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 December 9, 2025, FHFA announced the deemed-issuance ratio for the 2026 calendar year.
IRS Revenue Procedure 2018-54 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 2026 calendar year is 52 percent Freddie Mac and 48 percent Fannie Mae.
FHFA announces this 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) |
|---|---|---|---|
| 2026 | Fannie Mae | $633.081 | 48 |
| 2026 | Freddie Mac | $682.513 | 52 |
| 2025 | Fannie Mae | $626.616 | 51 |
| 2025 | Freddie Mac | $614.837 | 49 |
| 2024 | Fannie Mae | $1,065.854 | 53 |
| 2024 | Freddie Mac | $957.202 | 47 |
| 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 |