Government-sponsored Enterprises and Their Implicit Federal Subsidy: The Case of Sallie Mae |
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350 basis points 91-day Treasury bill agency debt asset yield average billion budget capital markets cash commercial banks contingent liability cost of funds cost of money credit risks debt insurance debt issued equity explicit Fannie Mae Farm Credit Banks FCBs federal government Federal Home Loan Federal National Mortgage FHLB FHLMC financial intermediary fixed-rate floating-rate FNMA Freddie Mac fully private firms GOVERNMENT-SPONSORED ENTERPRISES government's implicit guarantee GSE debt GSL program guarantee of GSE Guaranteed Student Loan implicit federal guarantee increase institutions interest rates interest-rate risk investment investors lenders Loan Marketing Association Loan Program losses low-risk National Mortgage Association net interest margin nonvoting common operating expenses outstanding payments percent portfolio preferred stock premium profitable purchase rate of return reduce RETURN ON ASSETS risk exposure risky savings and loan SLMA sponsored enterprises Student Loan Marketing T-bill rate tax-exempt Treasury bill rate triple-A U.S. banks U.S. government U.S. Treasury warehousing advances