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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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Foreclosure Prevention, Refinance, and FPM Report - 1Q2022376386/28/2022 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;">​​​1Q22 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;">The Enterprises completed 129,779 foreclosure prevention actions in the first quarter of 2022, bringing the total to 6,494,057 since the start of conservatorships in September 2008. Of these actions, 5,790,354 have helped troubled homeowners stay in their homes, including 2,544,752 permanent loan modifications.</li><li style="line-height&#58;1.4 !important;">Initiated forbearance plans decreased to 59,778 in the first quarter 2022 from 72,146 in the fourth quarter of 2021. The total number of loans in forbearance at the end of the quarter was 126,758, representing approximately 0.41 percent of the total loans serviced, and 23 percent of the total delinquent loans.</li><li style="line-height&#58;1.4 !important;">Six percent of modifications in the first quarter were modifications with principal forbearance. Modifications that include reduce rate and extend-term accounted for 72 percent of all loan modifications during the quarter.</li><li style="line-height&#58;1.4 !important;">​There were 240 completed short sales and deeds-in-lieu during the quarter, bringing the total to 703,703 since the conservatorships began in September 2008.</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;">The 60+ days delinquency rate dropped from 1.34 percent at the end of the fourth quarter 2021 to 1.11 percent at the end of the first quarter of 2022. The delinquency rates remained higher than pre-coronavirus rates due to the forbearance programs offered to borrowers affected by the pandemic.</li><li style="line-height&#58;1.4 !important;">The Enterprises' serious (90 days or more) delinquency rate dropped to 0.97 percent at the end of the first quarter. This compared with 5.33 percent for Federal Housing Administration (FHA) loans, 3.15 percent for Veterans Affairs (VA) loans, ​and 2.39 percent for all loans (industry average).</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;">Foreclosure starts more than trippled to 20,624 while third-party and foreclosure sales decreased 5 percent to 3,054 in the first quarter.</li></ul><blockquote style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;margin-left&#58;40px;"><p style="border-color&#58;currentcolor;"> <em style="border-color&#58;currentcolor;">​For an interactive online map that provides state data, click on the following link&#58;&#160;</em></p><p style="border-color&#58;currentcolor;"> <em style="border-color&#58;currentcolor;"></em><a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​<br></p></blockquote> <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;">1Q22&#160;Highlights ​— Refinance Activities​​<br></h2><ul><li style="line-height&#58;1.4 !important;">Total refinance volume decreased in March 2022 amid rising mortgage rates through February. Mortgage rates rose in March&#58; the average interest rate on a 30-year fixed rate mortgage increased to 4.17 percent from a February level of 3.76 percent.</li><li style="line-height&#58;1.4 !important;">The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages continued at 23 percent in March as the difference between 15-and 30-year fixed rate mortgages remained in the three quarters of a percent range in recent months through February. In March, the difference between 15-and 30-year fixed rate mortgages increased to 78 basis points.</li></ul><p style="margin-top&#58;12px !important;margin-bottom&#58;12px !important;"> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-1st-Quarter-2022-Foreclosure-Prevention-and-Refinance-Report.aspx">Related News Release</a></p>6/28/2022 5:00:53 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - 1Q2022 Foreclosure 280https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Annual Report to Congress - 2021375056/15/2022 4:00:00 AM<div><p>The Federal Housing Finance Agency’s (FHFA’s) <strong><em><a href="/AboutUs/Reports/ReportDocuments/FHFA-2021-Annual-Report-to-Congress.pdf">2021&#160;Report to Congress</a>​</em></strong> covers&#160;the activities of FHFA and its regulated entities in 2021.&#160;<span lang="EN-US" data-contrast="auto">The statutorily-required report provides information about the Agency’s 2021 examinations of Fannie Mae, Freddie Mac (the Enterprises), the 11 Federal Home Loan Banks (FHLBanks), and the FHLBanks’ Joint Office of Finance. It also describes FHFA’s actions as conservator of Fannie Mae and Freddie Mac and provides an overview of FHFA’s regulatory activities, research, and publications issued during the year.</span><span data-ccp-props="&#123;&quot;335559737&quot;&#58;288&#125;">&#160;T</span>his report meets all such requirements applicable as of December 31, 2021.</p><p><a href="/Media/PublicAffairs/Pages/FHFA-Issues-2021-Report-to-Congress.aspx">Related News Release</a>​<br></p></div><p>&#160;</p>6/15/2022 3:00:25 PMHome / About FHFA / Reports / Annual Report to Congress - 2021 Annual Report to Congress 1222https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Refinance and FPM Report February 2022370885/12/2022 4:00:00 AM<h2 style="padding-bottom&#58;12px !important;padding-top&#58;8px !important;">​​​​​​February 2022&#160;Highlights - Foreclosure Prevention<br></h2><div style="padding-top&#58;8px !important;"> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></div><div style="padding-top&#58;6px;"><ul><li>The Enterprises completed 40,648 foreclosure prevention actions in February, bringing the total to 6,451,783 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.</li><li>There were 14,350 permanent loan modifications in February, bringing the total to 2,526,661 since the conservatorships began in September 2008.</li><li>Six percent of modifications in February were modifications with principal forbearance. Modifications that include reduce rate and extend-term accounted for 73 percent of all loan modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 11 percent from 22,275 in January to 19,889 in February.</li><li>Initiated forbearance plans decreased 14 percent from 22,968 in January to 19,709 in February. The total number of loans in forbearance decreased from 153,075 at the end of January to 140,188 at the end of February, representing approximately 0.46 percent of the total loans serviced, and 22 percent of the total delinquent loans.</li></ul></div><div style="padding-top&#58;8px !important;"> <strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div style="padding-top&#58;6px;"><ul><li>The 30-59 days delinquency rate increased to 0.92 percent while the serious delinquency rate declined to 1.06 percent at the end of February.</li></ul></div><div style="padding-top&#58;8px !important;"> <strong>The Enterprises' Foreclosures&#58;</strong><br></div><div style="padding-top&#58;6px;"><ul><li>Third-party and foreclosure sales decreased 9 percent to 918 while foreclosure starts increased to 7,298 in February.</li></ul></div><h2 style="padding-top&#58;16px !important;padding-bottom&#58;12px !important;">February&#160;2022 Highlights - Refinance Activities</h2><div style="padding-top&#58;6px;"><ul><li>Total refinance volume decreased in February 2022 amid rising mortgage rates through January. Mortgage rates rose in February&#58; the average interest rate on a 30- year fixed rate mortgage increased to 3.76 percent from a January level of 3.45 percent.</li><li>The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages continued at 23 percent in February as the difference between 15- and 30-year fixed rate mortgages remained in the three quarters of a percent range in recent months through January. In February, the difference between 15- and 30-year fixed ​rate mortgages decreased to 76 basis points.</li></ul></div>​<br>5/12/2022 6:00:07 PMHome / About FHFA / Reports / Foreclosure Prevention Refinance and FPM Report February 2022 Foreclosure 827https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepayment Monitoring Report First Quarter 2022370905/12/2022 4:00:00 AM<p>​​Fannie Mae and Freddie Mac began issuing the Uniform Mortgage-Backed Securities (UMBS) on June 3, 2019.<br></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="#Footnote1">[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> <strong>Background on UMBS</strong></p><p>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="#Footnote2">[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="#Footnote3">[3]</a></p><p> <a name="Footnote1">[1]</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). 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.</p><p> <a name="Footnote2">[2]</a> The TBA market is a forward market for certain mortgage-backed securities, including those issued by the Enterprises.</p><p> <a name="Footnote3">[3]</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>5/12/2022 6:10:07 PMHome / About FHFA / Reports / Prepayment Monitoring Report First Quarter 2022 Prepayment Monitoring Report 517https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Credit Risk Transfer Progress Report 4Q2021376055/2/2022 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>In 2021, the Enterprises collectively achieved the highest level of single-family CRT issuance volume since the inception of the CRT programs. The Enterprises transferred a portion of credit risk on $1.1 trillion of unpaid principal balance (UPB) in 2021, an increase of $404 billion or 62 percent from 2020. The record level of annual single-family CRT issuances was influenced by the significant amount of mortgage refinance activity in 2020 and 2021, primarily as a result of historically low average mortgage rates.</p><p>The single-family CRT activity at Fannie Mae was lower than Freddie Mac in 2021, as Fannie Mae did not re-enter the CRT market until the fourth quarter of 2021.</p><p>From 2013 through the end of 2021, the Enterprises transferred risk on approximately $5.2 trillion of UPB, with a total Risk in Force (RIF) of $162 billion, or 3.1 percent of UPB. Securities issuances (CAS and STACR) accounted for 67 percent of total RIF of CRT issuances.</p><p>In 2021, the Enterprises transferred risk on $1.1 trillion of UPB with a total RIF of $25 billion. Securities issuances accounted for 57 percent of RIF, and reinsurance transactions accounted for 43 percent of RIF.</p><p>See the document below for more detailed information.</p>​<br>​<br>5/2/2022 5:00:13 PMHome / About FHFA / Reports / Credit Risk Transfer Progress Report 4Q2021 Credit Risk Transfer Progress 1012https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Refinance and FPM Report January 2022374694/14/2022 4:00:00 AM<h2 style="padding-bottom&#58;12px !important;padding-top&#58;8px !important;">​January 2022&#160;Highlights - Foreclosure Prevention</h2><div style="padding-top&#58;8px !important;"> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></div><div style="padding-top&#58;6px;"><ul><li>The Enterprises completed 46,857 foreclosure prevention actions in January, bringing the total to 6,411,135 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.</li><li>There were 8,934 permanent loan modifications in January, bringing the total to 2,512,311 since the conservatorships began in September 2008.</li><li>Seven percent of modifications in January were modifications with principal forbearance. Modifications that include reduce rate and extend-term accounted for 59 percent of all loan modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 14 percent from 25,784 in December 2021 to 22,275 in January 2022.</li><li>Initiated forbearance plans decreased 13 percent from 29,267 in December to 22,968 in January. The total number of loans in forbearance decreased from 178,019 at the end of December to 153,075 at the end of January, representing approximately 0.50 percent of the total loans serviced, and 25 percent of the total delinquent loans.</li></ul></div><div style="padding-top&#58;8px !important;"> <strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div style="padding-top&#58;6px;"><ul><li>The 30-59 days delinquency rate remained flat at 0.76 percent, while the serious delinquency rate declined to 1.12 percent at the end of January.</li></ul></div><div style="padding-top&#58;8px !important;"> <strong>The Enterprises' Foreclosures&#58;</strong><br></div><div style="padding-top&#58;6px;"><ul><li>Third-party and foreclosure sales decreased 3 percent to 1,006 while foreclosure starts rose to 6,807 in January.</li></ul></div> <h2 style="padding-top&#58;16px !important;padding-bottom&#58;12px !important;">January​&#160;2022 Highlights - Refinance Activities</h2><div style="padding-top&#58;6px;"><ul><li>Total refinance volume decreased in January 2022 amid rising mortgage rates through December. Mortgage rates continued to rise in January&#58; the average interest rate on a 30-year fixed rate mortgage increased to 3.45 percent from a December level of 3.10 percent, reaching levels last observed in March 2020.</li><li>The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 23 percent in January as the difference between 15- and 30-year fixed rate mortgages remained in the 69 to 76 basis point range in recent months through December. In January, the difference between 15- and 30-year fixed rate mortgages increased to 79 basis points.</li></ul></div>​<br>4/14/2022 5:00:37 PMHome / About FHFA / Reports / Foreclosure Prevention Refinance and FPM Report January 2022 Foreclosure 824https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report - 4Q2021372583/24/2022 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;">4Q21 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 style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;"><li style="border-color&#58;currentcolor;">The Enterprises completed 153,793 foreclosure prevention actions in the fourth quarter, bringing the total to 6,364,278 since the start of conservatorships in September 2008. Of these actions, 5,660,815 have helped troubled homeowners stay in their homes, including 2,503,377 permanent loan modifications.</li><li style="border-color&#58;currentcolor;">Initiated forbearance plans decreased to 72,146 in the fourth quarter from 75,201 in the third quarter of 2021. The total number of loans in forbearance at the end of the quarter was 178,019, representing approximately 0.59 percent of the total loans serviced, and 28 percent of the total delinquent loans.<br></li><li style="border-color&#58;currentcolor;">Eleven percent of modifications in the fourth quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 67 percent of all loan modifications during the quarter.</li><li style="border-color&#58;currentcolor;">There were 308 completed short sales and deeds-in-lieu during the quarter, bringing the total to 703,463 since the conservatorships began in September 2008.​<br><br></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 style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;"><li style="border-color&#58;currentcolor;">The 60+ days delinquency rate dropped from 1.69 percent at the end of the third quarter to 1.34 percent at the end of the fourth quarter. The delinquency rates remained much higher than pre-coronavirus rates due to the forbearance programs offered to borrowers affected by the pandemic.<br></li><li style="border-color&#58;currentcolor;">The Enterprises' serious (90 days or more) delinquency rate dropped to 1.19 percent at the end of the fourth quarter. This compared with 6.48 percent for Federal Housing Administration (FHA) loans, 3.82 percent for Veterans Affairs (VA) loans, and 2.83 percent for all loans (industry average).<br><br></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 style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;"><li style="border-color&#58;currentcolor;">Foreclosure starts dropped 15 percent to 6,178 while third-party and foreclosure sales increased 27 percent to 3,213 in the fourth quarter.</li></ul><blockquote style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;margin-left&#58;40px;"><p style="border-color&#58;currentcolor;"> <em style="border-color&#58;currentcolor;">​For an interactive online map that provides state data, click on the following link&#58;&#160;</em></p><p style="border-color&#58;currentcolor;"> <em style="border-color&#58;currentcolor;"></em><a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​<br></p></blockquote> <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;">4Q21&#160;Highlights ​— Refinance Activities​​<br></h2><ul style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;"><li style="border-color&#58;currentcolor;"> <span style="border-color&#58;currentcolor;">Total refinance volume decreased in December 2021 amid rising mortgage rates through November. Mortgage rates rose in December&#58; the average interest rate on a 30-year fixed rate mortgage increased to 3.10 percent from a November level of 3.07 percent.</span></li><li style="border-color&#58;currentcolor;">Fannie Mae and Freddie Mac suspended the High LTV Refinance option in 2021. The total refinance volume from the inception to the end of the program reached 201 loans.<br></li><li style="border-color&#58;currentcolor;">The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 24 percent in December as the difference between 15-and 30-year fixed rate mortgages remained in the 69 to 76 basis point range in recent months through November. In December, the difference between 15-and 30-year fixed rate mortgages increased to 75 basis points.<br></li></ul><p style="margin-top&#58;12px !important;margin-bottom&#58;12px !important;"> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-4th-Quarter-2021-Foreclosure-Prevention-and-Refinance-Report.aspx">Related News Release</a></p>3/24/2022 3:00:58 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - 4Q2021 Foreclosure 1248https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - November 2021368132/10/2022 5:00:00 AM<h2>November 2021&#160;Highlights - Foreclosure Prevention</h2><div> <strong></strong>&#160;</div><div> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></div><div style="padding-top&#58;6px;"><ul><li>The Enterprises completed 47,027 foreclosure prevention actions in November, bringing the total to 6,323,247 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.</li><li>There were 5,266 permanent loan modifications in November, bringing the total to 2,496,916 since the conservatorships began in September 2008.</li><li>Twelve percent of modifications in November were modifications with principal forbearance. Modifications with extend-term only accounted for 71 percent of all loan modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 33 percent from 45,965 in October to 30,951 in November.</li><li>Initiated forbearance plans decreased 13 percent from 22,890 in October to 19,989 in November. The total number of loans in forbearance decreased from 244,070 at the end of October to 198,117 at the end of November, representing approximately 0.65 percent of the total loans serviced, and 30 percent of the total delinquent loans.</li></ul></div><div> <strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div style="padding-top&#58;6px;"><ul><li>The 30-59 days delinquency rate decreased to 0.77 percent, while the serious delinquency rate declined to 1.29 percent at the end of November.</li></ul></div><div> <strong>The Enterprises' Foreclosures&#58;</strong><br></div><div style="padding-top&#58;6px;"><ul><li>Third-party and foreclosure sales decreased 8 percent to 1,042 while foreclosure starts fell 22 percent to 1,804 in November.</li></ul></div><h2>November&#160;2021 Highlights - Refinance Activities</h2><div style="padding-top&#58;6px;"><ul><li>Total refinance volume in November decreased from October. Mortgage rates were unchanged in November&#58; the average interest rate on a 30-year fixed rate mortgage continued at 3.07 percent from October.</li><li>In November, no refinances were completed through the High LTV Refinance Option; the total refinances through the High LTV Refinance Option from the inception of the program was 201.</li><li>The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 25 percent in November as the difference between 15- and 30- year fixed rate mortgages remained in the 69 to 76 basis point range in recent months through October.</li></ul></div>2/10/2022 7:00:45 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - November 2021 Foreclosure 1677https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance & Federal Property Manager's Report - October 2021364311/20/2022 5:00:00 AM<h2 style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040;font-family&#58;lato, sans-serif;font-size&#58;22px;font-weight&#58;900;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">​​October 2021&#160;Highlights -- Foreclosure Prevention</h2><div style="margin&#58;0px;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;"> <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;"></span>&#160;<br></div><div style="margin&#58;0px;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;"> <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><br></div><div style="margin&#58;0px;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;"><ul style="font&#58;inherit;margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;vertical-align&#58;baseline;font-size-adjust&#58;inherit;font-stretch&#58;inherit;"><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;">The Enterprises completed 65,735&#160;foreclosure prevention actions in October, bringing&#160;the total to 6,276,220&#160;since the start of the conservatorships in September 2008.&#160;Approximately 40&#160;percent of these actions have been permanent loan modifications.</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;">There were 5,186&#160;permanent loan modifications in October, bringing the total to&#160;2,491,650&#160;since the conservatorships began in September 2008.<br></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;">Twelve&#160;percent of modifications in October were modifications with principal&#160;forbearance. Modifications with extend-term only accounted for 71 percent of all loan&#160;modifications during the month.</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;">The number of borrowers who received payment deferrals after completing a COVID-19&#160;related forbearance plan decreased 6 percent from 49,140&#160;in September to 45,965&#160;in October.<br></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;">Initiated forbearance plans decreased 14 percent from 26,648&#160;in September to 22,890&#160;in&#160;October. The total number of loans in forbearance plans decreased from 320,009&#160;at the&#160;end of September to 244,070&#160;at the end of October, representing approximately 0.81% of&#160;the total loans serviced, and 34 percent of the total delinquent loans.<br></li></ul></div><div style="margin&#58;0px;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;"> <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;&#160;</span></div><div style="margin&#58;0px;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;"><ul style="font&#58;inherit;margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;vertical-align&#58;baseline;font-size-adjust&#58;inherit;font-stretch&#58;inherit;"><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;">The 30-59 days delinquency rate increased to 0.81&#160;percent, while the serious&#160;delinquency rate declined to 1.40&#160;percent at the end of October.</li></ul></div><div style="margin&#58;0px;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;"> <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><br></div><div style="margin&#58;0px;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;"><ul style="font&#58;inherit;margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;vertical-align&#58;baseline;font-size-adjust&#58;inherit;font-stretch&#58;inherit;"><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;">​Third-party and foreclosure sales increased 33&#160;percent to 1,138&#160;while foreclosure starts&#160;fell slightly to 2,305&#160;in October.<br></li></ul></div><h2 style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040;font-family&#58;lato, sans-serif;font-size&#58;22px;font-weight&#58;900;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">October 2021&#160;Highlights - Refinance Activities</h2><div style="margin&#58;0px;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;"><ul style="font&#58;inherit;margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;vertical-align&#58;baseline;font-size-adjust&#58;inherit;font-stretch&#58;inherit;"><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;">Total refinance volume in October 2021 continued at a level similar to September. Mortgage rates rose in October&#58; the&#160;average interest rate on a 30-year fixed rate mortgage rose&#160;to 3.07&#160;percent from 2.90&#160;percent in September.</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;">In October, no&#160;refinances were completed through the High LTV Refinance Option;&#160;the&#160;total refinances through the High LTV Refinance Option from the inception of the program was 201.</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;">The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 26 percent in October as the difference between 15- and 30-year fixed rate mortgages remained in the 69 to 72 basis point range in recent months through September.​<br></li></ul></div>1/20/2022 4:30:33 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance & Federal Property Manager's Report - October 2021 The Enterprises completed 65,735 foreclosure prevention 1542https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report - 3Q20213664212/21/2021 5:00:00 AM<h2 style="border-color&#58;currentcolor;padding-top&#58;8px !important;font-family&#58;lato, sans-serif;font-style&#58;normal;">3Q21 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 style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;"><li style="border-color&#58;currentcolor;">The Enterprises completed 180,566&#160;foreclosure prevention actions in the&#160;third&#160;quarter, bringing the total to 6,210,485&#160;since the start of conservatorships in September 2008. Of these actions, 5,507,330&#160;have helped troubled homeowners&#160;stay in their homes, including 2,486,464&#160;permanent loan modifications.</li><li style="border-color&#58;currentcolor;">Initiated forbearance plans&#160;dropped to&#160;75,201&#160;in the&#160;third&#160;quarter from 81,592&#160;in the second&#160;quarter of 2021. The total number of loans in forbearance plans at the end of the quarter was 320,009, representing approximately 1.07% of the total loans serviced, and 44&#160;percent of the total delinquent loans.&#160;<br></li><li style="border-color&#58;currentcolor;">Eleven&#160;percent of modifications in the&#160;third quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 66&#160;percent of all loan modifications during the quarter.</li><li style="border-color&#58;currentcolor;">There were 444&#160;completed short sales and deeds-in-lieu during the quarter, bringing the total to 703,155&#160;since the conservatorships began in September 2008.​<br><br></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 style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;"><li style="border-color&#58;currentcolor;">The 60+ days delinquency rate&#160;decreased from 2.14&#160;percent at the end of the&#160;second quarter to 1.69&#160;percent at the end of the&#160;third quarter.&#160;&#160;The delinquency rates remained much higher than pre-coronavirus rates due to the forbearance programs being offered to borrowers affected by the pandemic.&#160;<br></li><li style="border-color&#58;currentcolor;">The Enterprises' serious (90 days or more) delinquency rate&#160;decreased&#160;to 1.55&#160;percent at the end of the&#160;third&#160;quarter. This compared with&#160;8.19&#160;percent for Federal Housing Administration (FHA) loans, 4.48&#160;percent for&#160;Veterans Affairs (VA) loans, and 3.40&#160;percent for all loans (industry average).​<br><br></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 style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;"><li style="border-color&#58;currentcolor;">​Foreclosure starts rose 16&#160;percent to 7,253&#160;while third-party and foreclosure sales&#160;increased 11&#160;percent to 2,534&#160;in the&#160;third quarter.</li></ul><blockquote style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;margin-left&#58;40px;"><p style="border-color&#58;currentcolor;"> <em style="border-color&#58;currentcolor;">​For an interactive online map that provides state data, click on the following link&#58;&#160;</em></p><p style="border-color&#58;currentcolor;"> <em style="border-color&#58;currentcolor;"></em> <a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​<br></p></blockquote> <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;">3Q21&#160;Highlights ​— Refinance Activities​​<br></h2><ul style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;font-weight&#58;400;"><li style="border-color&#58;currentcolor;"> <span style="border-color&#58;currentcolor;">​​Total refinance volume fell in September 2021,&#160;after a sharp rise in August. Mortgage rates rose&#160;in September&#58; the average interest rate on a 30-year fixed rate mortgage rose to 2.90&#160;percent from 2.84 percent in August.</span></li><li style="border-color&#58;currentcolor;">In the third quarter, four&#160;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 201.<br></li><li style="border-color&#58;currentcolor;">The percentage of borrowers refinancing into shorter-term 12-year fixed rate mortgages&#160;increased to 27&#160;percent in September as the difference between 15- and 30-year fixed rate mortgages remained in the 69 to 71 basis point range in recent months.&#160; In September, the difference between 15- and 30-year fixed rate mortgages increased to 72 basis points.<br></li></ul><p style="margin-top&#58;12px !important;margin-bottom&#58;12px !important;"> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-3rd-Quarter-2021-Foreclosure-Prevention-and-Refinance-Report.aspx">Related News Release</a></p>3/16/2022 6:39:13 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - 3Q2021 Foreclosure 1846https://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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