Mortgage-Backed Securities and U.S. Agency Bond Markets, 1970–2008

1. Ginnie Mae is created and separated from Fannie

   Aug 1, 1968Labels: Ginnie Mae, Fannie Mae, HUD

   • GovInfo
   • HUD Archives

2. First widely cited agency MBS marketed

   Feb 1, 1970Labels: Ginnie Mae, Agency MBS

   • OUP Chapter
   • Seattle Times

3. Freddie Mac begins issuing pass-through PCs

   Jan 1, 1971Labels: Freddie Mac, Participation Certificate

   • MBS Overview
   • MBS History

4. TBA forward trading develops for agency MBS

   Jan 1, 1975Labels: TBA market, Agency MBS

   • Congress Hearing

5. Fannie Mae launches its MBS pass-through

   Jan 1, 1981Labels: Fannie Mae, Agency MBS

   • MBS History
   • Fannie MBS

6. First Freddie Mac CMO is created

   Jan 1, 1983Labels: Freddie Mac, CMO

   • CMO Article
   • MBS History

7. SMMEA boosts private-label MBS marketability

   Oct 3, 1984Labels: SMMEA, Private-label MBS

   • SMMEA
   • Fordham Law

8. REMIC rules expand CMO issuance

   Oct 22, 1986Labels: REMIC, Tax Reform

   • Washington Post
   • FPF Primer

9. FIRREA reshapes thrifts after S&L crisis

   Aug 9, 1989Labels: FIRREA, Resolution Trust

   • FIRREA
   • RTC

10. 1992 law creates OFHEO and housing goals

    Oct 28, 1992Labels: OFHEO, HUD

    • Congress gov
    • OFHEO Paper

11. CFMA reduces oversight of OTC derivatives

    Dec 21, 2000Labels: CFMA, OTC derivatives

    • Congress gov
    • EBSCO

12. SEC net capital change enables model-based haircuts

    Apr 28, 2004Labels: SEC, Broker-dealers

    • Net Capital
    • SEC CSE

13. ABX.HE index launches, enabling standardized subprime shorts

    Jan 17, 2006Labels: ABX HE, Markit

    • ABX Index
    • Markit

14. Private-label RMBS issuance surges to record levels

    Jan 25, 2006Labels: Private-label RMBS, Ratings agencies

    • Mortgage Daily

15. Bear Stearns hedge funds fail, signaling subprime stress

    Jul 1, 2007Labels: Bear Stearns, Hedge funds

    • Forbes
    • Crisis Summary

16. FHFA is created by HERA amid mortgage turmoil

    Jul 30, 2008Labels: FHFA, HERA

    • FHFA Speech
    • GAO Report

17. Fannie Mae and Freddie Mac enter federal conservatorship

    Sep 6, 2008Labels: Fannie Mae, Freddie Mac

    • FHFA Statement
    • GAO 09 782