| Popis: |
There are differences in how Freddie Mac's and Fannie Mae's accounting regimes account for their mortgage guarantee activity - an important part of their business. This diversity results from the accounting choices provided by the relevant, complex accounting guidance as well as differences in the interpretation of this guidance. Also, the use of trust structures to hold mortgages underlying guaranteed mortgage-backed securities (Fannie Mae uses these trust structures; Freddie Mac does not) creates some accounting diversity. However, differences in the organization and arrangement of the GSEs' guarantee activities, including the use or non-use of a trust structure, does not have any credit effects on investors in these securities that we can determine, and is not a differentiating factor from a rating perspective between the two GSEs. |
