Housing Finance
- Report
Estimates of the Cost of Federal Credit Programs in 2023
CBO estimates the costs of federal credit programs in 2023 in two ways—following procedures prescribed by the Federal Credit Reform Act (FCRA) and using a fair-value approach, which measures the market value of the government’s obligations.
- Report
Report on the Troubled Asset Relief Program—May 2022
Lawmakers created the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. The TARP’s net cost will be $31 billion, CBO estimates—about what it reported in July 2021 and slightly less than OMB’s latest estimate.
- Presentation
How CBO Estimates the Market Risk of Federal Credit Programs
Presentation by Michael Falkenheim and Wendy Kiska, analysts in CBO’s Financial Analysis Division, to the Federal Credit Policy Council.
- Working Paper
A Model for Pricing Federal Housing Finance Obligations: Working Paper 2022-06
This paper presents a risk-neutral approach that CBO uses to inform its estimates of the fair-value cost of mortgage obligations.
- Report
Ginnie Mae and the Securitization of Federally Guaranteed Mortgages
CBO describes the securitization programs of the Government National Mortgage Association (Ginnie Mae) and compares its baseline budget projections for Ginnie Mae with outcomes under a scenario of severe economic stress.
- Working Paper
How CBO Estimates the Market Risk of Federal Credit Programs: Working Paper 2021-14
This paper describes the methods and data that CBO uses to estimate the cost of market risk for three categories of federal credit programs: housing and real estate loans, student loans and other consumer loans, and commercial loans.
- Cost Estimate
Estimated Budgetary Effects of Title IV, Committee on Financial Services, H.R. 5376, the Build Back Better Act
As Posted on the Website of the House Committee on Rules on November 3, 2021 (Rules Committee Print 117-18), as Amended by Yarmuth Amendment 112
- Report
Estimates of the Cost of Federal Credit Programs in 2022
CBO estimates the costs of federal credit programs in two ways—following procedures prescribed by the Federal Credit Reform Act (FCRA) and using a fair-value approach, which measures the market value of the government’s obligations.
- Report
The Role of the Department of Veterans Affairs in the Single-Family Mortgage Market
CBO describes VA’s mortgage guarantee program, provides estimates of the budgetary costs of the program, and compares those costs with expenditures for other federal guarantees.
- Report
Report on the Troubled Asset Relief Program—July 2021
Congress created the Troubled Asset Relief Program (TARP) in 2008 to stabilize financial markets. CBO estimates that the TARP’s net cost will be $31 billion—about what it reported in March 2020 and $1 billion lower than OMB’s latest estimate.