Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 2005 erstellt
Beschreibung:
Measuring the benefits to consumers from Fannie Mae and Freddie Mac activities has received considerable attention, particularly in recent months. Recently, Federal Reserve Board Chairman Alan Greenspan commented in his U.S. Senate Banking Committee testimony on the Government Sponsored Enterprises that the benefits of Fannie Mae and Freddie Mac as measured by the Jumbo-Conforming mortgage spread was quot;between de minimis and small.quot; The basis for Greenspan's comment is the seemingly small benefit to consumers in terms of the basis point spread (generally, 20 to 30 basis points). First, the estimates of the benefits may be too low if they fail to consider subsidies to commercial banks. Second, the dollar amount of the benefits to consumers ranges from $6.76 billion based on the Passmore et al (2005) study to quite large ($9.25 billion for the Cotterman and Pearce (1996) study. The adjusted Ambrose, LaCour-Little and Sanders (2004) spread generates benefits in the order of $7.89 billion