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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.

 

I want to:

  1. Read FHFA's  Annual Report to Congress.

  2. Read the Strategic Plan for Conservatorships or the 2014 Scorecard​.

  3. Read recent Research.

  4. Download Data.

  5. Read recent Speeches or Testimony.

 

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Key Legislation

 

​Short Title (Citation)

Document​

FEDERAL HOME LOAN BANKS

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 FINANCE AGENCY CHARTER

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. 


 

 

 







 

​FREDDIE MAC CHARTER

​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​

​FANNIE MAE CHARTER

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.

CONGRESSIONAL LETTERS​​​​

 

 

 Related Information

 

 

Refinance Report - May 20141271<table cellspacing="0" width="100%" class="ms-rteTable-0" style="height&#58;310px;"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width&#58;10%;">​​<a href="/AboutUs/Reports/ReportDocuments/May-14-Refi_Report.pdf"><img src="/AboutUs/Reports/PublishingImages/Refinance-May-2014-Thumb.png" alt="" style="margin&#58;5px;width&#58;100px;height&#58;132px;" /></a>​​</td><td class="ms-rteTableOddCol-0" style="width&#58;50%;"><h2>​May 2014 Highlights</h2><p>​<br></p><ul><li> <span style="line-height&#58;22px;">​Refinance volume fell slightly in May, and remained at levels&#160;more comparable to those observed in 2008 than in subsequent&#160;years. Mortgage rates have ranged between four to four and a half&#160;percent since June 2013. In May, the average interest rate on a 30&#160;year fixed rate mortgage decreased from April to 4.19&#160;percent.</span><br></li><li> <span style="line-height&#58;22px;">In May 2014, 16,565 refinances were completed through HARP,&#160;bringing the total refinances through HARP from the inception of&#160;the program to 3,171,138.</span><br></li><li> <span style="line-height&#58;22px;">HARP volume represented 15 percent of total refinance volume&#160;in May 2014.</span><br></li><li> <span style="line-height&#58;22px;">In May 2014, 10 percent of the loans refinanced through HARP&#160;had a loan-to-value ratio greater than 125 percent.​</span><br>​</li></ul></td></tr></tbody></table>7/17/2014 2:30:31 PM313http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Private Mortgage Insurer Draft Eligibility Requirements Frequently Asked Questions (FAQs)433<p><strong>​​(1) What is private mortgage insurance?</strong></p><ul><li><p>Private mortgage insurance (PMI) protects a lender against loss if the borrower defaults on his or her mortgage loan. PMI premiums may be paid by the borrower, the lender or the investor.&#160; </p></li></ul><p><strong>(2) How is mortgage insurance related to the business of Fannie Mae and Freddie Mac?&#160;&#160; </strong></p><ul><li><p>When Fannie Mae and Freddie Mac (the Enterprises) purchase one- to four-unit single-family mortgage loans where the outstanding principal balance of the mortgage exceeds 80 percent of the value of the property securing the mortgage (i.e., a loan-to-value ratio greater than 80 percent), they are obligated by their charters to obtain an acceptable form of credit enhancement for the mortgage.&#160; Mortgage insurance offered by an &quot;Approved Insurer,&quot; as determined by Fannie Mae or Freddie Mac, is the most typical form of acceptable credit enhancement.</p></li></ul><p><strong>(3) Why are Fannie Mae and Freddie Mac revising their eligibility requirements now?</strong></p><ul><li><p>Fannie Mae and Freddie Mac suffered significant losses during the recent financial crisis, including losses suffered when mortgage insurance companies became unable to fully pay claims. FHFA has required Fannie Mae and Freddie Mac to strengthen their existing counterparty risk management policies to manage the potential risk exposure to effectively ensure their mortgage insurance counterparties are able to fulfill their intended role of providing reliable credit enhancement to Enterprise loans even in adverse market conditions.</p></li></ul><ul><li><p>Each Enterprise currently has its own set of eligibility requirements that mortgage insurers must satisfy to obtain and maintain &quot;Approved Insurer&quot; status.&#160; Updating private mortgage insurer eligibility requirements (PMIERs) and aligning them for both Fannie Mae and Freddie Mac is a key component of FHFA's 2014 Scorecard and Strategic Plan.&#160; Finalizing mortgage insurance master policies (as announced by Fannie Mae and Freddie Mac on June 24, 2014, becoming effective October 1, 2014) and revising mortgage insurer eligibility requirements are part of a broader, multi-year effort to strengthen mortgage insurance counterparty standards.&#160; These efforts are intended, in part, to ensure that &quot;Approved Insurers&quot; are able to fulfill their role of providing private capital even in times of market stress.</p></li></ul><p><strong>(4) Who would the draft eligibility requirements apply to?</strong></p><ul><li><p>The draft requirements are intended solely for private mortgage insurance companies that wish to obtain or maintain &quot;Approved Insurer&quot; status with either Enterprise.&#160; They set the standards and guidelines that an &quot;Approved Insurer&quot; must meet and maintain in order to provide mortgage insurance on loans owned or securitized by an Enterprise.</p></li></ul><p><strong>(5) What is the expected impact from these draft eligibility requirements for &quot;Approved Insurers&quot;?</strong></p><ul><li><p>The draft eligibility requirements include business requirements governing the relationship between the Enterprises and &quot;Approved Insurers&quot; designed to ensure that &quot;Approved Insurers&quot; operate under uniform guidelines, such as claim processing timelines, that can help reduce costs for the Enterprises.&#160; </p></li></ul><ul><li><p>The draft eligibility requirements include quality control requirements designed to ensure that &quot;Approved Insurers&quot; have a strong internal risk management infrastructure that emphasizes continuous process improvement and senior management oversight.&#160; They include things such as robust documentation of procedures and independence of the quality control function.&#160; </p></li></ul><ul><li><p>The draft eligibility requirements include financial requirements that aim to bolster the financial standing of &quot;Approved Insurers&quot; in cycles of high defaults and help ensure they can meet their obligations in times of economic stress.&#160; &quot;Approved Insurers&quot; will have several options to comply with the financial requirements, including but not limited to raising capital, entering into reinsurance contracts and replacing illiquid assets with liquid assets. &#160;&quot;Approved Insurers&quot; that do not fully comply with the revised financial requirements on the effective date will be given a transition period of up to two years.&#160; In no instance would a transition period extend beyond two years from the publication date of the finalized PMIERs</p></li></ul><p><strong>(6) How will the draft eligibility requirements impact the entry of new mortgage insurers into the market?</strong></p><ul><li><p>The draft eligibility requirements aim to ensure that &quot;Approved Insurers&quot; possess the financial and operational capacity to be strong counterparties to Fannie Mae and Freddie Mac.&#160; They have also been designed so that newly &quot;Approved Insurers&quot; insure certain types of loan products consistent with their industry experience, company size and scale.&#160; As time passes and a proven track record is developed, newly &quot;Approved Insurers&quot; will have the ability to expand their scope of business with Fannie Mae and Freddie Mac.</p></li></ul><p><strong>(7) What is the expected impact from these draft eligibility requirements for consumers?</strong></p><ul><li><p>The draft mortgage insurance eligibility requirements are designed to reduce taxpayer risk by strengthening the role of private insurance in the mortgage market. &#160;We anticipate sufficient industry capacity to meet the needs of high-LTV borrowers and are seeking input on the potential impact of these draft requirements.</p></li></ul><p><strong>(8) How were the draft eligibility requirements developed?</strong></p><ul><li><p>Each Enterprise currently has its own set of eligibility requirements that mortgage insurance companies must satisfy to obtain and maintain &quot;Approved Insurer&quot; status.&#160; FHFA, in its role as Conservator of the Enterprises, directed Fannie Mae and Freddie Mac to revise, align and strengthen their existing eligibility requirements.&#160; Fannie Mae and Freddie Mac, at FHFA's direction and subject to its oversight, developed the draft eligibility requirements.&#160; There has also been consultation with state insurance commissioners as well as private mortgage insurers that currently are approved to do business with Fannie Mae or Freddie Mac.&#160; The request for input from the public is the next step in the process of updating these requirements.&#160; </p></li></ul><p><strong>(9) When will these draft eligibility requirements take effect?</strong></p><ul><li><p>Once finalized by Fannie Mae and Freddie Mac, the eligibility requirements would become effective 180 days after the publication date.&#160; &quot;Approved Insurers&quot; must fully comply with all components of the PMIERs on the effective date. &#160;&quot;Approved Insurers&quot; that do not fully comply with the financial requirements on the effective date would be given a transition period of up to two years to fully comply.&#160; In no instance would a transition period extend beyond two years from the publication date of the finalized PMIERs</p></li></ul><p><strong>(10) Under what authority are FHFA, Fannie Mae and Freddie Mac taking this action?</strong></p><ul><li><p>The Enterprises' charter acts allow each Enterprise to determine whether a mortgage insurer is qualified to insure loans purchased by that Enterprise. &#160;Fannie Mae and Freddie Mac each currently have their own set of eligibility requirements that have not been updated since 2003 and 2008, respectively. </p></li></ul><ul><li><p>As Conservator of Fannie Mae and Freddie Mac, FHFA is obligated by statute to preserve and conserve their assets and to ensure that the two companies operate in a safe and sound manner.&#160; Directing Fannie Mae and Freddie Mac to update, align and strengthen their eligibility requirements for &quot;Approved Insurers&quot; is consistent with these obligations and will mitigate their potential exposure to losses that may arise from future financial downturns, thereby protecting taxpayers and reducing risk, key goals of the 2014 Scorecard and Strategic Plan.</p></li></ul><p><strong>(11) Do these draft eligibility requirements affect the ability of state insurance regulators to regulate mortgage insurers?</strong></p><ul><li><p>No.&#160; The state insurance commissioner or department in the state in which the company is domiciled, as well as states where the company is licensed to do business, regulate mortgage insurers.&#160; These draft eligibility requirements are designed to allow Fannie Mae and Freddie Mac to manage their counterparty relationships with their &quot;Approved Insurers&quot; effectively and consistently, and reduce taxpayer risk exposure.&#160; The draft eligibility requirements do not limit or affect the ability of state insurance commissioners to regulate &quot;Approved Insurers&quot; licensed in their state.&#160; These draft requirements do not displace state laws and regulations.</p></li></ul><p><strong>(12) How are these draft eligibility requirements different from the current business practices of Fannie Mae and Freddie Mac?</strong></p><ul><li><p>The draft eligibility requirements are more specific and clear than those in each Enterprise's existing requirements.&#160; For instance, the draft financial requirements focus on a risk-based evaluation of each &quot;Approved Insurer's&quot; portfolio measured against the liquid capital investments that would be necessary to pay claims under a scenario of significant market stress.&#160; The existing financial requirements are less specific, focusing instead on business scope, compliance with state law, reliance on ratings given by nationally recognized ratings agencies and other non-specific financial metrics.</p></li></ul><p><strong>(13) What does the White Paper on FHFA Mortgage Analytics Platform have to do with the draft eligibility requirements?</strong></p><ul><li><p>The Platform supports FHFA's strategic plan and is one of the tools FHFA uses in policy analysis.&#160; In the case of the draft eligibility requirements, FHFA used the platform to project remaining life of coverage claims on Enterprise loans with mortgage insurance.&#160;&#160; The projected claims were disaggregated into segments based on vintage, credit score, and LTV.&#160;&#160; The risk based required asset factors in Exhibit A were calculated as the projected claims in each segment divided by the risk-in-force for that segment.&#160; A description of the platform is available at <a href="/PolicyProgramsResearch/Research/Pages/FHFA-MORTGAGE-ANALYTICS-PLATFORM.aspx">FHFA Mortgage Analytics Platform</a>. </p></li></ul>7/10/2014 7:58:59 PM985http://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Requests Input on Draft Private Mortgage Insurer Eligibility Requirements for Fannie Mae and Freddie Mac Counterparties459<p> <strong>​​Washington, DC</strong> – The Federal Housing Finance Agency (FHFA) is seeking input on draft requirements that would apply to private mortgage insurance companies that insure mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac.&#160; These requirements would apply only to private mortgage insurers that are currently approved to do business with Fannie Mae or Freddie Mac and those seeking approval in the future.&#160;&#160;&#160;</p><p>&quot;Mortgage insurance counterparties must be able to fulfill their intended role of providing private capital, even in adverse market conditions,&quot; said FHFA Director Mel Watt.&#160; &quot;FHFA's Strategic Plan calls on Fannie Mae and Freddie Mac to strengthen the requirements for private mortgage insurance companies that do business with them in order to reduce Fannie Mae's and Freddie Mac's overall risk exposure and protect taxpayers.&quot;</p><p>Fannie Mae and Freddie Mac are required by their charters to obtain an acceptable form of credit enhancement, such as private mortgage insurance, for loans they purchase or securitize that have loan-to-value ratios that exceed 80 percent.&#160; Pursuant to this obligation, each Enterprise has maintained eligibility requirements for approved mortgage insurers for many years.&#160; Private mortgage insurance from a sound counterparty helps reduce the credit risk exposure to Fannie Mae and Freddie Mac and shifts the first-loss exposure from taxpayers to the private market.&#160; </p><p>As Conservator, FHFA has directed Fannie Mae and Freddie Mac to revise, expand and align their risk management requirements for mortgage insurance counterparties. &#160;The draft Private Mortgage Insurer Eligibility Requirements reflect a multi-year effort to produce a clear and comprehensive set of standards.&#160; The updated financial requirements incorporate a new, risk-based framework that ensures that approved insurers have a sufficient level of liquid assets from which to pay claims.&#160; The draft requirements also include enhanced operational performance expectations and define remedial actions that would apply should an approved insurer fail to comply with the revised requirements.&#160; FHFA, Fannie Mae and Freddie Mac have consulted with state insurance commissioners and private mortgage insurers that are currently approved to do business with Fannie Mae or Freddie Mac regarding the draft requirements.</p><p>FHFA is requesting input for itself and the Enterprises within 60 days or by September 8, 2014. &#160;Input should be submitted to the Federal Housing Finance Agency, Division of Housing Mission and Goals, 400 7th Street, SW, Ninth Floor, Washington, DC &#160;20024 &#160;Attn&#58;&#160; Mortgage Insurance Eligibility Project or via FHFA.gov.</p><p>&#160;</p><p> <em>Links&#58;</em><br><a href="/SupervisionRegulation/RegulationFederalRegister/Pages/Open-for-Comment.aspx">Link to Request for Input</a> <br> <a href="/Media/PublicAffairs/Pages/Draft-PMIERs-FAQs.aspx">Frequently Asked Questions (links directly to FAQs)&#160;&#160;</a>&#160;&#160; <br> <a href="/PolicyProgramsResearch/Policy/Documents/PMIERs/PMIERs-Overview.pdf">Link to Overview and Questions for Consideration</a><br> <a href="/PolicyProgramsResearch/Policy/Documents/PMIERs/Draft-PMIERs.pdf">Link to Draft PMIERs</a><br><a href="/PolicyProgramsResearch/Research/Pages/FHFA-MORTGAGE-ANALYTICS-PLATFORM.aspx">Link to White Paper on FHFA Mortgage Analytics Platform</a></p><p style="text-align&#58;center;"> <strong></strong>&#160;</p>7/10/2014 8:18:15 PM5790http://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Fannie Mae and Freddie Mac Foreclosure Prevention Actions Near 3.2 Million Through First Quarter1205<p><strong>Washington, D.C. –&#160;</strong>Fannie Mae and Freddie Mac have completed nearly <strong>3.2 million</strong> foreclosure prevention actions since the start of the conservatorships in 2008, with approximately <strong>88,800</strong> actions occurring in the first quarter. &#160;These measures have helped more than<strong> 2.6 million </strong>borrowers stay in their homes, including <strong>1.6 million </strong>who received permanent loan modifications.&#160; </p><p>These actions are detailed in the Federal Housing Finance Agency's quarterly <em>Foreclosure Prevention Report, </em>which details activities by state in an online, interactive <a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx">Borrower Assistance Map</a> for Fannie Mae and Freddie Mac mortgages.&#160; </p><p>Also noted in the report&#58; </p><ul style="list-style-type&#58;disc;"><li style="padding&#58;0px;margin&#58;0px;"><p>Forty-two percent of all permanent loan modifications helped to reduce homeowners' monthly payments by more than 30 percent in the first quarter.</p></li><li style="padding&#58;0px;margin&#58;0px;"><p>Approximately 27 percent of borrowers who received permanent loan modifications in the first quarter had portions of their mortgage balance forborne.</p></li><li style="padding&#58;0px;margin&#58;0px;"><p>Approximately 14,900 short sales and deeds-in-lieu were completed in the first quarter, bringing the total to more than 566,800 since the start of the conservatorships. </p></li><li style="padding&#58;0px;margin&#58;0px;"><p>Third-party sales and foreclosure sales fell slightly to 47,300 while foreclosure starts decreased 25 percent in the first quarter.</p></li><li style="padding&#58;0px;margin&#58;0px;"><p>While the total number of troubled borrowers continued to decline, 31 percent of these borrowers remained deeply delinquent at the end of the first quarter.&#160; Florida, New York and New Jersey have the highest number of deeply delinquent loans (365+ days). </p></li></ul><p><a href="/AboutUs/Reports/Pages/FHFA-First-Quarter-2014-Foreclosure-Prevention-Report.aspx">&#160;Link to Report</a></p>6/27/2014 2:00:34 PM789http://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Federal Property Manager's Report - March 20141207<table width="100%" class="ms-rteTable-0" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width&#58;10%;">​​<a href="/AboutUs/Reports/ReportDocuments/6262014FPMReporttoCongressMarch.pdf"><img src="/AboutUs/Reports/PublishingImages/Q1-2014_Foreclosure-Prevention-Thumb.png" alt="" style="margin&#58;5px;width&#58;100px;height&#58;132px;" /></a></td><td class="ms-rteTableOddCol-0" style="width&#58;50%;">​<span style="line-height&#58;22px;font-variant&#58;normal;font-style&#58;normal;">​</span><span style="line-height&#58;22px;font-variant&#58;normal;font-style&#58;normal;"></span><span style="line-height&#58;22px;font-variant&#58;normal;font-style&#58;normal;color&#58;#444444;">The Federal Housing Finance Agency’s (FHFA) Federal Property Manager’s report is transmitted to Congress&#160;in accordance with Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA), titled Assistance to Homeowners. Section 110 of EESA directs Federal Propert</span><span style="line-height&#58;22px;font-variant&#58;normal;font-style&#58;normal;color&#58;#444444;">y Managers (FPM) to develop and implement plans to maxim​​ize 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></td></tr></tbody></table>6/27/2014 2:10:56 PM236http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

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