This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2022 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
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As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
1.
Operate the business in a safe and sound manner.
2.
Promote sustainable and equitable access to affordable housing.
2023 Scorecard
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
Source: FHFA
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Glossaries
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The Report provides a comprehensive picture of how Fannie Mae and Freddie Mac (the Enterprises) transfer a substantial portion of credit risk to the private sector through a variety of transactions in both the single-family and multifamily markets.
In 2021, the Enterprises collectively achieved the highest level of single-family CRT issuance volume since the inception of the CRT programs. The Enterprises transferred a portion of credit risk on $1.1 trillion of unpaid principal balance (UPB) in 2021, an increase of $404 billion or 62 percent from 2020. The record level of annual single-family CRT issuances was influenced by the significant amount of mortgage refinance activity in 2020 and 2021, primarily as a result of historically low average mortgage rates.
The single-family CRT activity at Fannie Mae was lower than Freddie Mac in 2021, as Fannie Mae did not re-enter the CRT market until the fourth quarter of 2021.
From 2013 through the end of 2021, the Enterprises transferred risk on approximately $5.2 trillion of UPB, with a total Risk in Force (RIF) of $162 billion, or 3.1 percent of UPB. Securities issuances (CAS and STACR) accounted for 67 percent of total RIF of CRT issuances.
In 2021, the Enterprises transferred risk on $1.1 trillion of UPB with a total RIF of $25 billion. Securities issuances accounted for 57 percent of RIF, and reinsurance transactions accounted for 43 percent of RIF.
See the document below for more detailed information.
