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 2018 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
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Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
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.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
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The Enterprises' Foreclosure Prevention Actions:
The Enterprises completed 8,156 foreclosure prevention actions in November, bringing the total to 4,398,274 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.
There were 4,851 permanent loan modifications in November, bringing the total to 2,384,609 since the conservatorships began in September 2008.
Twenty-eight percent of modifications in November were modifications with principal forbearance. Modifications with extend-term only accounted for 63 percent of all loan modifications during the month.
There were 424 short sales and deeds-in-lieu of foreclosure completed in November, down 17 percent compared with October.
The Enterprises' Mortgage Performance:
The serious delinquency rate decreased slightly from 0.65 percent at the end of October to 0.64 percent at the end of November.
The Enterprises' Foreclosures:
Third-party and foreclosure sales decreased 13 percent from 3,174 in October to 2,763 in November.
Foreclosure starts decreased slightly from 9,678 in October to 9,662 in November.
November 2019 Highlights -- Refinance Activities
Total refinance volume decreased in November 2019 as mortgage rates rose in previous months but remained near lows last observed in 2015. Mortgage rates increased in November: the average interest rate on a 30-year fixed rate mortgage rose to 3.70 percent from 3.60 percent in October.
The percentage of cash-out refinances increased to 40 percent in November but remained well below the peak observed in late 2018. Mortgage rates have fallen from the highs observed a year ago to lows last observed in 2015, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.
In November 2019, 3 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 7.
© 2019 Federal Housing Finance Agency