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 2017 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
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Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets.
MAINTAIN foreclosure prevention activities and credit availability, REDUCE taxpayer risk, and BUILD a new single-family securitization infrastructure. Read more in the 2018 Scorecard and Conservatorships Strategic Plan.
Plans and Reports
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.
HARP - the Home Affordable Refinance Program was created by FHFA specifically to help homeowners current on their mortgage payments, but underwater on their mortgages.
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Refinance volume increased slightly in June, but remained at levels more comparable to those observed in 2008 than in subsequent years. Mortgage rates have ranged between four to four and a half percent since June 2013. In June, the average interest rate on a 30 year fixed rate mortgage decreased from May to 4.16 percent.
In the second quarter of 2014, 54,041 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,188,926.
HARP volume represented 16 percent of total refinance volume in the second quarter of 2014.
In June 2014, 9 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.
Year to date through June 2014, borrowers with loan-to-value ratios greater than 105 percent accounted for 29 percent of the volume of HARP loans.
Year to date through June 2014, 25 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.
Year to date through June 2014, HARP refinances represented 37 percent of total refinances in Georgia and 35 percent in Florida, nearly double the 18 percent of total refinances nationwide over the same period.
Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.
Report News Release: "Refinances Tick Up in June" (8/20/2014)
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