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Fannie Mae, Freddie Mac liquidity may not be enough, warns FHFA director – FT

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Fannie Mae, Freddie Mac liquidity may not be enough, warns FHFA director – FT

Federal Housing Finance Agency Director Mark Calabria said that the government-sponsored entities Fannie Mae and Freddie Mac have enough resources to last through a three-month lockdown but would need funds from Congress or the Federal Reserve if the economic shutdown continues beyond that, Financial Times reported on April 3, citing an interview.

According to Calabria, as of April 1, about 300,000 borrowers have asked for forbearance on loans backed by Fannie Mae and Freddie Mac, and he said that number was likely to rise in the upcoming weeks.

Calabria warned that the system may not have sufficient liquidity and that the potential stress in the mortgage market could be comparable to what happened during the Great Recession, according to the FT report.