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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 - 3Q20213664212/21/2021 5:00:00 AM<p></p><h2 style="font-family&#58;lato, sans-serif;border-color&#58;currentcolor;font-style&#58;normal;">3Q20 Highlights —&#160;Foreclosure Prevention<br></h2><p style="border-color&#58;currentcolor;font-style&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><span style="border-color&#58;currentcolor;font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><ul style="border-color&#58;currentcolor;font-style&#58;normal;font-weight&#58;400;font-size&#58;14px;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><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-style&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><span style="border-color&#58;currentcolor;font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Mortgage Performance&#58;</span></p><ul style="border-color&#58;currentcolor;font-style&#58;normal;font-weight&#58;400;font-size&#58;14px;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><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-style&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><span style="border-color&#58;currentcolor;font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Foreclosures&#58;</span></p><ul style="border-color&#58;currentcolor;font-style&#58;normal;font-weight&#58;400;font-size&#58;14px;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><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-width&#58;initial;border-color&#58;currentcolor;font-style&#58;normal;font-weight&#58;400;font-size&#58;14px;font-family&#58;&quot;source sans pro&quot;, sans-serif;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="font-style&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;color&#58;#444444;">​</span><span style="color&#58;#444444;font-style&#58;normal;"></span><h2 style="font-family&#58;lato, sans-serif;border-color&#58;currentcolor;font-style&#58;normal;">3Q21&#160;Highlights ​— Refinance Activities​​<br></h2><ul style="border-color&#58;currentcolor;font-style&#58;normal;font-weight&#58;400;font-size&#58;14px;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><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>12/21/2021 6:30:32 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - 3Q2021 Foreclosure 483https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepayment Monitoring Report Third Quarter 20213650711/29/2021 5:00:00 AM<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, allowing both Enterprises’ UMBS to trade in a one, unified market. This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises’ TBA-eligible MBS, <a href="/AboutUs/Reports/ReportDocuments/Prepayment-Monitoring-Report_2021Q3.pdf">[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.&#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.</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>.&#160;Forward trading of UMBS began in the “To-Be-Announced” (TBA) market <a href="/AboutUs/Reports/ReportDocuments/Prepayment-Monitoring-Report_2021Q3.pdf">[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 Enterprise MBS markets. UMBS has broadened and enhanced liquidity in the secondary market for residential mortgages and reduced costs to taxpayers. <a href="/AboutUs/Reports/ReportDocuments/Prepayment-Monitoring-Report_2021Q3.pdf">[3]</a></p><p> <a href="/AboutUs/Reports/ReportDocuments/Prepayment-Monitoring-Report_2021Q3.pdf">[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 href="/AboutUs/Reports/ReportDocuments/Prepayment-Monitoring-Report_2021Q3.pdf">[2]</a> The TBA market is a forward market for certain mortgage-backed securities, including those issued by the Enterprises.</p><p> <a href="/AboutUs/Reports/ReportDocuments/Prepayment-Monitoring-Report_2021Q3.pdf">[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>11/29/2021 7:00:48 PMHome / About FHFA / Reports / Prepayment Monitoring Report Third Quarter 2021 Prepayment Monitoring Report 583https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Enterprise Non-Performing Loan Sales - June 20213684511/22/2021 5:00:00 AM<p>​​The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through June 30, 2021. Borrower outcomes reflect NPLs reported through June 30, 2021 and sold through December 31, 2020.&#160;</p><p>The sale of NPLs reduces the number of delinquent loans in the Enterprises' portfolios and transfers credit risk to the private sector. FHFA and the Enterprises impose requirements on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure.</p><p>​This report shows that from the program inception in 2014 through June 30,&#160;2021,&#160;the Enterprises sold 130,808 NPLs with a total unpaid principal balance (UPB) of $24.5 billion. The loans included in the NPL sales had an average delinquency of 2.9 years and an average current mark-to-market loan-to-value (LTV) ratio of 91 percent (not including capitalized&#160;arrearages).<br>&#160;&#160;</p><p><a href="/Media/PublicAffairs/Pages/FHFA-Releases-Latest-Report-on-Non-Performing-Loan-Sales-112021.aspx">​Related News Release​​</a>​</p>11/23/2021 12:39:43 PMHome / About FHFA / Reports / Enterprise Non-Performing Loan Sales - June 2021 Enterprise Non-Performing 625https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
2022 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions3682611/17/2021 5:00:00 AM<p>​​​Today, the Federal Housing Finance Agency (FHFA) released the 2022 Scorecard for Fannie Mae, Freddie Mac (the Enterprises), and Common Securitization Solutions, LLC (CSS). The purpose of the 2022 Scorecard is to hold the Enterprises and CSS accountable for fulfilling their core mission requirements by promoting sustainable and equitable access to affordable housing and operating in a safe and sound manner.​<br></p><p>The two equally weighted objectives of the 2022 Scorecard are for the Enterprises to (1) Promote Sustainable and Equitable Access to Affordable Housing and (2) Operate the Business in a Safe and Sound Manner.&#160;​For all Scorecard items, Fannie Mae and Freddie Mac (the Enterprises) and Common Securitization Solutions, LLC (CSS) will be assessed based on the following criteria&#58;<br></p><div><strong>​Assessment Criteria</strong><br></div><div><br></div><div><ul><li>Each Enterprise’s products and programs foster sustainable and equitable housing finance markets that support safe, decent, and affordable homeownership and rental opportunities</li><li> Each Enterprise conducts business in a safe and sound manner.</li><li>Each Enterprise meets expectations under all FHFA requirements, including those pertaining to capital, liquidity, and credit risk transfer.</li><li>Each Enterprise continues to manage operations while in conservatorship in a manner that preserves and conserves assets through the prudent stewardship of Enterprise resources.</li><li>Each Enterprise cooperates and collaborates with FHFA to meet the Conservator’s priorities, directives, and guidance throughout the course of the year.</li><li>Each Enterprise delivers work products that are high quality, thorough, creative, effective, and timely, and that consider effects on borrowers and renters, the Enterprises, the industry, and other stakeholders.</li><li>Each Enterprise ensures that diversity, equity, and inclusion remain top priorities in strategic planning, operations, and business development.</li></ul></div><p>​<a href="/Media/PublicAffairs/Pages/FHFA-Releases-2022-Scorecard-for-Fannie-Freddie-and-CSS.aspx">Related News Release</a>​<br></p>11/17/2021 3:30:32 PMHome / About FHFA / Reports / 2022 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions Today, the Federal Housing Finance Agency (FHFA) released the 2022 1116https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report - August 20213638911/10/2021 5:00:00 AM<h1 class="ms-rteElement-H1B">​​August 2021 Highlights - Foreclosure Prevention</h1><h2>The Enterprises' Foreclosure Prevention Actions&#58;</h2><ul><li>The Enterprises completed 49,082 foreclosure prevention actions in August, bringing the total to 6,140,495 since the start of the conservatorships in September 2008. Approximately 40 percent of these actions have been permanent loan modifications.</li><li>There were 6,134 permanent loan modifications in August, bringing the total to 2,480,955 since the conservatorships began in September 2008.</li><li>Eleven percent of modifications in August were modifications with principal forbearance. Modifications with extend-term only accounted for 66 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 23 percent from 39,836 in July to 30,795 in August.</li><li>Initiated forbearance plans increased 7 percent from 23,481 in July to 25,072 in August. The total number of loans in forbearance decreased from 438,550 at the end of July to 400,071 at the end of August, representing approximately 1.3% of the total loans serviced, and 53 percent of the total delinquent loans.<br><br></li></ul><p> <strong>The Enterprises' Mortgage Performance&#58;</strong></p><p></p><ul><li>The 30-59 days delinquency rate increased slightly to 0.69 percent, while the serious delinquency rate declined to 1.72 percent at the end of August.<br></li></ul> <p></p><p> <strong>The Enterprises' Foreclosures&#58;</strong></p><p></p><ul><li>Third-party and foreclosure sales increased 11 percent to 884 while foreclosure starts rose 72 percent to 3,110 in August.​</li></ul> ​ <h2>August 2021 Highlights - Refinance Activities</h2><ul><li>Total refinance volume rose in August 2021, after mortgage rates through July steadily fell from the 2021 peak observed in March. Mortgage rates fell in August&#58; the average interest rate on a 30-year fixed rate mortgage fell to 2.84 percent from 2.87 percent in July.</li><li>In August, 1 refinance was completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 201.</li><li>The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 26 percent in August as the difference between 15- and 30-year fixed rate mortgages remained in the 69 to 71 basis points range in recent months.​​<br></li></ul>11/10/2021 6:00:34 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - August 2021 Foreclosure 1122https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report - July 20213598810/14/2021 4:00:00 AM<h2>​July&#160;2021&#160;Highlights&#160;— Foreclosure Prevention</h2><h4>The Enterprises' Foreclosure Prevention Actions&#58;</h4><ul style="border&#58;0px;font-stretch&#58;inherit;line-height&#58;inherit;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">The Enterprises completed&#160;61,494 foreclosure prevention actions in July, bringing the total to 6,091,413&#160;since the start of the conservatorships in September 2008.&#160;Approximately 41 percent&#160;of these actions have been permanent loan modifications.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">There were 6,287 permanent loan modifications in July, bringing the total to 2,474,821&#160;since the conservatorships began in September 2008.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">Ten&#160;percent of modifications in&#160;July were modifications with principal forbearance. Modifications with extend-term only accounted for 66 percent of all loan modifications during the month.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 5 percent from 41,789 in June to 39,836 in July.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">Initiated forbearance plans decreased 5&#160;percent from 24,841&#160;in&#160;June to 23,481&#160;in July.&#160;The total number of loans in forbearance also&#160;decreased from 490,508&#160;at the end of June to&#160;438,550&#160;at the end of July, representing approximately 1.5% of the total loans serviced, and 55 percent of the total delinquent loans.<br></li></ul><h4>The Enterprises' Mortgage Performance&#58;</h4><ul style="border&#58;0px;font-stretch&#58;inherit;line-height&#58;inherit;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">The 30-59 days delinquency rate decreased slightly to 0.68&#160;percent, while the serious delinquency rate declined to 1.86&#160;percent at the end of July.<br></li></ul><h4>The Enterprises' Foreclosures&#58;</h4><ul style="border&#58;0px;font-stretch&#58;inherit;line-height&#58;inherit;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">Third-party and foreclosure sales increased 5 percent to 796 while&#160;foreclosure starts dropped 10 percent to 1,813&#160;in July.</li></ul><h2 style="margin&#58;0px;font-weight&#58;900;font-family&#58;lato, sans-serif;color&#58;#404040;font-size&#58;22px;border&#58;0px;font-stretch&#58;inherit;vertical-align&#58;baseline;padding&#58;0px;background-color&#58;#ffffff;">July&#160;2021 Highlights&#160;— Refinance Activities</h2><ul style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;">Total refinance volume decreased in July 2021, after mortgage rates fell in June but remained above the lows observed in 2020. Mortgage rates fell in July&#58;&#160;the average interest rate on a 30-year fixed rate mortgage fell to 2.87&#160;percent from 2.98 percent in June.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;">In July, 3&#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 200.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;">The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages continued at 28 percent in July as the difference between 15- and 30-year fixed rate mortgages steadily increased from the lows observed in late 2020, to 71 basis points in June.<br></li></ul>10/14/2021 3:01:01 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - July 2021 Foreclosure 929https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and Federal Property Manager's Report Second Quarter 2021363459/23/2021 4:00:00 AM<p>​2Q21&#160;Highlights —&#160;Foreclosure Prevention<br><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;vertical-align&#58;baseline;font-stretch&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><ul><li>The Enterprises completed 217,020 foreclosure prevention actions in the second quarter, bringing the total to 6,029,919 since the start of conservatorships in September 2008. Of these actions, 5,327,208 have helped troubled homeowners stay in their homes, including 2,468,534 permanent loan modifications.</li><li>Initiated forbearance plans dropped to 81,592 in the second quarter from 121,216 in the first quarter of 2021. The total number of loans in forbearance at the end of the quarter was 490,508, representing approximately 1.6% of the total loans serviced, and 58 percent of the total delinquent loans.</li><li>Twelve percent of modifications in the second quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 63 percent of all loan modifications during the quarter.</li><li>There were 655 completed short sales and deeds-in-lieu during the quarter, bringing the total to 702,711 since the conservatorships began in September 2008. </li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;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;color&#58;#404040 !important;"><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;vertical-align&#58;baseline;font-stretch&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Mortgage Performance&#58;</span></p><ul><li>The 60+ days delinquency rate dropped from 2.68 percent at the end of the first quarter to 2.14 percent at the end of the second quarter.&#160;The delinquency rates remained much higher than pre-coronavirus rates due to the forbearance programs being offered to borrowers affected by the pandemic.</li><li>The Enterprises' serious (90 days or more) delinquency rate decreased to 1.99 percent at the end of the second quarter. This compared with 9.48 percent for Federal Housing Administration (FHA) loans, 5.02 percent for Veterans Affairs (VA) loans, and 4.03 percent for all loans (industry average).</li></ul><p><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;vertical-align&#58;baseline;font-stretch&#58;inherit;font-weight&#58;700 !important;">The Enterprises' Foreclosures&#58;</span></p><p>Foreclosure starts dropped 32 percent to 6,233 while third-party and foreclosure sales increased 9 percent to 2,281 in the second quarter. </p><p><em style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-variant&#58;inherit;font-weight&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">For an interactive online map that provides state data, click on the following link&#58;&#160; <a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" target="_blank" style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#276598;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;600;vertical-align&#58;baseline;font-stretch&#58;inherit;"><strong><font color="#276598">Fannie Mae and Freddie Mac State Borrower Assistance Map</font></strong></a>​<br></em></p><span style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;background-color&#58;#ffffff;">​</span> <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;background-color&#58;#ffffff;">2Q21&#160;Highlights ​— Refinance Activities​​</h2><ul><li>Total refinance volume decreased in June 2021, after mortgage rates continued at levels above the lows observed in 2020. Mortgage rates rose in June&#58; the average interest rate on a 30-year fixed rate mortgage rose to 2.98 percent from 2.96 perent in May.</li><li>In the second quarter, 19 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 197.</li><li>The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages continued at 28 percent in June as the difference between 15- and 30-year fixed rate mortgages steadily increased from the lows observed in late 2020, to 68 basis points in May.&#160; In June, the difference between 15- and 30-year fixed rate mortgages increased to 71 basis points.</li></ul><p><a href="/Media/PublicAffairs/Pages/FHFA-Releases-2nd-Quarter-2021-Foreclosure-Prevention-and-Refinance-Report.aspx">Related News Release</a></p>9/23/2021 3:00:56 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and Federal Property Manager's Report Second Quarter 2021 Of these actions, 5,327,208 have helped troubled 938https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - May 2021360698/12/2021 4:00:00 AM<h2>​​​​​​​M​ay&#160;2021&#160;Highlights - Foreclosure Prevention<br></h2><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;&#160;<br></strong></p><ul><li><span style="color&#58;#444444;">​​The Enterprises completed 65,243 foreclosure prevention actions in May, bringing the total to 5,965,347 since the start of the conservatorships in September 2008. Approximately 41 percent of these actions have been permanent loan modifications.</span></li><li>There were 4,689 permanent loan modifications in May, bringing the total to 2,462,360 since the conservatorships began in September 2008. </li><li>Thirteen percent of modifications in May were modifications with principal forbearance. Modifications with extend-term only accounted for 63 percent of all loan modifications during the month.&#160;</li><li>The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 25 percent from 55,970 in April to 41,832 in May. </li><li>​Initiated forbearance plans decreased 2 percent from 28,623 in April to 28,128 in May. The total number of loans in forbearance also decreased from 592,985 at the end of April to 540,421 at the end of May, representing approximately 1.8% of the total loans serviced, and 59 percent of the total delinquent loans.&#160;</li></ul><p><strong>​The Enterprises' Mortgage Performance&#58;</strong></p><ul><li>The 30-59 days delinquency rate increased to 0.78 percent, while the serious delinquency rate decreased to 2.15 percent at the end of May.&#160;</li></ul><p></p><p><strong>The Enterprises' Foreclosures&#58;</strong> <br></p><ul><li>Third-party and foreclosure sales decreased 12 percent to 714 while foreclosure starts increased 9 percent to 2,206 in May.&#160;</li></ul><p></p><h2>​May 2021 Highlights - Refinance Activities </h2><ul><li>Total refinance volume decreased in May 2021, after mortgage rates rose above 3 percent in March and April. Mortgage rates fell in May&#58; the average interest rate on a 30-year fixed rate mortgage fell to 2.96 percent from 3.06 perent in April. </li><li>In May, 3 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 193. </li><li>The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages increased to 28 percent in May as the difference between 15- and 30- year fixed rate mortgages steadily increased from the lows observed in late 2020 of 46 basis points to 70 basis points in April.​​​<br><br></li></ul>8/12/2021 1:30:21 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - May 2021 Foreclosure 2572https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Credit Risk Transfer Progress Report 4Q2020360558/10/2021 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><div><p>From the beginning of the Enterprises’ Single-Family CRT programs in 2013 through the end of 2020, Fannie Mae and Freddie Mac have transferred a portion of credit risk on $4.1 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of about $137 billion, or 3.3 percent of UPB. Also, $2.1 trillion of UPB has been insured by, and $534 billion of RIF has been transferred to, primary mortgage insurers from 2013 through the end of 2020.​​<br><br></p></div><p>Through the end of 2020, the targeted UPB of 2019 single-family acquisitions covered by CRTs at Fannie Mae and Freddie Mac was 82 percent and 98 percent, respectively.<br></p>8/10/2021 7:00:29 PMHome / About FHFA / Reports / Credit Risk Transfer Progress Report 4Q2020 Credit Risk Transfer Progress 3218https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - April 2021357897/13/2021 4:00:00 AM<p>​​<span style="color&#58;#0072c6;font-family&#58;&quot;segoe ui semilight&quot;, &quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;1.46em;">​April&#160;</span><span style="color&#58;#0072c6;font-family&#58;&quot;segoe ui semilight&quot;, &quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;1.46em;">2021&#160;Highlights - Foreclosure Prevention</span></p><div><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong><br></div><div><div><ul><li>The Enterprises completed 87,205 foreclosure prevention actions in April, bringing the&#160;total to 5,900,104 since the start of the conservatorships in September 2008.</li><li>Approximately 42 percent of these actions have been permanent loan modifications.</li><li>There were 5,271 permanent loan modifications in April, bringing the total to&#160;2,457,671 since the conservatorships began in September 2008.</li><li>Fourteen percent of modifications in April were modifications with principal&#160;forbearance. Modifications with extend-term only accounted for 61 percent of all loan&#160;modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan increased slightly from 55,570 in March to 55,970 in April.</li><li>Initiated forbearance plans decreased 15 percent from 33,525 in March to 28,623 in&#160;April. The total number of loans in forbearance plan also decreased from 660,039 at the end of March to 592,985 at the end of April, representing approximately 2.0% of the total loans serviced, and 64 percent of the total delinquent loans.<br></li></ul></div></div><div><strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div><ul><li>The 30-59 days delinquency rate remained at 0.67 percent, while the serious&#160;delinquency rate decreased to 2.29 percent at the end of April.​</li></ul></div><div><strong>The Enterprises' Foreclosures&#58;</strong><br></div><div><ul><li>​Third-party and foreclosure sales decreased 5 percent to 808 while foreclosure starts dropped 62 percent to 2,020 in April.<br><br></li></ul></div><h2>April&#160;2021 Highlights - Refinance Activities</h2><div><ul><li>Total refinance volume decreased in April, after mortgage rates rose to above 3&#160;percent in March. Mortgage rates fell in April&#58; the average interest rate on a 30-year&#160;fixed rate mortgage fell to 3.06 percent from 3.08 perent in March.</li><li><div>In April, 12 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 190.</div><div></div></li><li><div>​The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages increased to 27 percent in April as the difference between 15-and 30 year fixed rate mortgages steadily increased from the lows observed in late 2020 of 46 basis points to 70 basis points in March.​</div></li></ul></div><p><br></p>7/13/2021 8:48:30 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - April 2021 Foreclosure 1820https://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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