Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the deemed-issuance ratio for the 2025 calendar year in accordance with Internal Revenue Service (IRS) guidelines on the trading of the Uniform Mortgage-Backed Security (UMBS). The deemed-issuance-ratio will be used for diversification reporting on the bonds ultimately delivered to the purchaser until the bonds have been disposed of, regardless of the issuing Enterprise on the underlying bonds.
The 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 2025 calendar year is 51 percent Fannie Mae and 49 percent Freddie Mac.
TBA-eligible securities issued November 1, 2022 through October 31, 2024 (billions)
Deemed-Issuance Ratio…
