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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 Second Quarter 2020278828/24/2020 4:00:00 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"> <strong> <em>2014 Strategic Plan for the Conservatorships of</em></strong></a> <a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx"> <strong> <em>Fannie Mae and Freddie Mac</em></strong></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> <em>Ex post </em>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"> <em>An Update on the Structure of the Single Security</em></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 and Table 2 (Quartile Report).&#160; For those exceptions, Freddie Mac multi-lender second-level securitizations traded as a single security are included and the related first-level securitizations are excluded to avoid double counting.&#160;</p>8/24/2020 5:50:19 PMHome / About FHFA / Reports / Prepayment Monitoring Report Second Quarter 2020 Prepayment Monitoring 502https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report — May 2020283428/18/2020 4:00:00 AM<h2>​May 2020 Highlights&#160;— Foreclosure Prevention</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&#160;83,756 foreclosure prevention actions in May, bringing the total to 4,534,370 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</li><li>There were 4,577 permanent loan modifications in May, bringing the total to 2,415,960 since the conservatorships began in September 2008.</li><li>Nineteen&#160;percent of modifications in&#160;May were modifications with principal forbearance. Modifications with extend-term only accounted for 66 percent of all loan modifications during the month.</li><li>Initiated forbearance plans dropped significantly from 989,594 in April to 392,338 in May.&#160;The total number of loans in forbearance plans at the end of May was 1,450,557, representing approximately 5.1% of the total loans serviced.</li><li>There were 286 short sales and deeds-in-lieu of foreclosure completed in May, down 12 percent compared with April 2020.</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 30-59 days delinquency rate dropped to 2.53 percent, while the serious delinquency rate increased from 0.68 percent at the end of April to 0.86 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 dropped 24 percent from 344 in&#160;April to&#160;260 in May due to the suspension of foreclosures.</li><li>Foreclosure starts also dropped from 3,229&#160;in April to&#160;2,316&#160;in May due to the suspension of foreclosures.</li></ul><h2>May 2020 Highlights&#160;— Refinance Activities</h2><ul><li>Total refinance volume increased in May to levels last observed&#160;in 2013 as&#160;mortgage rates fell in previous months. Mortgage rates decreased further&#160;in May&#58; the average interest rate on a 30-year fixed rate mortgage fell to&#160;3.23 percent from 3.31 percent in April.</li><li>In May, 14 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 46.</li><li>The percentage of cash-out refinances decreased to 28 percent in May from 30 percent in April.&#160;Mortgage rates have continued to fall&#160;from the highs observed in 2018, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments. </li></ul>8/18/2020 5:00:38 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report — May 2020 Foreclosure 764https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - April 2020279257/13/2020 4:00:00 AM<h3>April&#160;2020 Highlights -- Foreclosure Prevention</h3><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises completed 16,738 foreclosure prevention actions in April, bringing the total to 4,450,614 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">There were 4,528 permanent loan modifications in April, bringing the total to 2,411,383 since the conservatorships began in September 2008.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Nineteen percent of modifications in&#160;April were modifications with principal forbearance. Modifications with extend-term only accounted for 67 percent of all loan modifications during the month.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Initiated forbearance plans jumped significantly to 989,594 in April from 165,431 in March, bringing the total number of loans in forbearance plans to 1,149,188, representing approximately 4.1% of the total loans serviced.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">There were&#160;326 short sales and deeds-in-lieu of foreclosure completed in April,&#160;down&#160;5 percent compared with&#160;March 2020.</p></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Mortgage Performance&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">30-59 days delinquency rate rose to 3.47 percent while serious delinquency rate increased from 0.64 percent at the end of March to 0.68 percent at the end of April.</p></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosures&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Third-party and foreclosure sales dropped 83 percent from 1,988 in March to 344 in April due to the suspension of foreclosures.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Foreclosure starts also dropped from 8,293 in March to 3,229 in April due to the suspension of foreclosures.</p></li></ul><h3 style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040;font-family&#58;lato, sans-serif;font-size&#58;20px;font-weight&#58;900;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">April&#160;2020&#160;Highlights -- Refinance Activities</h3><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Total refinance volume sharply increased in April 2020 to levels last observed in 2013 as mortgage rates in fell in previous months. Mortgage rates decreased further in April&#58; the average interest rate on a 30-year fixed rate mortgage fell to 3.31 percent from 3.45 percent in March.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">In April 2020, 13 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 32.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The percentage of cash-out refinances decreased to 30 percent in April from 36 percent in March. Mortgage rates have continued to fall from the highs observed a year ago, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.<br></p></li></ul>7/13/2020 2:00:56 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - April 2020 Foreclosure 740https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Refinance and FPM Report First Quarter 2020281136/23/2020 4:00:00 AM<h2>1​​Q20 Highlights —&#160;Foreclosure Prevention<br></h2><p> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><ul><li>The Enterprises completed 26,910 foreclosure prevention actions in the first quarter, bringing the total to 4,433,876 since the start of conservatorships in September 2008. Of these actions, 3,735,202 have helped troubled homeowners&#160;stay in their homes, including 2,406,855 permanent loan modifications.</li><li>Initiated forbearance plans rose to 170,533 in the first quarter of 2020 from 6,975 in the fourth quarter of 2019.</li><li>Twenty-three percent of modifications in the first quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 64 percent of all loan modifications during the quarter.</li><li>There were 1,148 completed short sales and deeds-in-lieu during the quarter, bringing the total to 698,674 since the conservatorships began in September 2008.​<br><br></li></ul><p> <strong>The Enterprises' Mortgage Performance&#58;</strong></p><ul><li>The percentage of 60+ days delinquent loans dropped from 0.96&#160;percent at the end of the fourth quarter of 2019 to 0.92 percent at the end of the first quarter of 2020.</li><li>The Enterprises' serious (90 days or more) delinquency rate decreased to 0.64 percent at the end of the first quarter. This compared with 3.29 percent for Federal Housing Administration (FHA) loans, 1.80 percent for&#160;Veterans Affairs (VA) loans, and 1.67 percent for all loans (industry average).​<br><br></li></ul><p> <strong>The Enterprises' Foreclosures&#58;</strong></p><ul><li>​Foreclosure starts decreased to 3 percent to 28,978 while third-party and foreclosure sales decreased&#160;9 percent to 7,704 in the first quarter.</li></ul><blockquote style="margin&#58;0px 0px 0px 40px;padding&#58;0px;border&#58;currentcolor;"><p> <em>​For an interactive online map that provides state data, click on the following link&#58;&#160;</em></p><p> <em></em><a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​<br></p></blockquote>​ <h2>1Q20 Highlights ​— Refinance Activities​​ <br> <br></h2><ul><li> <span style="color&#58;#444444;">​​Total refinance volume increased in March 2020 as mortgage rates continued to plumb the lows last observed in 2015. Mortgage rates&#160;increased in March&#58; the average interest rate on a 30-year fixed rate&#160;mortgage rose to 3.45 percent from 3.47 percent in February.</span></li><li>In the first quarter of 2020,&#160;8 refinances were completed through the High&#160;LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 19.</li><li>The percentage of cash-out refinances increased to&#160;36 percent in&#160;March. Mortgage rates have&#160;fallen from the highs observed a year ago to lows last observed in 2015, creating&#160;more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.<br><br></li></ul><div> Related <a href="/Media/PublicAffairs/Pages/FHFA-Releases-1st-Quarter-Foreclosure-Prevention-and-Refinance-Report-for-the-Enterprises.aspx">News Release​</a><br></div>6/23/2020 3:01:01 PMHome / About FHFA / Reports / Foreclosure Prevention Refinance and FPM Report First Quarter 2020 The Enterprises completed 26,910 foreclosure prevention actions in the first 1489https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Annual Report to Congress - 2019280626/15/2020 4:00:00 AM<p>​​​​​​The Federal Housing Finance Agency (FHFA) today released its 2019&#160;<a href="/AboutUs/Reports/ReportDocuments/FHFA_2019_Report-to-Congress.pdf"><em>Report to Congress</em></a>. The report meets the requirements of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. It provides information about FHFA's 2019&#160;examinations of Fannie Mae and Freddie Mac (the Enterprises), 11 Federal Home Loan Banks and the Federal Home Loan Banks' Office of Finance.&#160;The report also describes FHFA's actions as conservator of the Enterprises.<br></p><p> <span style="font-style&#58;normal;"> <a href="/Media/PublicAffairs/Pages/FHFA-Issues-2019-Report-to-Congress.aspx">Related News Release</a>​</span></p>6/15/2020 6:00:39 PMHome / About FHFA / Reports / Annual Report to Congress - 2019 Annual Report to Congress 2451https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Enterprise Non-Performing Loan Sales Report - December 2019277926/1/2020 4:00:00 AM<p style="font-style&#58;normal;">​The Enterprise&#160;<em>Non-Performing Loan Sales Report</em>&#160;includes information about NPLs sold through December 31, 2019 and reflects borrower outcomes on NPLs sold through June 30, 2019 and reported through December 31, 2019.&#160; The sale of NPLs reduces the number of delinquent loans in the Enterprises' portfolios and transfers credit risk to the private sector.&#160; FHFA and the Enterprises impose&#160;<a href="/Media/PublicAffairs/Pages/Non-Performing-Loan-Sale-Guidelines.aspx">requirements</a>&#160;on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure.&#160;</p><p style="font-style&#58;normal;"><span style="font-style&#58;normal;">This report shows that, through December 31, 2019, the Enterprises sold 126,757 NPLs with a total unpaid principal balance (UPB) of $23.8 billion.&#160;​</span></p><p style="font-style&#58;normal;"><em style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-weight&#58;400;"><a href="/Media/PublicAffairs/Pages/FHFA-Releases-Report-on-Non-performing-Loan-Sales.aspx">Related News Release</a>​</em><br></p>6/1/2020 5:01:00 PMHome / About FHFA / Reports / Enterprise Non-Performing Loan Sales Report - December 2019 Enterprise 558https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - February 2020276685/14/2020 4:00:00 AM<h3>​​​​​​​​​February&#160;2020 Highlights -- Foreclosure Prevention</h3><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises completed 8,836 foreclosure prevention actions in February, bringing the total to 4,424,910 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">There were 5,376 permanent loan modifications in February, bringing the total to 2,401,285 since the conservatorships began in September 2008.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Twenty-two percent of modifications in&#160;February were modifications with principal forbearance. Modifications with extend-term only accounted for 65 percent of all loan modifications during the month.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">There were&#160;364 short sales and deeds-in-lieu of foreclosure completed in February,&#160;down&#160;18 percent compared with January 2020.</p></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Mortgage Performance&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The serious delinquency rate decreased slightly from 0.64 percent at the end of&#160;January to 0.63 percent at the end of February.</p></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosures&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Third-party and foreclosure sales decreased 23 percent from 3,225 in&#160;January to 2,491 in February.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Foreclosure starts decreased from 11,624 in&#160;January to 9,061 in February.</p></li></ul><h3 style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040;font-family&#58;lato, sans-serif;font-size&#58;20px;font-weight&#58;900;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">February&#160;2020&#160;Highlights -- Refinance Activities</h3><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Total refinance volume decreased in February 2020 but remained near the highs observed in late 2019 as mortgage ratescontinued to plumb the lows last observed in 2015. Mortgage rates decreased in February&#58; the average interest rate on a 30-year fixed rate mortgage fell to 3.47 percent from 3.62 percent in January.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">In February 2020,&#160;2 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 17.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The percentage of cash-out refinances decreased to 41 percent in February&#160;from 42 percent in January.&#160;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.​<br></p></li></ul>5/14/2020 5:00:56 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - February 2020 Foreclosure 913https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Refinance and FPM Report January 2020342744/10/2020 4:00:00 AM<h3>January&#160;2020 Highlights -- Foreclosure Prevention</h3><p> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><ul style="list-style-type&#58;disc;"><li><p>The Enterprises completed 9,108 foreclosure prevention actions in January, bringing the total to 4,416,074 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</p></li><li><p>There were 5,827 permanent loan modifications in January, bringing the total to 2,395,909 since the conservatorships began in September 2008.</p></li><li><p>Twenty-five percent of modifications in January were modifications with principal forbearance. Modifications with extend-term only accounted for 64 percent of all loan modifications during the month.</p></li><li><p>There were 442 short sales and deeds-in-lieu of foreclosure completed in January, up 30 percent compared with December 2019.</p></li></ul><p> <strong>The Enterprises' Mortgage Performance&#58;</strong></p><ul><li><p>The serious delinquency rate decreased slightly from 0.65 percent at the end of December 2019 to 0.64 percent at the end of January 2020.</p></li></ul><p> <strong>The Enterprises' Foreclosures&#58;</strong></p><ul style="list-style-type&#58;disc;"><li><p>Third-party and foreclosure sales increased 27 percent from 2,537 in December to 3,225 in January.</p></li><li><p>Foreclosure starts increased from 10,670 in December to 11,624 in January.</p></li></ul><h3> January 2020&#160;Highlights -- Refinance Activities</h3><ul style="list-style-type&#58;disc;"><li><p>Total refinance volume decreased in January 2020 but remained near the highs observed in late 2019 as mortgage rates remained near lows last observed in 2015. Mortgage rates decreased in January&#58; the average interest rate on a 30-year fixed rate mortgage fell to 3.62 percent from 3.72 percent in December.</p></li><li><p>In January 2020, 4 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 15.</p></li><li><p>The percentage of cash-out refinances continued at 42 percent in January remaining 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.</p></li></ul>4/10/2020 3:30:35 PMHome / About FHFA / Reports / Foreclosure Prevention Refinance and FPM Report January 2020 Foreclosure 1228https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Credit Risk Transfer Progress Report 4Q2019312244/3/2020 4:00:00 AM<p>​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. </p><p>From the beginning of the Enterprises’ Single-Family CRT programs in 2013 through the end of 2019, Fannie Mae and Freddie Mac have transferred a portion of credit risk on $3.5 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of about $115 billion, or 3.3 percent of UPB. An additional $1.6 trillion of UPB and $398 billion of RIF has been transferred to primary mortgage insurers from 2013 through the end of 2019.</p><p>Through the end of 2019, Fannie Mae and Freddie Mac transferred 85 percent and 89 percent, respectively, of the allocated credit risk capital on 2018 acquisitions covered by credit risk transfer.</p>4/3/2020 7:00:22 PMHome / About FHFA / Reports / Credit Risk Transfer Progress Report 4Q2019 Credit Risk Transfer Progress 1261https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - Fourth Quarter 2019304483/24/2020 4:00:00 AM<h2>​​​​​​​4Q19 Highlights —&#160;Foreclosure Prevention<br></h2><p> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><ul><li>The Enterprises completed 25,930 foreclosure prevention actions in the fourth quarter, bringing the total to 4,406,966 since the start of conservatorships in September 2008. Of these actions, 3,709,440 have helped troubled homeowners&#160;stay in their homes, including 2,390,082 permanent loan modifications.</li><li>Twenty-six percent of modifications in the fourth quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 65 percent of all loan modifications during the quarter.</li><li>There were 1,272 completed short sales and deeds-in-lieu during the quarter, bringing the total to 697,526 since the conservatorships began in September 2008.​<br><br></li></ul><p> <strong>The Enterprises' Mortgage Performance&#58;</strong></p><ul><li>The percentage of 60+ days delinquent loans remained unchanged at 0.96&#160;percent at the end of the fourth quarter from third quarter of 2019.</li><li>The Enterprises' serious (90 days or more) delinquency rate remained&#160;unchanged at 0.65 percent at the end of the fourth quarter. This compared with 3.47 percent for Federal Housing Administration (FHA) loans, 1.92 percent for&#160;Veterans Affairs (VA) loans, and 1.76 percent for all loans (industry average).​<br><br></li></ul><p> <strong>The Enterprises' Foreclosures&#58;</strong></p><ul><li>​Foreclosure starts increased slightly to 30,010 while third-party and foreclosure sales decreased 12 percent to 8,474 in the fourth quarter.</li></ul><blockquote style="margin&#58;0px 0px 0px 40px;border&#58;none;padding&#58;0px;"><p> <em>​For an interactive online map that provides state data, click on the following link&#58;&#160;</em></p><p> <em></em> <a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​<br></p></blockquote><p></p>​ <h2>4Q19 Highlights ​— Refinance Activities​​ <p></p></h2><ul><li> <span style="color&#58;#444444;">​​Total refinance volume increased in December 2019 as mortgage rates rose in&#160;previous months but remained near lows last observed in 2015. Mortgage rates&#160;increased in December&#58; the average interest rate on a 30-year fixed rate&#160;mortgage rose to 3.72 percent from 3.70 percent in November.</span></li><li>In the fourth quarter of 2019, 9 refinances were completed through the High&#160;LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 11.</li><li>The percentage of cash-out refinances increased to 42 percent in December&#160;but remained well below the peak observed in late 2018. Mortgage rates have&#160;fallen from the highs observed a year ago to lows last observed in 2015, creating&#160;more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.<br></li></ul><div> <a href="/Media/PublicAffairs/Pages/More-Than-4pt4-Million-Homeowners-Helped-Since-Conservatorship.aspx">Related News Release</a>​<br></div>3/24/2020 9:21:03 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - Fourth Quarter 2019 The Enterprises completed 25,930 foreclosure prevention actions in the 795https://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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