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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 First Quarter 2024460315/24/2024 4:00:00 AM<p style="padding-top&#58;12px !important;"> <strong>​​​​​​​​​​​​​​​​​​​​​​​​​Introduction</strong></p><p>Fannie Mae and Freddie Mac began issuing the Uniform Mortgage-Backed Securities (UMBS) on June 3, 2019.</p><p>This quarterly report provides market participants additional transparency into a sample of the data FHFA receives and reviews on a monthly basis. The report focuses on alignment of prepayment rates, which continues to be important to the success of UMBS and to the efficiency and liquidity of the secondary mortgage market.</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. This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises’ TBA-eligible MBS,<a href="#Ftn1" class="super-script">​​1</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. 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.</p><p style="padding-top&#58;12px !important;"> <strong>Background on UMBS</strong></p><p style="padding-bottom&#58;12px !important;">Issuance of UMBS through the Enterprises’ jointly developed Common Securitization Platform (CSS), fulfilled important elements of 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>. Forward trading of UMBS began in the “To-Be-Announced” (TBA) market<a href="#Ftn2" class="super-script">2</a>, ​on March 12, 2019 with first settlements of the UMBS trades on June 3, 2019. UMBS is issued without regard to which Enterprise is the issuer and has effectively merged the formerly separate MBS markets. UMBS has broadened and enhanced-liquidity in the secondary market for residential mortgages and reduced costs to taxpayers.<a href="#Ftn3" class="super-script">3</a></p><hr /><p style="padding-top&#58;12px !important;"> <a name="Ftn1" class="super-script">1</a> ​​ <span style="font-size&#58;12px !important;">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). 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.</span></p><p> <a name="Ftn2" class="super-script">2</a> ​<span style="font-size&#58;12px !important;">The TBA market is a forward market for certain mortgage-backed securities, including those issued by the Enterprises.</span></p><p> <a name="Ftn3" class="super-script">3</a><span style="font-size&#58;12px !important;">See&#160;<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</span>​<br></p>​​ ​​<br>5/24/2024 5:30:31 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / Prepayment Monitoring Report First Quarter 2024 Fannie Mae and Freddie Mac began issuing the Uniform 176https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - February 2024449675/14/2024 4:00:00 AM<h2 style="padding-bottom&#58;10px !important;padding-top&#58;8px !important;">​​​​​​February 2024&#160;Highlights - Foreclosure Prevention<br></h2><p style="padding-top&#58;8px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;">​The Enterprises' Foreclosure Prevention Actions&#58;</p><ul class="FHFA-List"><li style="padding-top&#58;4px !important;margin-top&#58;4px !important;">​​The Enterprises completed 17,993 foreclosure prevention actions in February, bringing the total to 6,941,211 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.</li><li>There were 5,293 permanent loan modifications in February, bringing the total to 2,692,612 since the conservatorships began in September 2008.</li><li>Approximately 79 percent of loan modifications in February involved extend term only. Modifications with principal forbearance accounted for 20 percent of all loan modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a forbearance plan decreased slightly from 8,628 in January to 8,584 in February.</li><li>Initiated forbearance plans decreased 7 percent from 7,490 in January to 6,943 in February. The total number of loans in forbearance also decreased from 38,872 at the end of January to 36,837 at the end of February, representing approximately 0.12 percent of the total loans serviced and 7 percent of the total delinquent loans.</li></ul><p style="padding-top&#58;8px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;margin-top&#58;0px !important;"> The Enterprises' Mortgage Performance&#58;&#160;</p><div style="padding-top&#58;0px;"><ul class="FHFA-List"><li style="margin-top&#58;4px !important;">The 30-59 days delinquency rate increased to 0.96 percent while the serious delinquency rate decreased to 0.53 percent at the end of February.</li></ul></div><p style="padding-top&#58;8px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;"> The Enterprises' Foreclosures&#58;</p><div style="padding-top&#58;0px;"><ul class="FHFA-List"><li style="margin-top&#58;4px !important;">Third-party and foreclosure sales decreased 15 percent to 965 while foreclosure starts declined 13 percent to 5,927 in February.</li></ul></div><h2 style="padding-top&#58;16px !important;padding-bottom&#58;8px !important;">February&#160;2024&#160;Highlights - Refinance Activities</h2><div style="padding-top&#58;0px;"><ul class="FHFA-List"><li>Total refinance volume increased in February 2024 as mortgage rates remained below the elevated levels observed in late 2023. Mortgage rates rose in February&#58; the average interest rate on a 30-year fixed rate mortgage increased to 6.78 percent. </li><li>​The percentage of cash-out refinances continued at 69 percent in February after rising as high as 82 percent over the last two years. Higher mortgage rates have reduced the opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.</li></ul></div>​<br>5/14/2024 6:00:49 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / Foreclosure Prevention, Refinance, and Federal Property Manager's Report - February 2024 712https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - January 2024290454/15/2024 4:00:00 AM<h2 style="padding-bottom&#58;10px !important;padding-top&#58;8px !important;">January 2024&#160;Highlights - Foreclosure Prevention<br></h2> <p style="padding-top&#58;8px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;">​The Enterprises' Foreclosure Prevention Actions&#58;</p><ul class="FHFA-List"><li style="padding-top&#58;4px !important;margin-top&#58;4px !important;">The Enterprises completed 17,488 foreclosure prevention actions in January, bringing the total to 6,923,218 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.</li><li>There were 5,127 permanent loan modifications in January, bringing the total to 2,687,319 since the conservatorships began in September 2008.</li><li>Approximately 80 percent of loan modifications in January involved extend term only. Modifications with principal forbearance accounted for 19 percent of all loan modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a forbearance plan increased 26 percent from 6,821 in December 2023 to 8,628 in January 2024.</li><li>Initiated forbearance plans increased from 7,096 in December 2023 to 7,490 in January 2024. However, the total number of loans in forbearance decreased from 42,194 at the end of December 2023 to 38,872 at the end of January 2024, representing approximately 0.13 percent of the total loans serviced and 8 percent of the total delinquent loans.</li></ul><p style="padding-top&#58;8px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;margin-top&#58;0px !important;"> The Enterprises' Mortgage Performance&#58;&#160;</p><div style="padding-top&#58;0px;"><ul class="FHFA-List"><li style="margin-top&#58;4px !important;">The 30-59 days delinquency rate decreased to 0.87 percent while the serious delinquency rate decreased to 0.54 percent at the end of January.</li></ul></div><p style="padding-top&#58;8px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;"> The Enterprises' Foreclosures&#58;</p><div style="padding-top&#58;0px;"><ul class="FHFA-List"><li style="margin-top&#58;4px !important;">Third-party and foreclosure sales increased 16 percent to 1,136 while foreclosure starts increased 12 percent to 6,819 in January.</li></ul></div><h2 style="padding-top&#58;16px !important;padding-bottom&#58;8px !important;">January&#160;2024&#160;Highlights - Refinance Activities</h2><div style="padding-top&#58;0px;"><ul class="FHFA-List"><li>Total refinance volume decreased in January 2024 as mortgage rates were elevated in 2023, peaking in October at a monthly average of 7.62 percent. However, mortgage rates fell in January&#58; the average interest rate on a 30-year fixed rate mortgage decreased to 6.64 percent. </li><li>The percentage of cash-out refinances decreased to 69 percent in January after rising as high as 82 percent over the last two years. Higher mortgage rates have reduced the opportunities for non cashout borrowers to refinance at lower rates and lower their monthly payments.</li></ul></div>​<br>4/15/2024 5:01:01 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / Foreclosure Prevention, Refinance, and Federal Property Manager's Report - January 2024 2059https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Credit Risk Transfer Progress Report 4Q2023289994/11/2024 4:00:00 AM<p style="padding-top&#58;12px !important;">​​​​​​​​​​​​​​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.<br></p><p>From the beginning of the Enterprises’ Single-Family CRT programs in 2013 through the end of 2023, the Enterprises transferred a portion of credit risk on approximately $6.7 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of $210 billion, or 3.2 percent of UPB. In 2023, the Enterprises collective single-family CRT issuance volume decreased 60 percent from the previous year primarily due to lower single-family acquisition volumes. The Enterprises transferred a portion of credit risk on $422 billion of UPB in 2023.​<br></p><p>​See the document below for more detailed information.​<br></p>​​​4/11/2024 1:47:10 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / Credit Risk Transfer Progress Report 4Q2023 The Report provides a comprehensive picture of how Fannie Mae 1374https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report - 4Q2023438983/25/2024 4:00:00 AM<h2 style="border-color&#58;currentcolor;font-family&#58;lato, sans-serif;font-style&#58;normal;padding-top&#58;8px !important;">​​​​​​​​​​​4Q23 Highlights —&#160;Foreclosure Prevention<br></h2><p style="font-weight&#58;700 !important;padding-top&#58;12px !important;">The Enterprises' F​oreclosure Prevention Actions&#58;</p><ul class="FHFA-List"><li>The ​Enterprises c​ompleted 43,903 foreclosure prevention actions in the fourth quarter of 2023, bringing the total to 6,905,730 since the start of conservatorships in September 2008. Of these actions, 6,200,815 have helped troubled homeowners stay in their homes, including 2,682,192 permanent loan modifications. </li><li>Initiated forbearance plans decreased to 24,579 in the fourth quarter from 27,038 in the third quarter of 2023. The total number of loans in forbearance at the end of the quarter was 42,194, representing approximately 0.14 percent of the total loans serviced and 8 percent of the total delinquent loans.​<br></li><li>​Eighteen percent of modifications in the fourth quarter were modifications with principal forbearance. Modifications that include extend-term only accounted for 80 percent of all loan modifications during the quarter.</li><li>There were 134 completed short sales and deeds-in-lieu during the quarter, bringing the total to 704,915 since the conservatorships began in September 2008.</li></ul><p style="font-weight&#58;700 !important;padding-top&#58;12px !important;">The Enterprises' Mortgage Performance&#58;</p><ul class="FHFA-List"><li>The 60+ days delinquency rate increased from 0.73 percent at the end of the third quarter to 0.77 percent at the end of the fourth quarter of 2023.</li><li>The Enterprises' serious &#123;90 days or more) delinquency rate increased slightly to 0.55 percent at the end of the fourth quarter. This compared with 3.42 percent for Federal Housing Administration &#123;FHA) loans, 2.01 percent for Veterans Affairs &#123;VA) loans, and 1.52 percent for all loans &#123;industry average).</li></ul><p style="font-weight&#58;700 !important;padding-top&#58;12px !important;">The Enterprises' Foreclosures&#58;</p><ul class="FHFA-List"><li>Foreclosure starts decreased 4 percent to 18,731 while third-party and foreclosure sales declined 9 percent to 3,282 in the fourth quarter.</li></ul><p style="font-style&#58;italic !important;margin-top&#58;12px !important;">For an interactive online map that provides state data, click on the following link&#58;<br><a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​​​<br></p><h2 style="border-color&#58;currentcolor;font-family&#58;lato, sans-serif;font-style&#58;normal;padding-bottom&#58;8px !important;padding-top&#58;16px !important;">4Q23&#160;Highlights ​— Refinance Activities​​<br></h2><ul class="FHFA-List"><li>Total refinance volume decreased in the fourth quarter, compared to the third quarter, as mortgage rates peaked in October at a monthly average of 7.62 percent and remained elevated in November. However, mortgage rates fell in December&#58; the average interest rate on a 30-year fixed rate mortgage decreased to 6.82 percent.</li><li style="padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;">The percentage of borrowers refinancing into shorter term 15-year mortgages continued at 8 percent in December. The average interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2021 through 2023 compared to previous years.</li></ul>​ <p style="padding-top&#58;12px !important;padding-bottom&#58;4px !important;"> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-4th-Quarter-2023-Foreclosure-Prevention-and-Refinance-Report.aspx">Related News Release</a></p>​<br>3/25/2024 4:01:10 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - 4Q2023 The ​Enterprises c​ompleted 43,903 foreclosure 1779https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - November 2023445572/13/2024 5:00:00 AM<h2 style="padding-bottom&#58;10px !important;padding-top&#58;8px !important;">​​November 2023&#160;Highlights - Foreclosure Prevention<br></h2><p style="padding-top&#58;0px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;">The Enterprises' Foreclosure Prevention Actions&#58;​<br></p><ul><li style="line-height&#58;1.3 !important;padding-top&#58;4px !important;margin-top&#58;4px !important;">The Enterprises completed 14,055 foreclosure prevention actions in November, bringing the total to 6,891,104 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications. </li><li style="line-height&#58;1.3 !important;">There were 4,159 permanent loan modifications in November, bringing the total to 2,678,209 since the conservatorships began in September 2008.</li><li style="line-height&#58;1.3 !important;">Approximately 79 percent of loan modifications in November involved extend term only. Modifications with principal forbearance accounted for 18 percent of all loan modifications during the month.</li><li style="line-height&#58;1.3 !important;">The number of borrowers who received payment deferrals after completing a forbearance plan decreased 3 percent from 6,722 in October to 6,504 in November 2023.</li><li style="line-height&#58;1.3 !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;">Initiated forbearance plans decreased from 10,245 in October to 7,238 in November 2023. The total number of loans in forbearance also decreased from 48,132 at the end of October to 45,654 at the end of November, representing approximately 0.15 percent of the total loans serviced and 9 percent of the total delinquent loans.</li></ul> ​ <p style="padding-top&#58;0px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;margin-top&#58;0px !important;"> The Enterprises' Mortgage Performance&#58;&#160;</p><div style="padding-top&#58;0px;"><ul><li style="line-height&#58;1.3 !important;margin-top&#58;4px !important;">The 30-59 days delinquency rate increased to 0.94 percent while the serious delinquency rate also increased to 0.54 percent at the end of November.</li></ul></div><p style="padding-top&#58;8px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;"> The Enterprises' Foreclosures&#58;​<br></p><div style="padding-top&#58;0px;"><ul><li style="line-height&#58;1.3 !important;margin-top&#58;4px !important;">Third-party and foreclosure sales decreased 11 percent to 1,083 while foreclosure starts increased slightly to 6,343 in November. </li></ul></div><h2 style="padding-top&#58;16px !important;padding-bottom&#58;8px !important;">November​&#160;​2023&#160;Highlights - Refinance Activities</h2><div style="padding-top&#58;0px;"><ul><li style="line-height&#58;1.3 !important;">​Total refinance volume increased in November 2023, but continued at a lower volume compared to the volumes observed through mid 2022, as mortgage rates increased in October. Mortgage rates fell in November&#58; the average interest rate on a 30-year fixed rate mortgage decreased to 7.44 percent from an October level of 7.62 percent.</li><li style="line-height&#58;1.3 !important;">The percentage of borrowers refinancing into shorter term 15-year mortgages decreased to 8 percent in November. The average interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2021 through 2023 compared to previous years.</li></ul></div>​​<br>2/13/2024 6:15:56 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / Foreclosure Prevention, Refinance, and Federal Property Manager's Report - November 2023 2328https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Enterprise Non-Performing Loan Sales Report - June 2023440452/1/2024 5:00:00 AM<p>​​​​​​​​​​​​​​​​​​​The Enterprise&#160;Non-Performing Loan&#160;Sales Report&#160;includes information about <span style="font-style&#58;normal;">Non‐Performing Loans (NPLs)</span> sold through June 30, 2023 and reflects borrower outcomes as of June 30, 2023, on NPLs sold through December 31, 2022. The sale of NPLs&#160;by Fannie Mae and Freddie Mac (the Enterprises) reduces the number of delinquent loans held in their inventories and transfers credit risk to the private sector. The sales help achieve more favorable outcomes for borrowers and local communities than the outcomes that would be achieved if the Enterprises held the NPLs in their portfolios. The sales also help reduce losses to the Enterprises and to taxpayers. NPLs are generally one year or more delinquent. Purchasers of Enterprise NPLs are subject to requirements published by FHFA, which have been enhanced over time as described on page 3 of the report.</p><p>This report provides information about the Enterprises' sales of NPLs and borrower outcomes post‐sale. The report contains the following key information&#58;</p><ul class="FHFA-List"><li>Quantity and attributes of NPLs sold from August 1, 2014, through June 30, 2023.</li><li>Borrower outcomes as of June 30, 2023, on NPLs sold through December 31, 2022.</li><li>Borrower outcomes post‐sale compared to a benchmark of similarly delinquent Enterprise NPLs that were not sold.</li><li>Pool level information and outcomes, including the buyers of the NPLs<a href="#Ftn1" class="super-script">*</a>.</li></ul><p>Some pools have reached the end of the required four-year reporting period. Outcomes for these pools are held constant at the four-year mark.</p><p>​This report shows that, through June 30, 2023​, the Enterprises sold 163,297 NPLs with an aggregate unpaid principal balance (UPB) of $30.0 billion. The&#160;loans included in the NPL sales had an average delinquency of 2.8 years and an average current mark-to-market LTV ratio of 84 percent, not including capitalized arrearages. Average delinquency for pools sold ranged from 1.1 to 6.2 years.</p><p style="padding-top&#58;8px !important;margin-top&#58;0px !important;padding-bottom&#58;8px !important;"> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-Latest-Non-Performing-Loan-Sales-Report_2-1-2024.aspx">Related News Release</a><br></p><hr /> <p class="ssp" style="padding-bottom&#58;8px !important;"> <a name="Ftn1" class="super-script">*&#160;</a>The outcomes of a Freddie Mac pilot sale in August 2014 are not included in this report because the transaction was executed before FHFA issued NPL sales and reporting requirements.</p>2/1/2024 8:00:26 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / Enterprise Non-Performing Loan Sales Report - June 2023 The sale of NPLs by Fannie Mae and Freddie Mac 2517https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
2024 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions440241/30/2024 5:00:00 AM<p> <span style="font-style&#58;normal;">​​​​​​​​​​Today, the Federal Housing Finance Agency (FHFA) released the 2024 Scorecard for Fannie Mae and Freddie Mac (together, the Enterprises) and their joint venture, Common Securitization Solutions, LLC (CSS). Each year, FHFA releases an annual Scorecard to communicate and provide public awareness of its priorities and expectations for the Enterprises and CSS.</span></p><p>The two equally weighted objectives of the 2024 Scorecard are for the Enterprises to (1) Promote Equitable Access to Affordable and Sustainable Housing and (2) Operate the Business in a Safe and Sound Manner. For all Scorecard items, the Enterprises and CSS will be assessed based on the following criteria<a href="#Ftn1" class="super-script">1</a>&#58;</p><p> <strong>Assessment Criteria</strong></p><ul class="FHFA-List"><li>Each entity’s products and programs foster liquid, competitive, efficient, and resilient housing finance markets that support affordable, sustainable, and equitable access to homeownership and rental housing. </li><li>Each entity conducts business in a safe and sound manner.</li><li>Each entity meets expectations under all FHFA requirements, including those pertaining to capital, liquidity, and credit risk transfer. </li><li>Each entity continues to manage operations while in conservatorship in a manner that preserves and conserves assets through the prudent stewardship of resources. </li><li>Each entity cooperates and collaborates with FHFA to meet the Conservator’s priorities and guidance throughout the course of the year in alignment with FHFA’s FAIR values (Fairness, Accountability, Integrity, and Respect). </li><li>Each entity delivers work products that are high quality, thorough, creative, effective, and timely, and that consider effects on homeowners, multifamily property owners, renters, the Enterprises, the industry, and other stakeholders. </li><li>Each entity ensures that diversity, equity, and inclusion remain top priorities in strategic planning, operations, and business development.</li></ul><p style="padding-top&#58;12px !important;padding-bottom&#58;12px !important;"> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-2024-Scorecard-for-Fannie-Mae-Freddie-Mac-and-CSS.aspx">Related News Rele​ase</a><br></p><hr /><p> <a name="Ftn1" class="super-script">1</a> The Enterprises will be assessed on all the criteria. CSS will be assessed on the criteria applicable to its operations.</p>​ 1/30/2024 6:00:32 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / 2024 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions 3675https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - October 2023439691/25/2024 5:00:00 AM<h2 style="padding-bottom&#58;10px !important;padding-top&#58;8px !important;">October 2023&#160;Highlights - Foreclosure Prevention<br></h2><p style="padding-top&#58;0px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;">The Enterprises' Foreclosure Prevention Actions&#58;​<br></p><ul><li style="line-height&#58;1.3 !important;padding-top&#58;4px !important;margin-top&#58;4px !important;">The Enterprises completed 15,222 foreclosure prevention actions in October, bringing the total to 6,877,049 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.</li><li style="line-height&#58;1.3 !important;">There were 4,616 permanent loan modifications in October, bringing the total to 2,674,050 since the conservatorships began in September 2008.</li><li style="line-height&#58;1.3 !important;">Approximately 79 percent of loan modifications in October involved extend term only. Modifications with principal forbearance accounted for 19 percent of all loan modifications during the month.</li><li style="line-height&#58;1.3 !important;">The number of borrowers who received payment deferrals after completing a forbearance plan increased 12 percent from 5,995 in September to 6,722 in October 2023.</li><li style="line-height&#58;1.3 !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;">Initiated forbearance plans increased from 9,034 in September to 10,245 in October 2023. The total number of loans in forbearance also increased from 47,672 at the end of September to 48,132 at the end of October, representing approximately 0.16 percent of the total loans serviced and 9 percent of the total delinquent loans.</li></ul> ​ <p style="padding-top&#58;0px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;margin-top&#58;0px !important;"> The Enterprises' Mortgage Performance&#58;&#160;</p><div style="padding-top&#58;0px;"><ul><li style="line-height&#58;1.3 !important;margin-top&#58;4px !important;">The 30-59 days delinquency rate decreased slightly to 0.92 percent while the serious delinquency rate fell to 0.53 percent at the end of October.</li></ul></div><p style="padding-top&#58;8px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;font-weight&#58;600 !important;"> The Enterprises' Foreclosures&#58;​<br></p><div style="padding-top&#58;0px;"><ul><li style="line-height&#58;1.3 !important;margin-top&#58;4px !important;">Third-party and foreclosure sales increased 6 percent to 1,223 while foreclosure starts rose 8 percent to 6,306 in October.</li></ul></div><h2 style="padding-top&#58;16px !important;padding-bottom&#58;8px !important;">October&#160;​2023&#160;Highlights - Refinance Activities</h2><div style="padding-top&#58;0px;"><ul><li style="line-height&#58;1.3 !important;">Total refinance volume decreased in October 2023, and continued at a lower volume compared to the volumes observed through mid 2022, as mortgage rates increased in September. Mortgage rates rose in October&#58; the average interest rate on a 30-year fixed rate mortgage increased to 7.62 percent from an August level of 7.20 percent.</li><li style="line-height&#58;1.3 !important;">The percentage of borrowers refinancing into shorter term 15-year mortgages decreased to 9 percent in October. The average interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2021 through 2023 compared to previous years.​​<br></li></ul></div>​​<br>1/25/2024 6:00:43 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / Foreclosure Prevention, Refinance, and Federal Property Manager's Report - October 2023 2240https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report - 3Q20234461612/21/2023 5:00:00 AM<h2 style="border-color&#58;currentcolor;font-family&#58;lato, sans-serif;font-style&#58;normal;padding-top&#58;8px !important;">​​3Q23 Highlights —&#160;Foreclosure Prevention<br></h2><p style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-style&#58;normal;margin-top&#58;8px !important;"> <span style="border-color&#58;currentcolor;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><ul><li style="line-height&#58;1.4 !important;"><p>​The Enterprises completed 43,356 foreclosure prevention actions in the third quarter of 2023, bringing the total to 6,861,827 since the start of conservatorships in September 2008. Of these actions, 6,157,046 have helped troubled homeowners stay in their homes, including 2,669,434 permanent loan modifications.</p></li><li style="line-height&#58;1.4 !important;"><p>Initiated forbearance plans decreased to 27,038 in the third quarter from 27,738 in the second quarter of 2023. The total number of loans in forbearance at the end of the quarter was 47,672, representing approximately 0.15 percent of the total loans serviced, and 9 percent of the total delinquent loans.</p></li><li style="line-height&#58;1.4 !important;"><p>Twenty-one percent of modifications in the third quarter were modifications with principal forbearance. Modifications that include extend-term only accounted for 77 percent of all loan modifications during the quarter.</p></li><li style="line-height&#58;1.4 !important;"><p>There were 153 completed short sales and deeds-in-lieu during the quarter, bringing the total to 704,781 since the conservatorships began in September 2008.​<br></p></li></ul><p style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-style&#58;normal;"> <span style="border-color&#58;currentcolor;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Mortgage Performance&#58;</span></p><ul><li style="line-height&#58;1.4 !important;"><p>The 60+ days delinquency rate increased slightly from 0.72 percent at the end of the second quarter to 0.73 percent at the end of the third quarter of 2023.</p></li><li style="line-height&#58;1.4 !important;"><p>The Enterprises' serious (90 days or more) delinquency rate fell slightly to 0.54 percent at the end of the third quarter. This compared with 3.34 percent for Federal Housing Administration (FHA) loans, 1.99 percent for Veterans Affairs (VA) loans, and 1.52 percent for all loans (industry average).</p></li></ul><p style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-style&#58;normal;"> <span style="border-color&#58;currentcolor;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Foreclosures&#58;</span></p><ul><li style="line-height&#58;1.4 !important;"><p>Foreclosure starts increased 9 percent to 19,489 while third-party and foreclosure sales decreased 4 percent to 3,615 in the third quarter.</p></li></ul><p style="padding-left&#58;40px !important;font-style&#58;italic !important;">For an interactive online map that provides state data, click on the following link&#58;<br> <a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​​<br></p> <span style="color&#58;#444444;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-style&#58;normal;">​</span><span style="color&#58;#444444;font-style&#58;normal;"></span> <h2 style="border-color&#58;currentcolor;font-family&#58;lato, sans-serif;font-style&#58;normal;padding-bottom&#58;8px !important;">3Q23&#160;Highlights ​— Refinance Activities​​<br></h2><ul><li style="line-height&#58;1.4 !important;"><p>Although decreased for the overall quarter, total refinance volume increased in September 2023, but continued at a lower volume compared to the volumes observed through mid-2022, as mortgage rates increased in August. Mortgage rates rose in September&#58; the average interest rate on a 30-year fixed rate mortgage increased to 7.20 percent from an August level of 7.07 percent.</p></li><li style="line-height&#58;1.4 !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;"><p style="padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;">The percentage of borrowers refinancing into shorter term 15-year mortgages remained at 10 percent in September. The average interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2021 through 2023 compared to previous years.</p>​</li></ul><p style="margin-top&#58;0px !important;margin-bottom&#58;12px !important;">​ <a href="/Media/PublicAffairs/Pages/FHFA-Releases-3rd-Quarter-2023-Foreclosure-Prevention-and-Refinance-Report.aspx">Related News Release</a></p>12/21/2023 4:00:32 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - 3Q2023 Of these actions, 6,157,046 have helped 2587https://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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