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.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
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
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossaries
COVID-19 Resources
Seventy-six percent of all mortgage originations in the first quarter of 2013 were due to refinance volume. Refinance activity continued to be robust as mortgage rates remained low and Home Affordable Refinance Program (HARP) volume remained high driven by enhancements targeting deeply underwater borrowers. Fannie Mae and Freddie Mac accounted for $371 billion or 78 percent of mortgage-backed securities (MBS) issuance in the first quarter of 2013.
The quality of new business remained high during the quarter, as evidenced by average FICO credit scores of approximately 755. Purchases of non-traditional and higher-risk mortgages continued to be very low. The average loan-to-value (LTV) ratio for new business remained relatively level at approximately 75 percent as borrowers continued to utilize the Enterprises’ refinance programs, including HARP.
In the first quarter of 2013, Fannie Mae reported record earnings and Freddie Mac reported its second highest quarterly earnings. This quarter marks the fifth consecutive quarter that both Enterprises reported positive net income. For the quarter Fannie Mae and Freddie Mac reported net income of $58.7 billion and $4.6 billion, respectively, ending the quarter with net worth of $62.4 billion and $10.0 billion, respectively. Fannie Mae released a substantial portion of its deferred tax assets (DTA) valuation allowance resulting in the recognition of a $50.6 billion tax benefit in the first quarter of 2013, which boosted reported earnings for the quarter.
In the first quarter of 2013, both Enterprises reported a benefit for credit losses (i.e., a negative provision for credit losses). Continued improvement in national home prices (including sales prices of real estate owned (REO) properties), together with a shrinking delinquent loan count, reduced the need for further increases in loan loss reserves. This is the fifth consecutive quarter that both Enterprises have reduced loan loss reserves. The Enterprises generated $36 billion in total comprehensive income from the Single-Family Guarantee Segment in the first quarter of 2013.
The Investments and Capital Markets segment was a positive contributor to capital in the first quarter of 2013. Both Enterprises continued to benefit from low funding costs driven by the low interest rate environment, contributing to this segment generating $22 billion in total comprehensive income for the quarter.
Since conservatorship, the Enterprises have completed approximately 2.8 million foreclosure prevention actions. More than 2.3 million of these actions have helped troubled homeowners save their homes including over 1.3 million permanent loan modifications.
Cumulative Treasury draws remained unchanged at $187.5 billion. Both Enterprises ended the quarter with positive net worth, and as a result, neither Enterprise required a Treasury draw in the first quarter of 2013. The projected combined Treasury draws for the second half of 2012 and the first quarter of 2013 ranged from $3 billion to $20 billion. The primary driver of the difference between actual and projected performance was lower than projected provisions for credit losses and lower than projected mark-to-market losses. Lower provisions for credit losses were mainly driven by improved portfolio quality reflected in lower delinquencies and improvements in national home prices.