage, and financial markets. Details FDIC bank and thrift insolvency process, including appointment of a conservator or receiver over banks and thrifts; FDIC conservatorship or receivership powers; options for resolving bank and thrift insolvencies; FDIC claims process as receiver; and payment of claims and priority of claimants. Examines authority given to FHFA by P.L. 110-289, the Housing and Economic Recovery Act of 2008; including process initiation; when conservatorship and receivership are selected, and distinctions between the two; when judicial review is available, priorities for claims against a receivership, and authority for repudiating claims.
Record is based on bibliographic data in ProQuest U.S. Congressional Research Digital Collection (last viewed Dec. 2010). Reuse except for individual research requires license from ProQuest, LLC.
Library of Congress. Congressional Research Service.