Dick Bove: Mortgage lending won’t exist without Fannie, Freddie

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 · Q&A with Jim lockhart [mortgage banking] England, Robert Stowe. as Vice President of Equity Research Dick Bove of Rochdale Securities. Fannie and Freddie used to say it.

Bove: Fannie, Freddie Shutdown Would Have ‘Colossal’ Fallout Fixed-rate 20- and 30-year mortgages would all but disappear without Fannie and Freddie, the bank expert says.

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Freddie Mac CEO Layton on Housing, Mortgages Without chatting up Bove, I assured my inquiring friend that I interpreted Bove’s Odeon column thusly. Bove’s entry back into the world of GSE analysis featured his GSE buy recommendation and his veteran observation that any Administration seeing what Bove considers an economy starting to wheeze (see comments above), would want to resurrect Fannie and Freddie-as rumors to that effect.

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The guy quizzed me about a recent Dick Bove column in which Bove suggested giving into Mark Calabria’s opposition to fixed-rate financing could jeopardize the US economy. My buddy was worried that Calabria may back away from things that support the GSEs, i.e. Fannie and Freddie as a consistent source of fixed-rate financing in all US mortgage.

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 · I want to recall that, at the time of the Fannie and Freddie bailouts at the beginning of the summer, Hank Paulson, backed up by a compliant Congressional Budget Office, made the claim that any bailout of Fannie and Freddie was largely symbolic and not likely to cost the taxpayers much, if anything at all. Here’s a blast from the past from the July 22 issue of USA Today: Fannie, Freddie could.

Under most of these plans Fannie and Freddie would still exist, but with a more limited role, perhaps as utility-like mortgage guarantors. That may not be the most profitable outcome for Fannie and Freddie shareholders, but they are far from the only stakeholders in this debate.