Fannie Mae says FHFA's margin rules would drive up hedging costs

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Fannie Mae and derivatives dealers have warned the Federal Housing Finance Agency (FHFA) and the Farm Credit Administration (FCA) that their proposals on the margining of uncleared derivatives will significantly increase the cost of trading – making hedging more expensive for the Federal Home Loan Banks (FHLBs) and mortgage lenders Fannie Mae and Freddie Mac than for other market participants.

Entities regulated by the FHFA and FCA receive special treatment under the rules, requiring them to

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