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Conservatorship Reports


 

The following reports provide an overview of Fannie Mae and Freddie Mac’s activities to fulfill the goals of the conservatorships to maintain credit availability, reduce risk to the taxpayer, and build a new single-family securitization infrastructure.



 

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Prepayment Monitoring Report - Third Quarter 20192745812/9/2019 5:00:00 AM<p>On June 3, 2019, Fannie Mae and Freddie Mac began issuing a new common mortgage-backed security, known as the Uniform Mortgage-Backed Securities or UMBS, through their jointly developed Common Securitization Platform, bringing to fruition important elements of FHFA's <a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx">2014 Strategic Plan for the Conservatorships of</a>&#160;<a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx">Fannie Mae and Freddie Mac</a>.&#160; On March 12, 2019 forward trading of UMBS began in the “To-Be-Announced&quot; (TBA) market <a href="#footNote1">[1]</a>, with first settlements of the UMBS trades coinciding with their initial issuance by the Enterprises on June 3, 2019.</p> <p>FHFA encouraged Fannie Mae and Freddie Mac to develop this new security to broaden and enhance liquidity in the secondary market for residential mortgages and to reduce costs to taxpayers.<a href="#footNote2">[2]</a>&#160; To address those goals, UMBS issued by Fannie Mae and Freddie Mac trade in the TBA market without regard to which Enterprise is the issuer, effectively merging the formerly separate markets for mortgage-backed securities issued by each Enterprise. </p><p>Consistency of prepayment rates is important to the success of UMBS and to the efficiency and liquidity of the secondary mortgage market.&#160; Some industry stakeholders have expressed concern that the rates of prepayment of the Enterprises' securities might materially diverge and undermine their fungibility.&#160; FHFA has taken a number of steps to promote the continued consistency of prepayment rates of Fannie Mae- and Freddie Mac-issued mortgage-backed securities (MBS).&#160; This quarterly report provides market participants additional transparency into a sample of the data FHFA receives and reviews on a monthly basis.</p><p>Ex post monitoring of prepayment rates is part of a broader effort to assure investors that cash flows from UMBS will be similar regardless of which Enterprise is the issuer.&#160; This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises' TBA-eligible MBS,<a href="#footNote3">[3]</a> where a cohort consists of those Enterprise TBA-eligible securities with the same coupon, maturity, and loan-origination year and total combined issuance across the Enterprises exceeds $10 billion.&#160; A prepayment on a mortgage loan is the amount of principal paid in advance of the loan's scheduled payments. &#160;Full prepayment occurs when a borrower pays off the loan ahead of the scheduled maturity.&#160; If a borrower defaults on the mortgage loan, the Enterprise will pay investors the remaining principal balance and remove the loan from the MBS.&#160; That action has the same effect on investors as a full prepayment. &#160;Partial prepayment occurs when a borrower pays principal in addition to the regularly scheduled payment of principal and interest. <br></p><p> <a name="footNote1">[1]</a> The TBA market is a forward market for certain mortgage-backed securities, including those issued by Fannie Mae and Freddie Mac.</p><p> <a name="footNote2">[2]</a> See <a href="/AboutUs/Reports/ReportDocuments/Single%20Security%20Update%20final.pdf"> <span style="text-decoration&#58;underline;"> <em>An Update on the Structure of the Single Security</em></span></a>, May 2015, p. 4</p><p> <a name="footNote3">[3]</a> To avoid double counting, only first-level securitizations are included in the analysis. Second-level securitizations (Megas, Giants, and Supers) are excluded, with the exception of fastest quartile analyses in which case multi-lender second-level securitizations are included.&#160;&#160;&#160;<br>&#160;</p>12/9/2019 4:00:25 PMHome / About FHFA / Reports / Prepayment Monitoring Report - Third Quarter 2019 Prepayment Monitoring 354https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Enterprise Non-Performing Loan Sales Report - June 20193010912/2/2019 5:00:00 AM<p>The Federal Housing Finance Agency (FHFA) today released its semiannual report&#160;providing information about the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises).&#160; The <a href="/AboutUs/Reports/ReportDocuments/June-2019_NPL-Sales-Report.pdf"> <em> Enterprise Non-Performing Loan Sales Report</em>&#160;</a>includes information about NPLs sold through June 30, 2019 and reflects borrower outcomes on NPLs sold through December 2018 and reported through June 30, 2019.&#160; The sale of NPLs reduces the number of delinquent loans in the Enterprises' portfolios.&#160; FHFA and the Enterprises impose <a href="/Media/PublicAffairs/Pages/Non-Performing-Loan-Sale-Guidelines.aspx"> requirements</a> on NPL buyers designed to achieve more favorable outcomes for borrowers than&#160;foreclosure.&#160;&#160;This report shows that, through June 30, 2019, the Enterprises sold 117,466 NPLs representing a total unpaid principal balance (UPB) of $22.2 billion.</p><p> <em><a href="/Media/PublicAffairs/Pages/FHFA-Releases-Report-on-Non-performing-Loan-Sales_12-2019.aspx">Related News Release</a></em></p>12/2/2019 6:00:45 PMHome / About FHFA / Reports / Enterprise Non-Performing Loan Sales Report - June 2019 Enterprise 233https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Credit Risk Transfer Progress Report 2Q20192574811/12/2019 5:00:00 AM<p style="font-style&#58;normal;">​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.&#160;<br></p><font color="#000000" face="Times New Roman" size="3"></font><font color="#000000" face="Times New Roman" size="3"></font><font color="#000000" face="Times New Roman" size="3"></font><font color="#000000" face="Times New Roman" size="3"></font><p style="font-style&#58;normal;">From the beginning of the Enterprises' Single-Family CRT programs in 2013 through the second quarter&#160;of 2019,&#160;Fannie Mae and Freddie Mac&#160;have transferred a portion of credit risk on $3.1&#160;trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of about $102&#160;billion, or 3.3 percent of UPB. An additional $1.4&#160;trillion of UPB and $346&#160;billion of RIF has been transferred to primary mortgage insurers from 2013 through the second quarter&#160;of 2019.&#160;Through CRT and mortgage insurance, the majority of the underlying mortgage credit risk on mortgages targeted for CRT has been transferred to private investors.<br></p><p><a href="/Media/PublicAffairs/Pages/FHFA-Updates-Progress-on-FNM-and-FRE-Transfer-Programs-111219.aspx">Related News Release</a>​<br></p>11/12/2019 6:00:47 PMHome / About FHFA / Reports / Credit Risk Transfer Progress Report 2Q2019 Credit Risk Transfer Progress 425https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - August 20193284211/8/2019 5:00:00 AM<h3 style="margin&#58;0px;font-weight&#58;900;font-family&#58;lato, sans-serif;color&#58;#404040;font-size&#58;20px;border&#58;0px;font-stretch&#58;inherit;vertical-align&#58;baseline;padding&#58;0px;background-color&#58;#ffffff;">​August 2019&#160;Highlights -- Foreclosure Prevention&#160;<br></h3><p style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;padding&#58;0px;background-color&#58;#ffffff;color&#58;#404040 !important;"><span style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;inherit;line-height&#58;inherit;font-family&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;font-weight&#58;700 !important;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><ul style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;"><div style="border&#58;0px;font&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;">The Enterprises completed 8,464&#160;foreclosure prevention actions in August, bringing the total to 4,372,944&#160;since the start of the conservatorships in September 2008.&#160;Over half of these actions have been permanent loan modifications.</div></li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;"><div style="border&#58;0px;font&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;">There were 5,721&#160;permanent loan modifications in August, bringing the total to 2,368,691&#160;since the conservatorships began in September 2008.</div></li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;"><div style="border&#58;0px;font&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;">Twenty-nine&#160;percent of modifications in August were modifications with principal forbearance. Modifications with extend-term only accounted for 65&#160;percent of all loan modifications during the month.</div></li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;"><div style="border&#58;0px;font&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;">There were 432 short sales and deeds-in-lieu of foreclosure completed in August, down 4&#160;percent compared with July.</div></li></ul><p style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;padding&#58;0px;background-color&#58;#ffffff;color&#58;#404040 !important;"><span style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;inherit;line-height&#58;inherit;font-family&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;font-weight&#58;700 !important;">The Enterprises' Mortgage Performance&#58;</span></p><ul style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;">The serious delinquency rate remaiined unchaged at 0.65&#160;percent at the end of August&#160;from&#160;July.<br></li></ul><p style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;padding&#58;0px;background-color&#58;#ffffff;color&#58;#404040 !important;"><span style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;inherit;line-height&#58;inherit;font-family&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;font-weight&#58;700 !important;">The Enterprises' Foreclosures&#58;</span></p><ul style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;">Third-party and foreclosure sales decreased slightly&#160;from 3,328&#160;in July to 3,321&#160;in August.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;">Foreclosure starts decreased from 10,054&#160;in July to 8,941&#160;in August.<br></li></ul><h3 style="margin&#58;0px;font-weight&#58;900;font-family&#58;lato, sans-serif;color&#58;#404040;font-size&#58;20px;border&#58;0px;font-stretch&#58;inherit;vertical-align&#58;baseline;padding&#58;0px;background-color&#58;#ffffff;">​August 2019&#160;Highlights -- Refinance Activities&#160;<br></h3><ul style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;"><div style="border&#58;0px;font&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;">Total refinance volume increased in August 2019 as mortgage rates fell in previous months. Mortgage rates decreased in August&#58; the average interest rate on a 30-year fixed rate mortgage fell to 3.62 percent from 3.77 percent in July.<br></div></li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;"><div style="border&#58;0px;font&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;">The percentage of cashout refinances decreased as mortgage rates fell in previous months, creating more opportunities for non cashout borrowers to refinance at lower rates and lower their monthly payments.&#160;<br></div></li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;"><div style="border&#58;0px;font&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;">In August 2019, borrowers completed 2 refinances through HARP, bringing total refinances since the inception of the program to 3,495,410.<br></div></li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;"><div style="border&#58;0px;font&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;">Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.&#160;<br></div></li></ul>11/8/2019 4:01:02 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - August 2019 Foreclosure 300https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
The 2019 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac2733910/28/2019 4:00:00 AM<table class="ms-rteTable-0" cellspacing="0" style="width&#58;100%;"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width&#58;10%;"> <a href="/AboutUs/Reports/ReportDocuments/2014StrategicPlan05132014Final.pdf">​</a><img class="ms-rtePosition-1" alt="2019 Conservatorship Strategic Plan Report Cover" src="/AboutUs/Reports/PublishingImages/2019-Strategic-Plan-thumb.png" style="margin&#58;5px;width&#58;100px;height&#58;130px;box-shadow&#58;2px 2px 2px #808080;" /></td><td class="ms-rteTableOddCol-0" style="width&#58;50%;"><p>​Since January 6, 2014, FHFA has conducted an ongoing assessment of its obligations and statutory mandates in an effort to update the Strategic Plan released in 2012. FHFA’s 2019 Strategic Plan reflects this assessment and provides a new approach to the conservatorships of Fannie Mae and Freddie Mac. The 3 core objectives of the Strategic Plan are to ensure the Enterprises&#58;<br></p><ol><li><p>FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing;</p></li><li><p>OPERATE in a safe and sound manner appropriate for entities in conservatorships; and <br></p></li><li><p>PREPARE for their eventual exit from conservatorships.<br></p></li></ol></td></tr></tbody></table>10/28/2019 2:00:48 PMHome / About FHFA / Reports / The 2019 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac Since January 6, 2014, FHFA has conducted an ongoing assessment of 3067https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
2020 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions2734210/28/2019 4:00:00 AM<p>​The Federal Housing Finance Agency (FHFA) today released the 2020 Scorecard outlining specific conservatorship priorities for Fannie Mae, Freddie Mac (the Enterprises), and their joint venture, Common Securitization Solutions, LLC (CSS).&#160; The 2020 Scorecard furthers the goals outlined in <a href="/AboutUs/Reports/ReportDocuments/2019-Strategic-Plan.pdf">FHFA's Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac</a>, published in October 2019.&#160; These goals include&#58;</p><ul><li><strong>Foster</strong> competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing;</li><li><strong>Operate</strong> in a safe and sound manner appropriate for entities in conservatorships; and </li><li><strong>Prepare</strong> for their eventual exit from conservatorships.</li></ul><p><a href="/Media/PublicAffairs/Pages/FHFA-Releases-New-Strategic-Plan-and-Scorecard-for-Fannie-Mae-and-Freddie-Mac-.aspx">Related News Release</a></p>10/28/2019 2:00:53 PMHome / About FHFA / Reports / 2020 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions The Federal Housing Finance Agency (FHFA) today released the 2020 2546https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report – July 20192753910/9/2019 4:00:00 AM<h2>July 2019 Highlights — Foreclosure Prevention</h2><h4>The Enterprises' Foreclosure Prevention Actions&#58;</h4><ul><li>The Enterprises completed 9,908 foreclosure prevention actions in July, bringing the total to 4,364,469 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</li><li>There were 6,553 permanent loan modifications in July, bringing the total to 2,362,970 since the conservatorships began in September 2008.</li><li>Twenty-six percent of modifications in July were modifications with principal forbearance. Modifications with extend-term only accounted for 67 percent of all loan modifications during the month.</li><li>There were 449 short sales and deeds-in-lieu of foreclosure completed in July, down 7 percent compared with June.</li></ul><h4>The Enterprises' Mortgage Performance&#58;</h4><ul><li>The serious delinquency rate decreased slightly from 0.67 percent at the end of June to 0.65 percent at the end of July.</li></ul><h4>The Enterprises' Foreclosures&#58;</h4><ul><li>Third-party and foreclosure sales increased from 3,277 in June to 3,351 in July.</li><li>Foreclosure starts also increased from 9,165 in June to 10,054 in July.</li></ul><h4>July 2019 Highlights — Refinance Activities</h4><ul><li>Total refinance volume increased in July 2019 as mortgage rates fell in previous months. Mortgage rates decreased in July&#58; the average interest rate on a 30-year fixed rate mortgage fell to 3.77 percent from 3.80 percent in June.</li></ul><blockquote dir="ltr" style="margin-right&#58;0px;"><p><strong>In July 2019&#58; </strong></p></blockquote><ul><li>Borrowers completed 2 refinances through HARP, bringing total refinances from the inception of the program to 3,495,408.</li><li>Borrowers completed 1 refinance through the High LTV Refinance Option, representing the first transaction in the Enterprises' refinancing options designed to replace HARP.</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>10/9/2019 7:00:48 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report – July 2019 Foreclosure 440https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - Second Quarter 2019274519/25/2019 4:00:00 AM<h1>Second Quarter 2019&#160;Highlights - Foreclosure Prevention<br></h1><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><ul><li>The Enterprises completed 31,757&#160;foreclosure prevention actions in the second quarter, bringing the total to 4,354,561&#160;since the start of conservatorships in September 2008.&#160; Of these actions, 3,659,622&#160;have helped troubled homeowners stay in their homes, including 2,356,417&#160;permanent loan modifications.<br></li><li>Tweinty-seven&#160;percent of&#160;modifications&#160;in the second quarter were modifications with principal forbearance.&#160; Modifications with extend-term only accounted for 67&#160;percent of all loan modifications during the quarter.&#160;&#160;<br></li><li>There were 1,546&#160;completed short sales and deeds-in-lieu during the quarter, bringing the total to&#160;694,939&#160;since the conservatorships began in September in 2008.<br></li></ul><p><strong>The Enterprises' Mortgage Performance&#58;</strong></p><ul><li>The percentage of&#160;60+ days delinquent loans dropped from 1.03&#160;percent at the end of the first quarter to 1.00&#160;percent at the end of the second quarter of 2019.<br></li><li>The Enterprises' serious (90 days or more)&#160;delinquency rate decreased to&#160;0.67&#160;percent at the end of the second quarter. This compared with 3.43&#160;percent for Federal Housing Administration (FHA) loans, 1.81&#160;percent for Veterans Affairs (VA) loans, and 1.95&#160;percent for all loans (industry average).<br></li></ul><p><strong>The Enterprises' Foreclosures&#58;</strong></p><p></p><ul><li>Foreclosure starts decreased&#160;12&#160;percent to 29,480,&#160;and third-party and foreclosure sales also&#160;decreased 6 percent to 10,210&#160;in the second quarter.<br></li></ul><div><h1>Second Quarter 2019&#160;Highlights - Refinance Activities<br></h1><ul><li>Total refinance volume decreased in June 2019, after increasing in previous months, as mortgage rates fell in previous months but remained above levels observed in previous years.&#160; Mortgage rates decreased in June&#58; the average interest rate on a 30-year fixed rate mortgage fell to 3.80 percent from&#160;4.07 percent in May.</li></ul><div><strong>In the Second Quarter of 2019&#58;</strong><br></div><ul><li>Borrowers completed 111 refinances through HARP, bringing total refinances from the inception of the program to 3,495,406.</li><li>HARP volume represented less than 1 percent of total refinance volume.&#160;</li><li>Borrowers who refinanced through HARP has a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.<br></li></ul></div><p></p><div><a href="/Media/PublicAffairs/Pages/More-Than-4pt3-Million-Homeowners-Helped-Since-Conservatorships-9252019.aspx">​Related News Release</a>​<br></div><div><br></div><div>For an interactive online map that provides state data, click on the following link&#58; <em><a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx">F</a></em><em><a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx">annie Mae and Freddie Mac State Borrower Assistance Map</a>.</em><br><br></div>9/25/2019 6:15:31 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - Second Quarter 2019 The Enterprises completed 31,757 foreclosure prevention actions in the 499https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepayment Monitoring Report - Second Quarter 2019270978/20/2019 4:00:00 AM<p>FHFA’s <a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx"><em>2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac</em></a> includes the goal of improving the overall liquidity of Fannie Mae’s and Freddie Mac’s (the Enterprises) securities through the development of a common mortgage-backed security. That security is the Uniform Mortgage-Backed Security or UMBS, which began trading in the &quot;To-Be-Announced&quot; (TBA) market [1] on March 12, 2019. UMBS issued by Fannie Mae and Freddie Mac trade in the TBA market without regard to which Enterprise is the issuer. This fungibility, or interchangeability, is central to broadening and enhancing the liquidity of the secondary mortgage market on an ongoing basis. </p><font size="3"> </font><p>This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises’ TBA-eligible MBS. [2] This report defines a cohort as those Enterprise TBA-eligible securities with the same coupon, maturity, and loan-origination year. [3] A prepayment on a mortgage loan is the amount of principal paid in advance of the loan’s scheduled payments. Full prepayment occurs when a borrower pays off the loan ahead of the scheduled maturity. If a borrower defaults on the mortgage loan, the Enterprise will pay investors the remaining principal balance and remove the loan from the MBS. That action has the same effect on investors as a full prepayment. Partial prepayment occurs when a borrower pays principal in addition to the regularly scheduled payment of principal and interest. </p><p> Consistency of prepayment rates is important to the success of UMBS and to the efficiency and liquidity of the secondary mortgage market. Some industry stakeholders have expressed concern that the rates of prepayment of the Enterprises’ securities might materially diverge and undermine their fungibility. FHFA has taken a number of steps to promote the continued consistency of prepayment rates of Fannie Mae- and Freddie Mac-issued mortgage-backed securities (MBS). [4] This quarterly report is part of that commitment and provides market participants additional transparency into the data FHFA receives and reviews on a monthly basis and into FHFA’s uses of that data. <br><br>[1] The TBA market is a forward market for certain mortgage-backed securities, including those issued by Fannie Mae and Freddie Mac.&#160; <br>[2] To avoid double counting, only first-level securitizations are included in the analysis. Second-level securitizations (Megas and Giants) are excluded.&#160; <br>[3] FHFA has previously stated that cohorts would be determined by issuance year. Basing the analysis on loan-origination years is more consistent with industry practice.&#160; <br>[4]&#160;See, for example, the UMBS Final Rule at <a href="https&#58;//www.federalregister.gov/documents/2019/03/05/2019-03934/uniform-mortgage-backed-security">https&#58;//www.federalregister.gov/documents/2019/03/05/2019-03934/uniform-mortgage-backed-security</a>. </p>8/20/2019 3:00:05 PMHome / About FHFA / Reports / Prepayment Monitoring Report - Second Quarter 2019 Prepayment Monitoring 781https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report — May 2019270748/14/2019 4:00:00 AM<h2>​May 2019 Highlights&#160;— Foreclosure Prevention<br></h2><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The Enterprises completed 11,419 foreclosure prevention actions in May, bringing the total to 4,345,969 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</li><li>There were 6,921 permanent loan modifications in May, bringing the total to 2,350,625 since the conservatorships began in September 2008.</li><li>Twenty-seven percent of modifications in&#160;May were modifications with principal forbearance. Modifications with extend-term only accounted for 68 percent of all loan modifications during the month.</li><li>There were 555 short sales and deeds-in-lieu of foreclosure completed in May, up 5 percent compared with April.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Mortgage Performance&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The serious delinquency rate decreased slightly from 0.69 percent at the end of&#160;April to 0.67 percent at the end of May.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosures&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>Third-party and foreclosure sales increased from 3,398 in&#160;April to 3,515 in May.</li><li>Foreclosure starts decreased from 10,320 in April&#160;to 9,995 in May.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>May 2019 Highlights&#160;— Refinance Activities</strong></h4><ul><li><p>Total refinance volume increased in May 2019 as mortgage rates fell in previous months. Mortgage rates decreased in May&#58; the average interest rate on a 30-year fixed rate mortgage fell to 4.07 percent from 4.14 percent in April.</p></li></ul> <strong>In&#160;May 2019&#58;</strong> <ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <li>Borrowers completed 29 refinances through HARP, bringing total refinances from the inception of the program to 3,495,388.</li><li>HARP volume represented less than 1 percent of total refinance volume.</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.&#160;</li></ul>8/14/2019 2:00:41 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report — May 2019 Foreclosure 487https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

​Note: Some of FHFA’s reports have evolved over time. On December 2, 2008, FHFA submitted the first Federal Property Manager’s Report to Congress and until May 2012 these reports included refinance activity.  After May 2012, the Federal Property Manager’s Report contained the same content as the monthly and quarterly Foreclosure Prevention Reports, so the Federal Property Manager’s Report was no longer released separately.

View Federal Property Manager’s Reports from December 2008 – April 2012.

View Refinance Reports.


 

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