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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.
Page updated: 11/30/2022
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