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CRE Industry Lobbies for GSE Plan Passage

WASHINGTON, DC-The Real Estate Roundtable is petitioning Congress to pass Treasury's proposed measure as speedily as possible.

By Erika Morphy | Updated on July 21, 2008

WASHINGTON, DC-Now into a third week of flux and upheaval the GSEs and Treasury Department are making strides in stabilizing the situation. On Monday Fannie Mae revealed it is planning to sell $2 billion of three-month benchmark bills, due Oct. 22, 2008 and $1 billion of six-months bill, which would be due Jan. 21, 2009. On Friday Freddie Mac registered with the Securities and Exchange Commission in order to possibly raise as much as $10 billion in new capital.

Fannie Mae’s last auction was held the Monday after Treasury introduced a plan in which the government would purchase equity stakes in the GSEs and extend loans if necessary. The auction went well, in large part, observers say, because of Treasury’s proposal. “I think it provided the market with some confidence,” Peter Cohan, principal of Peter S. Cohan & Assoc., tells GlobeSt.com.

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