Deemed-Issuance Ratio

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Home / Policy, Programs & Research / Policy / Deemed-Issuance Ratio

Deemed-Issuance Ratio for Internal

Revenue Code (IRC) 817(h)

The Federal Housing Finance Agency (FHFA) announced the first deemed-issuance ratio (for the 2019 calendar year) in accordance with Internal Revenue Service (IRS) guidelines on the trading of the Uniform Mortgage-Backed Security on December 6, 2018. IRS Revenue Procedure 2018-54 calls for FHFA to determine a deemed-issuance ratio for each calendar year based on the ratio of TBA-eligible securities issued by Fannie Mae and Freddie Mac during the 24-month period ending October 31 of the preceding year.

On November 30, 2023, FHFA announced the deemed-issuance ratio for the 2024 calendar year.

The IRS procedure provides that the ratio may be rounded as long as the rounded ratio is further from 50-50 than the actual observed data. Therefore, the deemed-issuance ratio for the 2024 calendar year is 53 percent Fannie Mae and 47 percent Freddie Mac.

FHFA plans to announce the ratio annually at least three weeks prior to the affected calendar year and will update this table accordingly.

Year	Enterprise	TBA-eligible securities issued during 24 months ending on October 31 of previous calendar year (billions)	Deemed-Issuance Ratio (percent)
2024	Fannie Mae	$1,065.854	53
2024	Freddie Mac	$957.202	47
2023	Fannie Mae	$2,171.306	53
2023	Freddie Mac	$1,939.425	47
2022	Fannie Mae	$2,562.654	56
2022	Freddie Mac	$2,134.823	44
2021	Fannie Mae	$1,637.579	60
2021	Freddie Mac	$1,232.936	40
2020	Fannie Mae	$947.251	60
2020	Freddie Mac	$686.309	40
2019	Fannie Mae	$940.344	60
2019	Freddie Mac	$650.411	40

Page updated: 11/30/2023

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