Office of Thrift Supervision
Press Releases
September 7, 2008
OTS 08-040 - Federal Banking Agency Statement on GSE Exposure
Joint Release
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
For Release at 11 a.m.
September 7, 2008
WASHINGTON — The federal banking agencies have been assessing the exposures of banks and thrifts to Fannie Mae and Freddie Mac. The agencies believe that, while many institutions hold common or preferred shares of these two government-sponsored enterprises, a limited number of smaller institutions have holdings that are significant compared to their capital.
The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision are prepared to work with these institutions to develop capital-restoration plans pursuant to the capital regulations and the prompt corrective action provisions of the Federal Deposit Insurance Corporation Improvement Act.
All institutions are reminded that investments in preferred stock and common stock with readily determinable fair value should be reported as available-for-sale equity security holdings, and that any net unrealized losses on these securities are deducted from regulatory capital.
Media Contacts:
Federal Reserve Susan Stawick (202) 452-2955
FDIC Andrew Gray (202) 898-7192
OCC Kevin Mukri (202) 874-5770
OTS William Ruberry (202) 906-6677
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