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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



FHLBank Unsecured Credit Exposure Reporting18085<p><strong></strong>&#160;</p><p><strong>ADVISORY BULLETIN</strong></p><p><strong>AB 2015-04</strong></p><p><strong>FHLBANK UNSECURED CREDIT EXPOSURE REPORTING </strong></p><p><strong>&#160;</strong></p><p><span style="text-decoration&#58;underline;"><strong><em>Introduction</em></strong></span></p><p>This Advisory Bulletin (AB) applies to the Federal Home Loan Banks (FHLBanks) and the Office of Finance (OF), and describes changes to the manner in which the FHLBanks are to report their unsecured credit exposures.&#160; The AB provides guidance to the FHLBanks in fulfilling the requirements of Section 932.9(e)(1), Section 932.9(e)(2), Section 1273.6(f), and Section 1260.2 of the Federal Housing Finance Agency (FHFA) regulations, which pertain to FHLBank reporting requirements and OF monitoring requirements, as described below.&#160; This AB replaces and supersedes the Federal Housing Finance Board guidance on unsecured credit reporting requirements provided by AB-02-07, dated August 27, 2002.&#160; </p><p><span style="text-decoration&#58;underline;"><strong><em>Background</em></strong></span></p><p>Section 932.9(e)(1) of FHFA regulations provides that each FHLBank must periodically report to the FHFA certain information regarding its unsecured credit exposures.&#160; In recent years, the FHLBanks fulfilled this requirement by reporting their unsecured credit exposures by counterparty to the OF, which compiles the data into a consolidated monthly report and provides that information to FHFA.&#160; Under Section 1273.6(f) of FHFA regulations, OF is required to monitor and compile relevant data on each FHLBank and the FHLBank System's unsecured credit exposures to individual counterparties.&#160; </p><p>Section 932.9(e)(2) separately requires each FHLBank to report similar information on their combined secured and unsecured extensions of credit to individual counterparties.&#160; In accordance with AB-02-07, the FHLBanks currently report this information to FHFA through their call reports.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </p><p>In addition to the above processes, FHFA has issued a special data request (SDR), SDR-2011-04, pursuant to which it requires the FHLBanks to report certain unsecured credit information on a weekly basis.&#160; Information collected under this SDR is shared with the FHLBanks and OF as set forth in part 1260 of FHFA regulations (Sharing of Information among the Federal Home Loan Banks).&#160; </p><p>In coordination with FHLBank and OF representatives, FHFA has developed a new reporting process whereby the FHLBanks will submit information required under Section 932.9(e)(1) directly to FHFA, instead of reporting it to OF.&#160; Effective June 30, 2015, all FHLBanks should submit information directly to FHFA through the new extranet reporting interface developed to satisfy regulatory reporting requirements related to unsecured credit.&#160; Existing FHFA Call Report System requirements concerning FHLBank combined secured and unsecured exposures to individual counterparties remain in force and unchanged.</p><p><span style="text-decoration&#58;underline;"><strong><em>Guidance</em></strong></span></p><p><strong>Section 932.9(e)(1) Reporting</strong></p><p>Section 932.9(e)(1) of FHFA regulations requires each FHLBank to report monthly the total amount of unsecured credit extensions to any single counterparty that exceeds five percent of the FHLBank's total capital or five percent of the counterparty's Tier 1 capital.&#160; If the FHLBank has extended unsecured credit to affiliated counterparties, it must use the affiliates' combined Tier 1 capital for these calculations.&#160; </p><p>The FHLBanks have been fulfilling these reporting requirements by reporting their unsecured credit exposures by counterparty to the OF, which uses the data to prepare a consolidated monthly report for FHFA.&#160; Under the new reporting requirement, information about FHLBank capital and counterparty Tier 1 capital amounts used to evaluate maximum allowable counterparty exposure will now come directly from information that FHFA collects. &#160;</p><p>With implementation of the new reporting process, the FHLBanks should submit monthly reports on unsecured extensions of credit by counterparty to the FHFA through the new extranet reporting portal.&#160; FHLBanks should no longer submit FHFA-required information on unsecured credit exposures to OF.&#160; Information on the FHLBanks' net derivative exposures to particular counterparties will also ultimately be included in the new reporting requirements and submitted through the same portal.&#160; </p><p>With these changes to the FHLBanks' unsecured credit reporting requirements, FHFA has determined that the FHLBanks need not continue to submit the weekly reports of their unsecured credit exposures required by SDR-2011-04.&#160; Although a separate SDR will be forthcoming, the reporting system outlined in this AB will be effectively immediately.&#160;&#160;&#160;&#160;&#160; </p><p><strong>Section 932.9(e)(2)</strong><strong>&#160; </strong><strong>Reporting</strong></p><p>FHLBanks should continue to report through the Call Report System the information required by Section 932.9(e)(2) of FHFA regulations regarding total extensions of secured and unsecured credit to any single counterparty or group of affiliated counterparties that exceeds five percent of the FHLBank's total assets.&#160; FHLBank assets should be determined as of the same month-end as the month in which the FHLBanks made the extension of credit.&#160; </p><p><strong>Section 1273.6(f) Monitoring</strong></p><p>Section 1273.6(f) of FHFA regulations requires the OF to monitor and compile relevant data on each FHLBank's and the System's unsecured credit exposures to individual counterparties.&#160; Currently, OF carries out those responsibilities based on the unsecured credit exposure data that the FHLBanks submit to OF each month.&#160; With implementation of the new reporting interface, the OF will have access through the FHFA extranet to Bank-reported unsecured credit data and will be able to monitor and compile relevant data on unsecured credit exposures in that manner.&#160; </p><p><strong>Section 1260.2(a) Bank Information to be Shared</strong></p><p>Section 1260.2(a) of FHFA regulations requires FHFA to distribute to the FHLBanks and the OF financial and supervisory information regarding each FHLBank and the System.&#160; FHFA's information sharing notice, which sets forth the categories of information to be distributed to the FHLBanks, states that the information contained in the weekly report on each&#160; FHLBank and the FHLBanks' collective unsecured credit exposures should be shared with all FHLBanks.&#160; Under the new reporting process implemented by this AB, this weekly report will be discontinued and will be replaced by the monthly report to FHFA, as described above.&#160; FHFA, therefore, will share the monthly data on unsecured exposures with the FHLBanks and will make appropriate modifications to the existing information sharing notice through a separate document.&#160;&#160;&#160;&#160;&#160;&#160; </p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width&#58;100%;">Advisory bulletins communicate guidance to FHFA supervision staff and the regulated entities on specific supervisory matters pertaining to the FHLBanks, Fannie Mae, and Freddie Mac. &#160;If you have any questions on this AB, please contact the Division of Federal Home Loan Bank Regulation's Principal Examiner Jack Phelps at <a href="mailto&#58;jack.phelps@fhfa.gov"><span style="text-decoration&#58;underline;">jack.phelps@fhfa.gov</span></a> or 202-649-3522 or Associate Director- <em>Safety and Soundness Examinations</em> Gary L. Bucher at <a href="mailto&#58;gary.bucher@fhfa.gov"><span style="text-decoration&#58;underline;">gary.bucher@fhfa.gov</span></a> or 202-649-3522.</td></tr></tbody></table>7/1/2015 2:52:05 PMhttp://www.fhfa.gov/SupervisionRegulation/AdvisoryBulletins/Pages/Forms/AllItems.aspxhtmlFalseaspx
Fannie Mae and Freddie Mac Single-Family Guarantee Fees in 201418078<p>The Housing and Economic Recovery Act of 2008 (HERA) requires the Federal Housing Finance Agency (FHFA) to submit reports to Congress annually on the guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises). HERA requires an analysis of fees by product type, risk class, and the volume of a lender’s business. The report must also analyze the costs of providing the guarantee and provide a comparison to the prior year. FHFA issued the first such report in 2009. This report covers guarantee fees charged in 2014. </p><p> Among the major findings of this report are&#58; </p><ul><li>Overall, the average level of guarantee fees charged has increased since 2009. The guarantee fees are currently two-and-a-half times their previous level; from 2009 to 2014, average fees increased from 22 basis points to 58 basis points. From 2013 to 2014, average fees increased from 51 basis points to 58 basis points. </li><li>In 2014, primarily because of changes in the models the Enterprises use to estimate the capital necessary to support their mortgage guarantee business, gaps on 30-year fixed rate loans were more negative and gaps on 15-year loans were more positive than in 2013. While the gap on 30-year fixed rate loans was negative relative to targeted return on capital, the returns on capital were positive. </li><li>The percentage of loans that the Enterprises purchased from small lenders grew substantially in 2014, while pricing differences between small sellers and large sellers remained small. </li></ul><p>In April 2015, FHFA completed a comprehensive review of the agency's policy for guarantee fees charged by the Enterprises to lenders. FHFA decided not to change the general level of fees. However, FHFA made certain minor and targeted fee adjustments. Overall, the set of modest changes to guarantee fees is roughly revenue neutral and will result in little or no change for most borrowers. </p><p><a href="/Media/PublicAffairs/Pages/FHFA-Releases-Annual-Guarantee-Fee-Report-6302015.aspx">Related News Release</a></p>6/30/2015 2:00:37 PM433http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Quarterly Performance Report of the Housing GSEs - First Quarter 201518072<h2 style="font-style&#58;normal;font-variant&#58;normal;">​The Enterprises</h2><p style="font-style&#58;normal;font-variant&#58;normal;"> <em>(Freddie Mac and Fannie Mae)</em></p><ul><li>Combined first quarter earnings of&#160;$2.4&#160;billion compared to $1.5&#160;billion in the fourth quarter of&#160;2014</li><li>Losses on derivatives of $4.2&#160;billion driven by a decrease in longer-term swap rates during the quarter</li><li>Loan loss reserves decreased $8.4&#160;billion during the quarter, mostly due to increased charge-offs as both Enterprises adopted new regulatory guidance issued by FHFA that changed the guidelines for when a loan is determined to be uncollectable</li><li>Enterprise MBS issuance remained relatively level at 70% of total iss<span style="line-height&#58;22px;">uances</span></li></ul><p></p><h2>The Federal Home Loan Bank System</h2><p></p> <ul><li>Aggregate first quarter income of $1.0&#160;billion&#160;compared to $553 million in the fourth quarter of&#160;2014</li><li>The FHLBank of San Francisco received a litigation settlement of $459 million</li><li>Aggregate advances decreased by 5.0&#160;percent over year-end&#160;2014&#160;to $542.2 billion</li><li>Advances make up 61.5&#160;percent of assets and 66.6 percent of consolidatated obligations</li><li>Aggregate retained earnings increased to $13.8&#160;billion</li><li>The FHLBank of Seattle divested its entire private-label MBS portfolio in preparation to merge with the FHLBank of Des Moines</li></ul>6/29/2015 3:00:43 PM369http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Index Shows Mortgage Interest Rates Decreased in May18050<p><strong>Washington, D.C.</strong> – Nationally, interest rates on conventional purchase-money mortgages decreased from April to May, according to several indices of new mortgage contracts. </p><p><strong>The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index </strong>was 3.75 percent for loans closed in late May, down 3 basis points from 3.78 percent in April. &#160;</p><p><strong>The average interest rate on all mortgage loans </strong>was 3.75 percent, down 3 basis points from 3.78 in April.</p><p><strong>The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less </strong>was 3.90 percent, a decrease of 3 basis points from 3.93 in April.</p><p><strong>The effective interest rate on all mortgage loans </strong>was 3.90 percent in May, down 4 basis points from 3.94 percent in April. &#160;The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.</p><p><strong>The average loan amount </strong>for all loans was $310,900 in May, up $300 from $310,600 in April.</p><p>FHFA will release June index values Thursday, July 30, 2015.</p><p>For more information, call David Roderer at (202) 649-3206. To hear recorded index information, call (202) 649-3993. &#160;To find the complete contract rate series, go to <a href="/DataTools/Downloads/Pages/Monthly-Interest-Rate-Data.aspx">http&#58;//www.fhfa.gov/DataTools/Downloads/Pages/Monthly-Interest-Rate-Data.aspx</a>​. &#160; ​</p><p><img alt="NACMR-June24_2015.JPG" src="/Media/PublicAffairs/PublishingImages/Pages/FHFA-Index-Shows-Mortgage-Interest-Rates-Decreased-in-May-2015/NACMR-June24_2015.JPG" style="margin&#58;5px;" /><br>Technical note&#58; The indices are based on a small monthly survey of mortgage lenders, which may not be representative. &#160;The sample is not a statistical sample but is rather a convenience sample. Survey respondents were asked to report terms and conditions of all conventional, single-family, fully amortized purchase-money loans closed during the last five working days of the month. &#160;The indices do not include mortgages guaranteed or insured by either the Federal Housing Administration or the U.S. Department of Veterans Affairs. &#160;The indices also excluded refinancing loans and balloon loans.&#160; May 2015 values are based on 5,502 reported loans from 16 lenders, which include savings associations, mortgage companies, commercial banks, and mutual savings banks.&#160;&#160;&#160;&#160; </p>6/25/2015 12:30:15 PM626http://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA House Price Index Up 0.3 Percent in April 201518025<p>​<strong>Washington, D.C.</strong> – U.S. house prices rose in April, up <strong>0.3 percent </strong>on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI).&#160; The previously reported 0.3 percent change in March remains unchanged. </p><p>The FHFA HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.&#160; From April 2014 to April 2015, house prices were up <strong>5.3 percent</strong>.&#160; The U.S. index is <strong>2.3 percent </strong>below its March 2007 peak and is roughly the same as the February 2006 index level.&#160; </p><p>For the nine census divisions, seasonally adjusted monthly price changes from March 2015 to April 2015 ranged from <strong>-0.8 percent </strong>in the East North Central division to <strong>+1.4 percent </strong>in the West North Central division.&#160; The 12-month changes were all positive, ranging from <strong>+2.3 percent </strong>in the Middle Atlantic division to <strong>+7.5 percent </strong>in the Pacific division.</p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages.&#160; Complete historical data are available on the <a href="/DataTools/Downloads/Pages/House-Price-Index.aspx">Downloadable HPI Data page.</a> </p><p>For detailed information on the monthly HPI, see <a href="/Media/PublicAffairs/Pages/Housing-Price-Index-Frequently-Asked-Questions.aspx">HPI Frequently Asked Questions (FAQ)</a>.&#160; The&#160;next HPI report will be released July 22, 2015 and will include monthly data for May 2015.&#160; Future HPI release dates for 2015 are available on the <a href="/DataTools/Downloads/Pages/House-Price-Index.aspx#ReleaseDates">HPI Release Dates page</a>. &#160;</p>6/23/2015 1:00:34 PM1040http://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx

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