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Refinance Report - First Quarter 201517916<h3>​​​​​First Quarter 2015 Highlights&#160;</h3><h3><span style="line-height&#58;22px;"><br></span></h3><ul><li><span style="line-height&#58;22px;">​​</span><span style="line-height&#58;22px;">Refinance volume increased in March 2015 as mortgage rates&#160;remained near 20 month lows in February.</span><br></li><li><span style="line-height&#58;22px;">In the first quarter of 2015, 31,648 refinances were completed&#160;through HARP, bringing the total refinances through HARP from&#160;the inception of the program to 3,302,102.</span><br></li><li><span style="line-height&#58;22px;">HARP volume represented 6 percent of total refinance volume in&#160;</span><span style="line-height&#58;22px;">the first quarter of 2015.</span><br></li><li><span style="line-height&#58;22px;">Year to date through March 2015, borrowers with loan-to-value&#160;</span><span style="line-height&#58;22px;">ratios greater than 105 percent accounted for 24 percent of the&#160;</span><span style="line-height&#58;22px;">volume of HARP loans.</span><br></li><li><span style="line-height&#58;22px;">In&#160;​March 2015, 8 percent of the loans refinanced through HARP&#160;had a loan-to-value ratio greater than 125 percent.</span><br></li><li><span style="line-height&#58;22px;">Year to date through March 2015, 28 percent of HARP&#160;</span><span style="line-height&#58;22px;">refinances for underwater borrowers were for shorter-term 15- and&#160;</span><span style="line-height&#58;22px;">20-year mortgages, which build equity faster than traditional 30-</span><span style="line-height&#58;22px;">year mortgages.</span><br></li><li><span style="line-height&#58;22px;">Year to date through March 2015, HARP refinances represented&#160;</span><span style="line-height&#58;22px;">14 or more percent of total refinances in Florida and Georgia, more&#160;</span><span style="line-height&#58;22px;">than double the 6 percent of total refinances nationwide over the&#160;</span><span style="line-height&#58;22px;">same period.</span><br></li><li><span style="line-height&#58;22px;">Borrowers who refinanced through HARP had a lower&#160;</span><span style="line-height&#58;22px;">delinquency rate compared to borrowers eligible for HARP who did&#160;</span><span style="line-height&#58;22px;">not refinance through the program.</span><br></li></ul><div><font color="#404040"><span style="line-height&#58;22px;"><a href="/Media/PublicAffairs/Pages/FHFA-Announces-June-12-HARP-Outreach-Event-in-Phoenix.aspx">Related News Release</a>​&#160;</span></font></div><p><span style="line-height&#58;22px;"></span></p>5/27/2015 6:16:09 PMhttp://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 1Q 2015 / March17155<span style="line-height&#58;1.6;">U.S. house prices rose&#160;<strong>1.3 percent</strong>&#160;in the first quarter of 2015 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).&#160; This is the fifteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index.&#160; FHFA's seasonally adjusted monthly index for March was up&#160;<strong>0.3 percent</strong>&#160;from February.&#160; The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.&#160;</span><p></p><p>​The seasonally adjusted, purchase-only HPI rose&#160;<strong>5.0 percent</strong>&#160;from the first quarter of 2014 to the first quarter of 2015 while prices of other goods and services fell 1.5 percent.&#160; The inflation-adjusted price of homes thus rose approximately 6.5 percent over the latest year.</p><p><strong>Other Significant Findings</strong></p><p></p><ul><li><span style="line-height&#58;1.6;">Between the first quarter of 2014 and the first quarter of 2015, home prices rose in 48 states.&#160; The top five states in annual appreciation&#58; 1) Colorado – 11.2 percent 2) Nevada – 10.1 percent 3) Florida – 8.7 percent 4) Washington – 7.6 percent 5) California – 7.5 percent.</span><br></li><li><span style="line-height&#58;1.6;">Among the 100 most populated metropolitan areas in the U.S., four-quarter price increases were greatest in Oakland-Hayward-Berkeley, CA&#160; (MSAD), where prices increased by 13.4 percent.&#160; Prices were weakest in the Greensboro-High Point, NC, where they fell 2.3 percent.</span><br></li><li><span style="line-height&#58;1.6;">Of the nine census divisions, the Mountain division experienced the strongest increase in the first quarter, posting a 2.6 percent quarterly increase and a 6.8 percent increase since last year. &#160;House price appreciation was weakest in the West North Central division, where prices rose 0.7 percent.&#160;</span></li></ul><p><a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-1-3-Percent-in-First-Quarter-2015.aspx">Related News Release</a>​</p>5/26/2015 1:00:54 PM567http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Federal Property Manager's Report - February 201517889<p>​<font color="#404040" face="Arial" size="3">The Federal Housing Finance Agency’s (FHFA) Federal Property Manager’s report is transmitted to Congress in accordance with Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA), titled Assistance to Homeowners. Section 110 of EESA directs Federal Property Managers (FPM) to develop and implement plans to maximize assistance for homeowners and encourage servicers of underlying mortgages to take advantage of programs to minimize foreclosures. FHFA is a designated FPM in its role as conservator for Fannie Mae and Freddie Mac. Each FPM is also required to report to Congress the number and types of loan modifications and the number of foreclosures during the reporting period</font><span style="color&#58;#404040;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;background-color&#58;#ffffff;">.</span></p>5/21/2015 6:00:36 PM92http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - February 201517890<h1>​February 2015 Highlights</h1><p>&#160;</p><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><ul><li><p>More than 21,100 foreclosure prevention actions were completed in February 2015, bringing the total to nearly 3.5 million since the start of the conservatorships in September 2008. Half of these actions have been permanent loan modifications.</p></li></ul><ul><li><p>There were nearly 13,200 permanent loan modifications in February, down 3 percent compared with January.</p></li></ul><ul><li><p>The share of modifications with principal forbearance remained at 18 percent while modifications with extend-term only increased slightly to 49 percent in February due to improved house prices and a declining HAMP eligible population.</p></li></ul><ul><li><p>Approximately 2,800 short sales and deeds-in-lieu were completed in February, down 21 percent compared with January.</p></li></ul><p><strong>The Enterprises' Mortgage Performance&#58;</strong></p><ul><li><p>The serious delinquency rate declined to 1.82 percent at the end of February, from 1.86 percent at the end of January.</p></li></ul><p><strong>The Enterprises' Foreclosures&#58;</strong></p><ul><li><p>Third-party and foreclosure sales declined 21 percent to approximately 10,500, while foreclosure starts fell 16 percent to more than 21,600 in February.</p></li></ul>5/21/2015 6:00:37 PM124http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Dodd-Frank Act Stress Tests - Severely Adverse Scenario17781<div><h2>​Background&#160;</h2><ul><li><span style="line-height&#58;1.6;">This report provides updated information on possible ranges of future financial results of Fannie Mae and Freddie Mac (the “Enterprises”) under severely adverse conditions, which are consistent for both Enterprises.</span><br></li><li><span style="line-height&#58;1.6;">The Enterprises are required to conduct stress tests per FHFA rule 12 CFR § 1238, which implements section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &quot;Dodd-Frank Act&quot;). Section 165(i)(2) of the Dodd-Frank Act requires certain finan</span><span style="line-height&#58;1.6;">cial companies with total consolidated assets of​ ​more than $10 billion, and which are regulated by a primary Federal financial regulatory agency, to conduct annual stress tests to determine whether the companies have the capital necessary to absorb losses as a result of adverse economic conditions. This is the second implementation of the Dodd-Frank Act Stress Tests (DFAST).</span><br></li><li><span style="line-height&#58;1.6;">The projections reported here are not expected outcomes. They are modeled projections in response to “what if” exercises based on assumptions about Enterprise operations, loan performance, macroeconomic and financial market conditions, and house prices. The projections do not define the full range of possible outcomes. Actual outcomes may be very different.</span><br></li><li><span style="line-height&#58;1.6;">An overview of the DFAST Severely Adverse scenario is described on page 4. The Enterprises used their respective internal models to project their financial results based on the assumptions provided by the Federal Reserve and FHFA.</span><br></li><li><span style="line-height&#58;1.6;">While this effort achieves a degree of comparability between the Enterprises, it does not eliminate differences in their respective internal models, accounting differences, or management actions.</span><br></li></ul></div><h2>​Dodd-Frank Act Stress Tests Severely Adverse Scenario</h2><div><ul><li><span style="line-height&#58;1.6;">As of September 30, 2014, the Enterprises have drawn a combined $187.5 billion from the Department of the Treasury under the terms of the Senior Preferred Stock Purchase Agreements (the “PSPAs”).</span></li><li><span style="line-height&#58;1.6;">The combined remaining funding commitment under the PSPAs as of September 30, 2014 was $258.1 billion.</span><br></li><li><span style="line-height&#58;1.6;">Under the Severely Adverse scenario, incremental Treasury draws range between $68.6 billion and $157.3 billion depending on the treatment of deferred tax assets.</span><br></li><li><span style="line-height&#58;1.6;">The remaining funding commitment under the PSPAs ranges between $189.4 billion and $100.8 billion depending on the treatment of deferred tax assets.​</span></li></ul></div>4/30/2015 3:00:31 PM627http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Quarterly Performance Report of the Housing GSEs - Fourth Quarter 201417739<h2>The Enterprises</h2><p><em>(Freddie Mac and Fannie Mae) </em></p><ul><li>Combined full-year earnings of $21.9 billion compared to $132.7 billion in 2013 </li><li>Losses on derivatives of $14.1 billion driven by a decrease in longer-term swap rates during the year </li><li>Proceeds from private-label mortgage-related securities (PLS) settlements totaled $10.9 billion in 2014 </li><li>Loan loss reserves decreased $12.0 billion in 2014, mostly due to a decrease in seriously delinquent loans and rising national house prices </li><li>Enterprise MBS issuance continued to trend down in 2014 </li></ul><h2> The Federal Home Loan Bank System </h2><ul><li>Aggregate 2014 income of $2.3 billion compared to $2.5 billion in 2014 </li><li>Aggregate advances increased by 14.5 percent over the year to $570.7 billion </li><li>Advances make up at 62.5 percent of assets </li><li>Aggregate retained earnings increased to $13.2 billion </li></ul>4/23/2015 5:00:59 PM662http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - February 201517734<p>​The FHFA House Price Index (HPI) reported a&#160;0.7 percent&#160;increase in U.S. house prices in&#160;February from the previous month.&#160;&#160;From&#160;February 2014 to February 2015, house prices were up&#160;5.4&#160;percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from&#160;January 2015 to&#160;Febuary&#160;2015 ranged from&#160;-1.3&#160;percent in the&#160;East South Central division to +1.8&#160;percent in the&#160;South Atlantic division.&#160; The 12-month changes were all positive, ranging from +2.6&#160;percent in the&#160;Middle Atlantic division to +6.9&#160;percent in the Pacific division.​</p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment</p>4/22/2015 1:00:30 PM5192http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Federal Property Manager's Report - January 201517726<p>​​<span style="color&#58;#404040;font-family&#58;'source sans pro', sans-serif;font-size&#58;14px;line-height&#58;22px;background-color&#58;#ffffff;">​</span><span style="border&#58;1pt windowtext;font-family&#58;arial, sans-serif;font-size&#58;10.5pt;font-stretch&#58;inherit;line-height&#58;22px;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0in;color&#58;#404040;background&#58;white;">​The Federal Housing Finance Agency’s (FHFA) Federal Property Manager’s report is transmitted to Congress in accordance with Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA), titled Assistance to Homeowners. Section 110 of EESA directs Federal Property Managers (FPM) to develop and implement plans to maximize assistance for homeowners and encourage servicers of underlying mortgages to take advantage of programs to minimize foreclosures. FHFA is a designated FPM in its role as conservator for Fannie Mae and Freddie Mac. Each FPM is also required to report to Congress the number and types of loan modifications and the number of foreclosures during the reporting period</span><span style="color&#58;#404040;font-family&#58;'source sans pro', sans-serif;font-size&#58;14px;line-height&#58;22px;background-color&#58;#ffffff;">.</span></p>4/20/2015 6:06:13 PM322http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - January 201517727<h1>​​January 2015 Highlights</h1><div><br></div><div><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></div><div><strong><br></strong></div><div><ul><li>Nearly 21,800 foreclosure prevention actions were completed in January 2015, bringing the total to more than 3.4 million since the start of the conservatorships in September 2008. Half of these actions have been permanent loan modifications.<br></li><li>There were more than 13,500 permanent loan modifications in January, down 5 percent compared with December 2014.</li><li>The share of modifications with principal forbearance fell to 18 percent while modifications with extend-term only increased&#160;to 48 percent in January due to improved house prices.</li><li>Nearly 3,500 short sales and deeds-in-lieu were completed in January, down 11 percent compared with&#160;December.</li></ul></div><div><br></div><div><strong>The Enterprises' Mortgage Performance&#58;</strong></div><div><strong><br></strong></div><ul><li><span style="line-height&#58;1.6;">​​​​​​</span><span style="line-height&#58;1.6;">​</span><span style="line-height&#58;1.6;">The serious delinquency rate declined slightly to 1.86 percent in January, the lowest level since November 2008.</span><br></li></ul><div><br></div><div><strong>The Enterprises' Foreclosures&#58;</strong></div><div><strong><br></strong></div><div><ul><li>Third-party and foreclosure sales increased 17 percent to more than 13,300, while foreclosure starts increased 2 percent to approximately 25,900 in January.<br></li></ul></div>4/20/2015 6:10:42 PM353http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - February 201517699<h2>February 2015 Highlights</h2><ul><li>Refinance volume increased in February 2015 as mortgage rates fell to 20 month lows in January.</li><li>In February 2015, 10,673 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,291,718.</li><li>HARP volume represented 6 percent of total refinance volume in February 2015.</li><li>Year to date through February 2015, borrowers with loan-to-value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.</li><li>In February 2015, 8 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.</li><li>Year to date through February 2015, 28 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages.</li><li>Year to date through February 2015, HARP refinances represented 15 percent of total refinances in Florida and Georgia,<br>more than double the 6 percent of total refinances nationwide over the same period.</li><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.</li></ul>4/16/2015 5:01:03 PM530http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

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