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Welcome to the Government page of FHFA’s website.  This page provides consolidated resources for federal, state and local government personnel who are interested in the nation’s housing finance system.


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Key Legislation


​Short Title (Citation)



Federal Home Loan Bank Act

12 U.S.C. 1421 et seq.
(Public Law 72-304 (1932))

Established the Federal Home Loan Bank System.

​​GPO Text / PD​F


Federal Housing Enterprises Financial Safety and Soundness Act of 1992

12 U.S.C. 4501 et seq.
(Public Law 102-550 (1992))

Primary statutory authorization for FHFA’s regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System, including supervision of housing mission and goals and actions as conservator or receiver for Fannie Mae, Freddie Mac or any Federal Home Loan Bank.

Housing and Economic Recovery Act of 2008

(Public Law 110-289 (2008))

Amended the Safety and Soundness Act to create FHFA, place regulation of Fannie Mae, Freddie Mac and the Bank System under one regulator, enhance supervision of these regulated entities, and enhance FHFA's authorities as conservator or receiver. 






​Federal Home Loan Mortgage Corporation Act

12 U.S.C. 1451 et seq.
(Public Law 91-351 (1970))

Created Freddie Mac and provided authority for Freddie Mac’s activities.

GPO Text / PDF​


Federal National Mortgage Association Charter Act

12 U.S.C. 1716 et seq.
(Public Law 84-345,National Housing Act, Title III (1934), as amended by the Housing and Urban Development Act of 1968)

Created Fannie Mae and provided authority for Fannie Mae’s activities. Amendment in 1968 created the Government National Mortgage Association (Ginnie Mae), supervised by the Department of Ho​using and Urban Development.

GPO Text / PDF

​Find regulations pertaining to FHFA supervision at eCFR.




 Related Information



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 PM98http://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 PM108http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Completes Guarantee Fee Review: G-fees to Remain at Current Levels with Modest Adjustments17704<p> <strong>​Washington, D.C.</strong>&#160;– The Federal Housing Finance Agency (FHFA) today announced the results of its comprehensive review of guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises). &#160;FHFA has determined that current fees, on average, are at an appropriate level and that some modest adjustments to upfront guarantee fees are also appropriate.&#160;</p><p>As a result of its review, FHFA is directing Fannie Mae and Freddie Mac to eliminate the adverse market charge put in place in March 2008 and to replace the revenue that resulted from the adverse market charge with targeted increases in guarantee fees to address various risk-based and access-to-credit considerations. &#160;In making adjustments to the guarantee fees for certain categories of loans, FHFA took into account its decision – also announced today – to strengthen financial and operational eligibility standards for mortgage insurance companies. &#160;Overall, the set of modest changes to guarantee fees are roughly revenue neutral for the Enterprises and will result in either little or no change for most borrowers.&#160;</p><p>“This is the culmination of months of review and analysis and reflects input received from a wide range of stakeholders,” said FHFA Director Melvin L. Watt. “Our goal is to assure taxpayers, homeowners and industry that we are striving for an appropriate balance between safety and soundness and liquidity in the housing finance market,” Watt said.</p><p>FHFA will continue to monitor guarantee fees closely and make adjustments, as necessary, on an ongoing basis. &#160;</p><p> <a href="/Media/PublicAffairs/Pages/Results-of-Fannie-Mae-and-Freddie-Mac-Guarantee-Fee-Review.aspx">Link ​to Related Fact Sheet</a>​</p>4/17/2015 8:15:44 PM3599http://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Fannie Mae and Freddie Mac Issue Revised Private Mortgage Insurer Eligibility Requirements17705<p><strong>Washington, D.C.</strong> – The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) are issuing revised requirements for private mortgage insurance companies that insure mortgage loans either owned or guaranteed by the Enterprises.&#160; The revised eligibility requirements set financial and operational standards that private mortgage insurers must meet to receive approved insurer status with Fannie Mae or Freddie Mac and are designed to reduce risk to the Enterprises.&#160; The requirements are effective December 31, 2015. </p><p>As Conservator of the Enterprises, FHFA directed Fannie Mae and Freddie Mac to align and strengthen their risk management requirements for mortgage insurance counterparties. &#160;In July 2014, FHFA sought broad input on draft private mortgage insurer eligibility requirements.&#160; The finalized requirements reflect a multi-year effort to produce a clear and comprehensive set of standards that incorporate a new, risk-based framework to ensure that approved insurers have sufficient financial and operational strength to weather an economic downturn.&#160; Fannie Mae and Freddie Mac are issuing these requirements after the Enterprises and FHFA consulted with a range of stakeholders, including state insurance commissioners, private mortgage insurers, consumer advocates and seller/servicers.</p><p>&quot;The requirements announced today are prudent steps to align and strengthen Fannie Mae and Freddie Mac's operational and financial requirements for private mortgage insurance companies, which will reduce the Enterprises' overall risk and protect taxpayers,&quot; said FHFA Director Melvin L. Watt.&#160; &quot;Completion of this requirement fulfills a key Scorecard item for the Enterprises.&quot;</p><p>Links&#58;</p><p><a href="http&#58;//www.fanniemae.com/portal/about-us/media/statements/2015/statement-bonsalle-041715.html" target="_blank">Fannie Mae Statement​</a></p><p><span style="line-height&#58;1.6;"><a href="http&#58;//freddiemac.mwnewsroom.com/press-releases/statement-on-revised-pmi-eligibility-standards-by-dave-lowman-1188580" target="_blank">Freddie Mac Statement​​</a></span></p>4/17/2015 8:15:47 PM3231http://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Results of Fannie Mae and Freddie Mac Guarantee Fee Review17707<p> <span style="line-height&#58;22px;text-decoration&#58;underline;"><strong>​​​Summary</strong></span><span style="line-height&#58;22px;"> – The Federal Housing Finance Agency (FHFA) has completed a comprehensive review of the agency's policy for guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises).</span><span style="line-height&#58;22px;">&#160; </span> <span style="line-height&#58;22px;">FHFA's review considered multiple factors, including responses to the agency's June 2014 request for public input, analyses by housing finance market participants of the implied guarantee fee pricing from the Enterprises' credit risk transfers, and internal analyses of Enterprise pricing, credit guarantee loss data, and modeling.</span></p><p>FHFA's review focused on reaching an appropriate balance between FHFA's statutory obligations to&#58; 1) ensure the safety and soundness of the Enterprises, and 2) foster a liquid national housing finance market.&#160; In light of this balance, FHFA determined, based on both internal and external analysis, that the current average level of guarantee fees appropriately reflects the current costs and risks associated with providing the Enterprises' credit guarantee.&#160; </p><p>As a result, FHFA finds no compelling economic reason to change the general level of fees.&#160; FHFA, however, is making certain minor and targeted fee adjustments.&#160; To implement these decisions, the agency is directing the Enterprises to make changes to their guarantee fees that will slightly reduce, maintain, or increase costs for different categories of loans.&#160; Since all of the guarantee fee changes are small, the agency does not expect the adjustments to cause any material changes to the Enterprises' loan volume in any of the loan categories and expects the small changes to be revenue neutral.</p><p>The guarantee fee adjustments directed by FHFA fall into two categories&#58;</p> <span style="line-height&#58;16px;"> <ul><li> <span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">First, </span> <span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">the foundational adjustment is removing the 25 basis point upfront adverse market charge.</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">&#160; </span> <span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">The Enterprises established this fee in 2008 as an on-top pricing increase to reflect the unfavorable condition of the national housing market at that time.</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">&#160; </span> <span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">FHFA believes it is appropriate to remove this housing crisis-era fee in light of improvements in the housing markets.</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">&#160; The agency is also setting aside its December 2013 decision to retain the adverse market charge in certain states with higher than average foreclosure related costs.</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;22px;">&#160;</span><br></li><li> <span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">Second, </span> <span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">the agency is applying targeted and small fee adjustments to a subset of Enterprise loans.</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">&#160; </span> <span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">This includes small fee increases for certain loans in the Enterprises' upfront loan-to-value (LTV) ratio/credit score pricing grid and for certain loans with risk-layering attributes (i.e., cash-out refinances, i</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;line-height&#58;16px;">nvestment properties, loans with secondary financing, and jumbo conforming loans).</span><br></li></ul></span> <p> <span style="text-decoration&#58;underline;"><strong>How the Enterprises Determine Guarantee Fees</strong></span> – The Enterprises acquire single-family loans from lenders and securitize them in the form of mortgage-backed securities (MBS).&#160; For investor-held MBS, the Enterprises guarantee timely payment of principal and interest to the investor.&#160; Guarantee fees cover three cost components that the Enterprises expect to incur in providing their guarantee.&#160; They are&#58; 1) the expected costs that result from the failure of some borrowers to make their payments; 2) the cost of holding the modeled capital amount necessary to protect against potentially much larger unexpected losses that result from the failure of some borrowers to make their payments in a severe stress environment; and 3) general and administrative expenses.&#160; Collectively, these costs comprise the estimated cost of providing the credit guarantee.</p><p>Of these three components, the second (cost of capital) is by far the most significant.&#160; Despite the Enterprises' inability to retain capital under the Senior Preferred Stock Purchase Agreements (PSPAs) entered into with the U.S. Department of the Treasury in 2008, FHFA has established guarantee fee levels consistent with the amount of capital the Enterprises would need to support their guarantee businesses if they were not in conservatorship and retained capital.&#160; </p><p> <span style="text-decoration&#58;underline;"> <strong>How Guarantee Fees Impact Borrowers</strong></span> – As compensation for providing the guarantee on MBS, the Enterprises charge lenders guarantee fees.&#160; &#160;The Enterprises charge lenders a base, or ongoing, fee that is primarily based on the product type (e.g., 30-year Fixed Rate, 15-year Fixed Rate, 5/1 ARM).&#160; The Enterprises also charge upfront guarantee fees, also known as loan level pricing adjustments (LLPAs) or delivery fees, that are based on certain risk attributes of the borrower or the loans (e.g., LTV/credit-score grid, cash-out refinance, investor properties, secondary financing at origination, jumbo conforming loan).&#160; While the Enterprises assess LLPAs or delivery fees as an upfront fee, most lenders convert them into the interest rate on the mortgage, which the borrowers pay over time, like ongoing guarantee fees.[1]&#160;Together, ongoing guarantee fees and LLPAs/delivery fees make up the Enterprises' total compensation for providing the credit guarantee.&#160; In addition, since 2008, each Enterprise has assessed an adverse market charge as a surcharge for challenging housing market conditions.</p><p> <span style="text-decoration&#58;underline;"><strong>FHFA Review of Capital Adequacy</strong></span> – In performing its review of guarantee fees, FHFA evaluated appropriate levels of required capital and target rates of return.&#160; In doing so, the agency reviewed Fannie Mae and Freddie Mac's capital and credit models.&#160; FHFA also independently compared the Enterprises' most recent loan acquisition profile with the actual losses experienced on similar loans from the recent crisis.&#160; </p><p>In addition, the agency considered analytical reports by firms in the financial services industry about the Enterprises' credit risk transfer transactions.&#160; The reports assess the implied level of guarantee fees based on the pricing of an early 2015 Freddie Mac credit risk transfer (STACR) transaction, and most conclude that the Enterprises' current level of fees is appropriate.&#160; Similarly, some public response letters and industry reports, which are based on the respondents' own capital and rate of return assumptions, asked FHFA to either maintain or modestly lower guarantee fees from their current levels.</p><p>As a result of FHFA's review of guarantee fee levels, the agency concludes that the current guarantee fee level is appropriate under current circumstances.</p><p> <span style="text-decoration&#58;underline;"><strong>Elimination of the Adverse Market Charge</strong></span> – Each Enterprise instituted an adverse market charge in 2008 to compensate for their credit risk models not adequately assessing the extra costs and risks from the difficult market conditions and declining house prices at that time.&#160; That justification no longer applies.&#160; The housing market has improved significantly in recent years, and the Enterprises' credit risk models now incorporate the experience of the recent crisis.</p><p>As described above, FHFA's analysis concludes that the current average level of guarantee fees is appropriate based on current assessments of cost and risk. &#160;Because these average guarantee fees currently include the adverse market charge, removing this fee component necessitates other guarantee fee adjustments.&#160; As a result, FHFA is directing the Enterprises to replace the revenue attributable to the adverse market charge with targeted changes in fees that address various risk-based and access-to-credit considerations.&#160; Overall, FHFA expects these changes to be revenue neutral to the Enterprises based on their recent mix of business.</p><p> <span style="text-decoration&#58;underline;"><strong>Set Aside of State-Level Pricing</strong></span> – When FHFA announced its decision to eliminate the adverse market charge in December 2013, the elimination was for all states except Connecticut, Florida, New Jersey, and New York.&#160; The adverse market charge would have been unchanged in those four states to compensate, approximately, for the difference in the foreclosure timeline related costs relative to average costs across the country.&#160; </p><p>Although foreclosure costs are significantly higher in these four states compared to other states, the agency is setting aside the previous decision to implement these geographically based fees.&#160; FHFA will explore opportunities to engage with states to better understand the reasons for longer foreclosure timelines and to share with sta​tes the cost implications to the Enterprises as well as potential impacts to borrowers.&#160; At the same time, FHFA will continue to work toward finding an appropriate balance between allowing sufficient time for borrowers to obtain loss mitigation alternatives and ensuring timely resolution of foreclosures. </p><p> <span style="text-decoration&#58;underline;"> <strong>Targeted Fee Adjustments</strong></span> – The decision to eliminate the adverse market charge yet maintain the overall average level of guarantee fees required a plan to recover this revenue.&#160; The set of targeted adjustments to guarantee fees described below only apply to the Enterprises' upfront fees and do not affect base, ongoing guarantee fees.&#160; The fee changes will become effective for loans delivered to the Enterprises beginning on September 1, 2015.&#160; The agency does not expect a material change in the Enterprises' loan volume as a result of these changes.</p><p>The targeted fee adjustments include the following categories&#58;</p><ul><li> <span style="text-decoration&#58;underline;"><strong>LTV/Credit Score Grid</strong></span> – In the Enterprises' LTV/credit score grids, which apply to loans with terms exceeding 15 years, FHFA is directing the Enterprises to increase the upfront fees by 25 basis points for loans that have both an LTV ratio of 80 percent or less and credit-score of 700 or more.[2]&#160;&#160;</li></ul><p>For loans that have an LTV ratio above 80 percent or a credit score below 700, FHFA is generally leaving the upfront fees the same.[3]&#160;As a result, these loans will receive the full benefit of the 25 basis point adverse market charge elimination.&#160; Contributing to the determination to leave the upfront fees the same for this LTV/credit score group is FHFA's separate action to finalize new standards for mortgage insurers – Private Mortgage Insurer Eligibility Requirements (PMIERs).&#160; Loans with less than a 20 percent down payment are required to have credit enhancement, which lenders typically satisfy with private mortgage insurance.&#160; FHFA anticipates that the finalized PMIERs will provide a modest cost savings to the Enterprises from reduced mortgage insurer counterparty exposure.</p><ul><li> <span style="text-decoration&#58;underline;"><strong>Cash-Out Refinances, Investment Properties, and Loans with Secondary Financing</strong></span> FHFA is directing the Enterprises to increase guarantee fees on certain higher-risk loan types to improve risk-based pricing.&#160; Specifically, the agency is increasing fees by 37.5 basis points on cash-out refinances, investment properties, and loans with simultaneous secondary financing. &#160;Consistent with the practice today, when a loan falls into more than one category (e.g., both a cash-out refinance and investment property), the add-on fees are cumulative, which results in the net increase in those cases being higher than 37.5 basis points.[4]&#160;</li><li> <span style="line-height&#58;16px;text-decoration&#58;underline;"><strong>Jumbo Conforming Loans</strong></span><span style="line-height&#58;16px;"> </span> <span style="line-height&#58;16px;">–</span><span style="line-height&#58;16px;"> FHFA is directing the Enterprises to increase the fee on jumbo conforming loans (over $417,000) by 25 basis points.</span><span style="line-height&#58;16px;">&#160; </span> <span style="line-height&#58;16px;">Congress allowed the Enterprises to acquire these higher balance loans in certain high cost areas of the country in response to the housing crisis.</span><br></li></ul><p> <span style="text-decoration&#58;underline;"><strong>Ongoing Safety and Soundness Oversight</strong></span><strong> </strong>– As part of our ongoing oversight of the Enterprises, FHFA collects data on new loan acquisitions, monitors changes in the composition of loan purchases, evaluates quality control activities, and assesses the implications of these and other factors for risk to the Enterprises and their level of guarantee fees.&#160; Since FHFA recognizes that market conditions affecting mortgage credit risk will change over time, the agency will continue to conduct these oversight activities.&#160; Should FHFA determine in the future that market conditions necessitate adjustments in guarantee fees to sustain the safety and soundness of the Enterprises, FHFA will provide sufficient advance notice before the effective date of any such changes.</p><p> <span style="text-decoration&#58;underline;"><strong>Upfront Fee Schedules</strong></span> – The Fannie Mae and Freddie Mac upfront fee schedules are available at the following URLs&#58;</p><p><a href="https&#58;//www.fanniemae.com/content/pricing/llpa-matrix.pdf">https&#58;//www.fanniemae.com/content/pricing/llpa-matrix.pdf</a></p><p><a href="https&#58;//www.fanniemae.com/content/pricing/llpa-matrix-refi-plus.pdf">https&#58;//www.fanniemae.com/content/pricing/llpa-matrix-refi-plus.pdf</a></p><p>​<a href="http&#58;//www.freddiemac.com/singlefamily/pdf/ex19.pdf">http&#58;//www.freddiemac.com/singlefamily/pdf/ex19.pdf</a></p><p>​Footnotes&#58;&#160;&#160;​</p><p><span style="line-height&#58;22px;">[1]&#160;As an example, the 25 basis point upfront adverse market charge is approximately equivalent to 5 basis points ongoing mortgage rate (or 0.05%).</span><span style="line-height&#58;22px;">&#160;</span><br></p><p>[2] Small exceptions&#58; 1) the upfront fee is not being changed for one loan group (61-70% LTV/700-719 credit score), and 2) Fannie Mae is increasing upfront fees by 25 basis points for three additional loan groups (71-75% LTV/660-679 credit score, 76-80% LTV/660-679 credit score, 71-75% LTV/640-659 credit score) to align their pricing with Freddie Mac.</p><p>[3] See footnote 2 for certain technical exceptions.</p><p><span style="line-height&#58;22px;">[4]&#160;There are a few exceptions to this cumulative add-on practice.&#160;</span></p>4/17/2015 8:15:50 PM2958http://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx

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