Independent Banker - September 2018 - 24

PORTFOLIO
Portfolio Management
By Jim Reber and Kevin Smith
Uniform MBSs will
be here soon
Housing agencies will be merging their securities in 2019.
hese days, most of the commentary coming out of ICBA concerning the
two main housing agencies, Fannie Mae and Freddie Mac, relates to the
elephant in the room: risk to taxpayers. Since the two have been in conservatorship,
Congress has allowed for a sweep of their earnings into the Treasury
Department's coff ers, leaving them with no (meaning zippo, nada, zilch) capital.
This strikes most in the community banking industry as odd, since the need
for a capital buff er is ingrained in their thinking.
Regardless, ICBA will continue to campaign for a more traditional disposition
of the agencies' earnings, and the agencies will continue with their mission
of providing a secondary market for housing fi nance.
This hits home with community bankers through their bond portfolios.
Mortgage-backed securities (MBSs), as of June 30, comprised about 45 percent
of all community bank investments, and the vast majority of them were
24 Q ICBA Independent Banker Q September 2018
T
Jim Reber, CPA,
CFA (jreber@
icbasecurities.com),
is president and CEO
of ICBA Securities,
ICBA's institutional,
fixed-income
broker-dealer for
community banks
Kevin Smith,
CFA (ksmith@
viningsparks.com),
is manager of
strategic analytics
of Vining Sparks,
ICBA Securities'
exclusive brokerdealer

Independent Banker - September 2018

Table of Contents for the Digital Edition of Independent Banker - September 2018

Table of Contents
Independent Banker - September 2018 - Intro
Independent Banker - September 2018 - Cover1
Independent Banker - September 2018 - Cover2
Independent Banker - September 2018 - Table of Contents
Independent Banker - September 2018 - 2
Independent Banker - September 2018 - 3
Independent Banker - September 2018 - 4
Independent Banker - September 2018 - 5
Independent Banker - September 2018 - 6
Independent Banker - September 2018 - 7
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Independent Banker - September 2018 - Cover3
Independent Banker - September 2018 - Cover4
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