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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 29, 2021, FHFA announced ​the deemed-issuance ratio for the 2022 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 2022 calendar year is 56% Fannie Mae and 44% 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)

​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: 11/30/2022​​

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