Fannie Freddie Market Valuation and Balance Sheet
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8/14/2019 Fannie Freddie Market Valuation and Balance Sheet
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145
SUMMARY TABLES
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148 SUMMARY TABLES
Ta
bleS2.EectoBudge
tProposalsonProjected
DecitsContinued
(Decitincreases(+)ordecreases()inbillionsodollars)
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Totals
2011
2015
2011
2020
Memorandum,proposedchangesinappropriated
(discretionary)budgetary
resources:
Overseascontingencyopera
tions
33
28
84
86
88
90
93
95
98
101
10
3
320
810
Security(exceptOCO)
8
16
27
30
33
37
38
39
39
40
4
1
144
341
Non-security
14
19
31
29
27
32
34
34
32
2
5
120
278
Total,appropriatedun
ding
41
30
75
86
85
80
87
91
93
93
8
7
296
747
Memorandum,decitreductionexclusiveoOCO
proposalsandrelateddebts
ervice
117
84
65
136
140
135
131
153
173
192
20
8
391
1,249
Note:FiguresdisplayedinthetabledonotrefecttheimpactoanyrecommendationsromtheFiscalCommission
*$500millionorless
1SeetablesS3andS7or
inormationonthebaselineprojectiono
currentpolicy
2AllowanceorpendinghealthreormlegislationSeeTableS8oru
rtherdetail
3Acomprehensivemarket-b
asedclimatechangepolicywillbedecitneutralbecauseproceedsromemissionsallowanceswillbeusedtocompensatevulnerableamilies,
communities,andbusinessesduringthetransitiontoacleanenergyeconomyReceiptswillalsobereservedorinvestmentstoreducegreenhousega
semissions,
includingsupportoclean
energytechnologies,andinadaptingtotheimpactsoclimatechange,bothdomesticallyandindevelopingcountries
4Includesreundabletaxcredits
5Includestheeectsocontinuingcertainexpiringprovisionsthroughcalendaryear2011
6Includeslimitingitemized
deductions,tradeinitiatives,andotherta
xinitiativesonTableS8
7IncludesPAYGOimpacto
changesinmandatoryprogramsincluded
inappropriationslanguage
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150 SUMMARY TABLES
Tab
leS3.BaselineProject
ionoCurrentPolicyby
Category1Continued
(Inbillionsodollars)
2009
2010
20
11
2012
2013
2014
2015
2016
2017
2018
2019
2020
Totals
201
12015
20112020
Memorandum,unding(budgetaryresources)or
appropriatedprograms:
Security
824
814
834
854
874
895
917
939
963
988
1,013
1,040
4,374
9,318
Non-security
689
447
456
465
477
488
499
511
523
536
549
563
2,385
5,067
Total,appropriatedun
ding
1,513
1,2601
,290
1,319
1,351
1,383
1,4161,450
1,486
1,524
1,562
1,602
6,760
14,385
*$500millionorless
1SeeTableS7orinormationonadjustmentstotheBudgetEnorcementAct(BEA)baseline
2OutlaysorTARPin2011
andsubsequentyearsresultromobligationsortheHomeAordableModication
Program,andotherestimatedTARPobligationsincurred
throughOctober3,2010
3T
heseamountsrepresentaplaceholderormajordisastersrequirin
gFederalassistanceorrelieandreconstructionSuchassistancemightbeprovidedintheormo
discretionaryormandatoryoutlaysortaxrelieTheseamountsareincludedasoutlaysorconvenience
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152 SUMMARY TABLES
TableS4.Propo
sedBudgetbyCategory
Continued
(Inbillionsodollars)
2009
20102
011
2012
2013
2014
20152
016
2017
2018
2019
2020
Totals
20
11201520112020
On-budgetdecit
1,550
1,634
1,363
949
863
852
910
952
952
959
1,075
1,153
4,937
10,028
O-budgetsurplus()
137
78
96
120
136
146
158
175
174
174
167
151
656
1,496
Primarydecit
1,226
1,368
1,016
486
291
196
181
151
97
52
123
163
2,170
2,755
Netinterest
187
188
251
343
436
510
571
627
681
733
786
840
2,110
5,777
Memorandum,unding(budg
etaryresources)or
appropriatedprograms:
Security
824
855
879
798
819
840
864
885
906
929
953
978
4,198
8,849
Non-security
689
447
441
446
446
459
472
479
489
502
517
538
2,265
4,789
Total,appropriatedun
ding
1,513
1,302
1,320
1,244
1,265
1,299
1,336
1,363
1,395
1,431
1,470
1,515
6,464
13,638
Note:FiguresdisplayedinthetabledonotrefecttheimpactoanyrecommendationsromtheFiscalCommission
*$500millionorless
1OutlaysorTARPin2011
andsubsequentyearsresultromobligationsortheHomeAordableModication
Programs,andotherestimatedTARPob
ligationsincurred
throughOctober3,2010
2Refectson-budgeteectsonlySeeTableS8orurtherdetail
3T
heseamountsrepresentaplaceholderormajordisastersrequirin
gFederalassistanceorrelieandreconstructionSuchassistancemightbeprovidedintheormo
discretionaryormandatoryoutlaysortaxrelieTheseamountsareincludedasoutlaysorconvenience
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THE BUDGET FOR FISCAL YEAR 2011 153
PolicyOutlay
sbyCategory
OtherMand
atory
Programs
and
DisasterC
osts
NetInterest
SecurityDiscretionary
Non-Security
Discretionary
SocialSecurity
Med
icare
Medicaid
Polic
yRevenuesby
Source
Borrowingand
OtherNet
Financing
Social
Security
P
ayrollTaxes
ExciseTaxes
Corporation
IncomeTax
es
Unemployment
Insurance
Medicare
Payroll
Taxes
Individual
IncomeTaxes
OtherReceipts
2011
2011
2015
2015 B
orrowing
andOtherNet
Fin
ancing
Social
Security
P
ayrollTaxes
ExciseTaxes
Corporation
IncomeTaxes
Unemployment
Insurance
MedicarePayroll
Taxes
Indiv
idual
IncomeTaxes
OtherReceipts
SecurityDiscretio
nary
Non-Security
Discretionary S
ocial
Security
Medicar
e
Medicaid
NetInterest O
therMand
atory
Programs
and
DisasterC
osts
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THE BUDGET FOR FISCAL YEAR 2011 155
Tab
leS5.ProposedBudge
tbyCategoryasaPercentoGDPContinued
(AsapercentoGDP)
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Averages
2011
2015
2011-
2020
On-budgetdecit
109
112
89
59
50
47
47
47
45
43
47
48
58
52
O-budgetsurplus()
10
05
06
07
08
08
08
09
08
08
07
06
08
08
Primarydecit
86
94
66
30
17
11
09
07
05
02
05
07
27
16
Netinterest
13
13
16
21
25
28
30
31
32
33
34
35
24
29
Memorandum,unding(budg
etaryresources)or
appropriatedprograms:
Security
58
58
57
49
48
46
45
44
43
42
41
41
49
46
Non-security
48
31
29
28
26
25
25
24
23
23
22
22
26
25
Subtotal,appropriated
programs
106
89
86
77
74
71
70
68
66
65
64
63
76
70
Note:FiguresdisplayedinthetabledonotrefecttheimpactoanyrecommendationsromtheFiscalCommission
*005percentoGDPorles
s
1OutlaysorTARPin2011andsubsequentyearsresultromobligati
onsortheHomeAordableModication
Program,andotherestimatedTARPobligationsincurred
throughOctober3,2010
2Refectson-budgeteectso
nlySeeTableS8orurtherdetail
3Theseamountsrepresenta
placeholderormajordisastersrequiringFederalassistanceorrelieandreconstructionSuchassistancemightbeprovide
dintheormo
discretionaryormandatoryoutlaysortaxrelieTheseamountsareincludedasoutlaysorconvenience
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THE BUDGET FOR FISCAL YEAR 2011 157
TableS6.ProposedBudgetbyCategory
AdjustedorInfationandPopulationGrowthContinued
(Inbillionsodollars,basedon2011pricesandpopulation)
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
On-budgetdecit
1,363
922
815
781
810
823
798
7
79
848
883
O-budgetsurplus()
96
117
128
134
141
151
146
1
41
131
115
Primarydecit
1,016
472
275
179
161
130
81
42
97
125
Netinterest
251
333
411
467
508
542
571
5
96
620
643
Memorandum,unding(budg
etaryresources)orappropriatedprograms:
Security
879
775
773
769
769
764
760
7
55
751
749
Non-security
441
434
421
421
420
414
410
4
08
408
412
Subtotal,appropriated
programs
1,320
1,209
1,194
1,190
1,189
1,178
1,169
1,1
63
1,159
1,160
Note:FiguresdisplayedinthetabledonotrefecttheimpactoanyrecommendationsromtheFiscalCommission
*$500millionorless
1OutlaysorTARPin2011
andsubsequentyearsresultromobligationsortheHomeAordableModication
Program,andotherestimatedTARPobligationsincurred
throughOctober3,2010
2Refectson-budgeteectsonlySeeTableS8orurtherdetail
3T
heseamountsrepresentaplaceholderormajordisastersrequirin
gFederalassistanceorrelieandreconstructionSuchassistancemightbeprovid
edintheormo
discretionaryormandatoryoutlaysortaxrelieTheseamountsareincludedasoutlaysorconvenience
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158 SUMMARY TABLES
TableS7.BridgeFromBudgetEnorcementAct
BaselinetoBas
elineProjectionoCurre
ntPolicy
(Decitincreases(+)ordecreases()inbillionsodollars)
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Totals
2011
2015
2011
2020
BEAbaselinedecit...................................................
1,413
1,404
912
613
561
495
492
469
445
421
507
557
3,073
5,472
Adjustmentstorefectcurr
entpolicies:
Indextoinfationthe2009parametersotheAMT
13
64
32
38
45
53
62
72
84
97
110
233
659
Continuethe2001and2003taxcuts1
5
135
237
266
295
318
335
352
369
386
403
1,251
3,097
PreventreductioninMedicar
ephysicianpayments
7
22
27
32
34
35
38
40
43
48
53
150
371
Correctbaselinegrowthrat
esorpayincreases
2
3
3
3
3
3
3
4
4
4
14
32
Subtotal
25
219
294
333
371
403
432
461
492
527
562
1,620
4,095
Adjustmenttorefectcosts
opossible
emergencies2...........................................................
1
3
4
4
4
5
5
5
5
5
5
21
46
AdjustmentstoPellGrants
:
Refectcostoundingexist
ingmaximumgrant
award
9
12
12
12
12
12
12
12
12
13
56
118
RemovePellGrantsromappropriatedcategory
19
27
27
29
30
30
31
31
32
32
32
33
147
307
AddPellGrantstomandatorycategory
19
27
27
29
30
30
31
31
32
32
32
33
147
307
Subtotal
9
12
12
12
12
12
12
12
12
13
56
118
Totalprogramadjustments
26
231
310
349
387
420
449
478
510
545
580
1,697
4,259
Debtserviceonadjustments
*
2
11
31
51
71
94
118
146
175
209
167
909
Totaladjustments
26
233
321
379
438
491
543
597
655
720
789
1,863
5,167
Baselineprojectionocurrentpolicydecit.......
1,413
1,430
1,145
934
940
934
983
1,013
1,042
1,077
1,227
1,346
4,936
10,640
*$500millionorless
1Incontinuingthe2001and
2003taxcuts,theestatetaxismaintainedatits2009parameters
2Theseamountsrepresenta
placeholderormajordisastersrequiringFederalassistanceorrelieandreconstructionSuchassistancemightbeprovidedintheormo
discretionaryormandatoryoutlaysortaxrelieTheseamountsareincludedasoutlaysorconvenience
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THE BUDGET FOR FISCAL YEAR 2011 171
S8.MandatoryandReceiptProposalsContinued
(Decitincreases(+)ordecreases(-)inmillionsodollars)
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2011
2015
2011
2020
RestructureassistancetoNY
C:Providetax
incentivesortransportationinrastructure
200
200
200
200
200
200
200
200
200
200
1,000
2,000
Implementprogramintegrity
allocation
adjustmentsIRS
385
1,164
2,355
3,955
6,015
7,987
9,238
9,93110,37810,809
13,874
62,217
Totalreceipteectsomandatoryproposals
12,038
7,486
10,08739,23658,30180,685
96,475106,056115,799125,393136,279
180,823
760,825
3AllowancerefectstheaveragebudgetimpactsotheHouse-andSena
te-passedhealthcarereormbills,extrapolatedto2020andadjustedtoremovethe
eectsoour
provisionsalreadyincluded
explicitlyas2011BudgetproposalsThe
ouradjustmentsareorproposalstoreq
uireinormationreportingonpaymentst
ocorporations,
codiytheeconomicsubstan
cedoctrine,modiycellulosicbiouelprod
ucercredit,andextendFMAPrelietoSt
ates
4Acomprehensivemarket-basedclimatechangepolicywillbedecitne
utralbecauseproceedsromemissionsallowanceswillbeusedtocompensatevuln
erableamilies,
communities,andbusinessesduringthetransitiontoacleanenergy
economyReceiptswillalsobereservedorinvestmentstoreducegreenhousegasemissions,including
supportocleanenergytechnologies,andinadaptingtotheimpacts
oclimatechange,bothdomesticallyandindevelopingcountries
5Receipteectsunlessotherw
isenoted
6TheAdministrationcontinue
stosupportexpandingreundabilityoth
echildtaxcreditbyloweringthereundabilitythresholdto$3,000,aswellastheexpansionothe
earnedincometaxcreditormarriedcouplesbyincreasingthephase
-outthresholdby$5,000comparedtooth
erlersThesepoliciesareincorporatedinthebaseline
projectionocurrentpolicy
7ThisprovisionisestimatedtohavezeroreceipteectsundertheAdministrationscurrentprojectionsorenergyprices
8Outlayeectsunlessotherwisenoted
9Netoincomeosets
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172 SUMMARY TABLES
TableS9.BridgeBetweenTotalMandatoryand
ReceiptProp
osalsandPAYGOScorek
eeping
Decitincreases(+)ordecreases()inmillionsodolla
rs
Total1
2011-2020
totalmandatoryandreceiptproposals,Ta
bleS8
1,149,100
Plus2
010eects:PAYGOincludesalookback
provisiontocapturecurrent-yearcosts
114,309
20102020
totalmandatoryandreceiptproposa
lsandclimatepolicies,TableS8.........................................
1,034,79
1
Adjustmentstoremovecostsorsavingsornon-PAYGOitemsonS8:
Temporaryrecoverymeasures
266,351
Savin
gsromnotextendingupper-incometaxcuts
694,931
Programintegrityandothersavingsgenerated
byincreaseddiscretionaryunding
135,838
Other
non-PAYGOitems
3,847
To
tal,adjustmentsornon-PAYGOitem
s.....................................................................................................
561,26
1
TOTAL:N
etscoreablePAYGOsavingsinAdministrationsbudget...................................................................
473,53
0
Note:Figuresdisplayedinthetabledonotrefect
theimpactoanyrecommendationsrom
theFiscalCommission
1Totalsr
epresent2010-2020unlessotherwisestated
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176 SUMMARY TABLES
TableS
12.MarketValuationandBalanceSheetoFan
nieMaeandFreddieMac
(Inbillionsodollars)
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
20192020
Totals
2011-
2015
2011-
2020
TransactionsbetweenTrea
suryand
FannieMae/FreddieMac
:
SeniorPreerredLiquidityPaymentstoFannie
Mae/FreddieMac
96
69
23
23
23
SeniorPreerredDividendPaymentsromFannie
Mae/FreddieMac
4
12
18
7
7
7
7
7
7
7
7
7
44
78
NetPayments
91
57
5
7
7
7
7
7
7
7
7
7
21
55
MarketValuationoFannieMaeandFreddie
Mac:
MarketValueoNetLiability
18
18
ValueoPrivateEquitySha
res
3
3
NetPositionoFannieMae
andFreddieMac:
Assets:
USTreasurySecuritie
s
12
OtherFinancialAssets
1,524
1,579
Cash
115
110
Other
63
54
Liabilities:
DebtOutstanding
1,615
1,607
OtherFinancialLiabilities
90
155
Equity:
TreasurySeniorPreerredStock
96
PrivateEquity
4
101
NetPosition
4
5
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THE BUDGET FOR FISCAL YEAR 2011 177
TableS13.EconomicAssumptio
ns
(Calendaryears)
2008
Actual
Pr
ojections
2009
2
010
2011
2012
2013
201
4
2015
2016
2017
2018
2019
2020
GrossDomesticProduct(G
DP):
Nominallevel,billionsodo
llars
14,441
14,252
14,768
15,514
16,444
17,433
18,446
19,433
20,408
21,373
22,32
9
23,312
24,323
Percentchange,nominalGDP,year/year
26
13
36
51
60
60
58
53
50
47
45
44
43
RealGDP,percentchange,
year/year
04
25
27
38
43
42
40
36
32
28
26
25
25
RealGDP,percentchange,
Q4/Q4
19
05
30
43
43
42
39
34
31
27
26
25
25
GDPchainedpriceindex,percentchange,
year/year
21
12
09
12
16
17
17
17
18
18
18
18
18
ConsumerPriceIndex1,percentchange,
year/year.........................................................
38
03
19
15
20
20
20
20
20
21
21
21
21
Unemploymentrate,civilia
n,percent2........
58
93
100
92
82
73
65
59
55
53
52
52
52
Interestrates,percent:
91-dayTreasurybills3
14
02
04
16
30
40
41
41
41
41
41
41
41
10-yearTreasurynotes
37
33
39
45
50
52
53
53
53
53
53
53
53
Note:Amoredetailedtable
oeconomicassumptionsisinChapter2,EconomicAssumptions,intheAnalyticalPerspectivesvolumeotheBudget,Table21
1SeasonallyadjustedCPI
orallurbanconsumers
2Annualaverage
3Averagerate,secondarymarket(bankdiscountbasis)
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