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Tax cuts mean Frannie to draw from Treasury in Q1

  • via Bloomberg's Felice Maranz
  • The GSEs' deferred tax assets assume a 35% tax rate, but a cut to 21% would mean writedowns, a Q4 GAAP loss, and a cash transfer from Treasury in Q1, says FTN Financial's Jim Vogel.
  • That's likely to at least delay FHFA Director Mel Watt's hope to get the Trump administration agree to let Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) begin to build capital, says Vogel.

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