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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 PM603http://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 PM641http://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 PM2791http://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 PM517http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - January 201517601<h2>January 2015 Highlights</h2><p></p><ul><li>Refinance volume decreased in January 2015. Mortgage rates continued to fall from the highs observed in late 2013. In January the average interest rate on a 30 year fixed rate mortgage reached 3.67 percent.</li><li>In January 2015, 10,591 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,281,045.</li><li>HARP volume represented 7 percent of total refinance volume in January 2015.</li><li>In January 2015, borrowers with loan-to-value ratios greater than 105 percent accounted for 25 percent of the volume of HARP loans.</li><li>In January 2015, 9 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.</li><li>In January 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>In January 2015, HARP refinances represented 17 percent of total refinances in Florida and 16 percent in Georgia, more than double the 7 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.<br></li></ul>3/25/2015 3:06:21 PM599http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - January 201517594<p>​The FHFA House Price Index (HPI) reported a&#160;0.3 percent&#160;increase in U.S. house prices in&#160;January from the previous month.&#160;&#160;From&#160;January&#160;2014 to January&#160;2015, house prices were up&#160; 5.1&#160;percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from&#160;December 2014 to&#160;January&#160;2015 ranged from&#160;-0.4&#160;percent in the&#160;Middle Atlantic and South Atlantic divisions to +2.3&#160;percent in the&#160;East South Central&#160;division.&#160; The 12-month changes were all positive ranging from +1.7&#160;percent in the&#160;Middle Atlantic division to +8.2&#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><p><a href="/Media/PublicAffairs/Pages/FHFA-House-Price-Index-Up-0-3-Percent-in-January-2015.aspx">Related News Release</a></p>3/24/2015 1:01:08 PM2726http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Progress Report on the Implementation of FHFA's Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac17567<p>​This Progress Report details&#160;the initiatives outlined in the 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac and the 2014 Conservatorship Scorecard. &#160;The report describes activities Fannie Mae and Freddie Mac undertook in 2014 to further FHFA’s conservatorship goals&#58; <strong>Maintain</strong>, <strong>Reduce</strong>, and <strong>Build</strong>. &#160;&#160;</p><p><a href="/Media/PublicAffairs/Pages/FHFA-Report-Details-Progress-on-the-2014-Strategic-Plan-for-Fannie-and-Freddie-Conservatorships.aspx">Link to Related News Release</a>​</p>3/16/2015 4:00:55 PM647http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Federal Property Manager's Report - November 201417409<p>​<span style="font-size&#58;10.5pt;font-family&#58;arial, sans-serif;color&#58;#404040;border&#58;1pt none windowtext;padding&#58;0in;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></p>2/10/2015 3:01:54 PM470http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Annual Performance Plan - FY 201517402<p>​<span style="line-height&#58;22px;">The FY 2015&#160;Annual Performance Plan describes what FHFA will do during the year to achieve the goals and objectives described in the Strategic&#160;</span><span style="line-height&#58;22px;">Plan. FHFA’s Annual Performance Plan has four major components&#58; (1) strategic goals, (2) performance goals, (3) performance measures, and (4) means and strategies to accomplish the goals.</span></p>2/9/2015 10:44:46 PM790http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - November 201417210<h3> <strong>November 2014 Highlights</strong></h3><div> <br> &#160;</div><div><ul><li><span style="line-height&#58;1.6;">Refinance volume decreased slightly in November, continuing a trend of minor increases and decreases throughout the year. Mortgage rates have fallen from the highs observed in late 2013. In November the average interest rate on a 30 year fixed rate mortgage reached 4.0 percent.</span><br></li><li><span style="line-height&#58;1.6;">In November 2014, 12,492 refinances were completed through HARP, bringing the total refinances through HARP from the&#160;</span><span style="line-height&#58;1.6;">inception of the program to 3,259,291.</span><span style="line-height&#58;1.6;">​</span></li><li><span style="line-height&#58;1.6;">HARP volume represented 9 percent of total refinance volume in November 2014.</span><br></li><li><span style="line-height&#58;1.6;">In November 2014, 9 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.</span><br></li><li><span style="line-height&#58;1.6;">Year to date through November 2014, borrowers with loan-to-value ratios greater than 105 percent accounted for 28 percent of&#160;</span><span style="line-height&#58;1.6;">the volume of HARP loans.</span></li><li><span style="line-height&#58;1.6;">Year to date through November 2014, 25 percent of HARP refinances for underwater borrowers were for shorter-term 15- and&#160;</span><span style="line-height&#58;1.6;">20-year mortgages, which build equity faster than traditional 30-year mortgages.</span></li><li><span style="line-height&#58;1.6;">Year to date through November 2014, HARP refinances represented 30 percent of total refinances in Georgia and 29&#160;</span><span style="line-height&#58;1.6;">percent in Florida, nearly double the 15 percent of total refinances nationwide over the same period.</span></li><li><span style="line-height&#58;1.6;">Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did&#160;</span><span style="line-height&#58;1.6;">not refinance through the program.</span></li></ul></div><div> <br> &#160;</div>1/16/2015 6:00:34 PM926http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

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