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 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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