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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.  The IRS procedure provides that the ratio may be rounded.  

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)

2019

Fannie Mae

$940.344

60

2019

Freddie Mac

$650.411

40

  

View printable PDF of Deemed-Issuance Ratio

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