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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 27, 2019, FHFA announced ​the deemed-issuance ratio for the 2020 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 2020 calendar year is 60% Fannie Mae and 40% 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.




TBA-eligible securities issued  during 24 months

ending on October 31 of previous calendar year


Deemed-Issuance Ratio (percent)


​Fannie Mae




​Freddie Mac




Fannie Mae




Freddie Mac



View printable PDF of Deemed-Issuance Ratio​​

Page updated: 11/27/2019

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