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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 Fourth Quarter 2020328953/2/2021 5:00:00 AM<p>On June 3, 2019, Fannie Mae and Freddie Mac began issuing a new common mortgage-backed security, known as the Uniform Mortgage-Backed Securities or UMBS, through their jointly developed Common Securitization Platform, bringing to fruition important elements of FHFA's <a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx"> <strong> <em>2014 Strategic Plan for the Conservatorships of</em></strong></a>&#160;<a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx"><strong><em>Fannie Mae and Freddie Mac</em></strong></a>.&#160; On March 12, 2019 forward trading of UMBS began in the “To-Be-Announced&quot; (TBA) market<a href="#footNote1">[1]</a>, with first settlements of the UMBS trades coinciding with their initial issuance by the Enterprises on June 3, 2019.</p><p>FHFA encouraged Fannie Mae and Freddie Mac to develop this new security to broaden and enhance liquidity in the secondary market for residential mortgages and to reduce costs to taxpayers.<a href="#footNote2">[2]</a>&#160; To address those goals, UMBS issued by Fannie Mae and Freddie Mac trade in the TBA market without regard to which Enterprise is the issuer, effectively merging the formerly separate markets for mortgage-backed securities issued by each Enterprise. </p><p>Consistency of prepayment rates is important to the success of UMBS and to the efficiency and liquidity of the secondary mortgage market.&#160; Some industry stakeholders have expressed concern that the rates of prepayment of the Enterprises' securities might materially diverge and undermine their fungibility.&#160; FHFA has taken a number of steps to promote the continued consistency of prepayment rates of Fannie Mae- and Freddie Mac-issued mortgage-backed securities (MBS).&#160; This quarterly report provides market participants additional transparency into a sample of the data FHFA receives and reviews on a monthly basis.</p><p> <em>Ex post </em>monitoring of prepayment rates is part of a broader effort to assure investors that cash flows from UMBS will be similar regardless of which Enterprise is the issuer.&#160; This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises' TBA-eligible MBS,<a href="#footNote3">[3]</a> where a cohort consists of those Enterprise TBA-eligible securities with the same coupon, maturity, and loan-origination year and total combined issuance across the Enterprises exceeds $10 billion.&#160; A prepayment on a mortgage loan is the amount of principal paid in advance of the loan's scheduled payments. &#160;Full prepayment occurs when a borrower pays off the loan ahead of the scheduled maturity.&#160; If a borrower defaults on the mortgage loan, the Enterprise will pay investors the remaining principal balance and remove the loan from the MBS.&#160; That action has the same effect on investors as a full prepayment. &#160;Partial prepayment occurs when a borrower pays principal in addition to the regularly scheduled payment of principal and interest.</p><p> <br>&#160;</p><p> <a name="footNote1">[1]</a> The TBA market is a forward market for certain mortgage-backed securities, including those issued by Fannie Mae and Freddie Mac.</p><p> <a name="footNote2">[2]</a> See <a href="/AboutUs/Reports/ReportDocuments/Single%20Security%20Update%20final.pdf"> <em>An Update on the Structure of the Single Security</em></a>, May 2015, p. 4.</p><p> <a name="footNote3">[3]</a> To avoid double counting, only first-level securitizations are included in the analysis. Second-level securitizations (Megas, Giants, and Supers) are excluded, with the exception of fastest quartile analyses and Table 2 (Quartile Report).&#160; For those exceptions, Freddie Mac multi-lender second-level securitizations traded as a single security are included and the related first-level securitizations are excluded to avoid double counting.&#160;</p>3/2/2021 8:30:49 PMHome / About FHFA / Reports / Prepayment Monitoring Report Fourth Quarter 2020 Prepayment Monitoring 356https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
2021 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions316372/16/2021 5:00:00 AM<p>​​​The Federal Housing Finance Agency (FHFA) today released the 2021&#160;Scorecard outlining specific conservatorship priorities for Fannie Mae, Freddie Mac (the Enterprises), and their joint venture, Common Securitization Solutions, LLC (CSS).&#160;The purpose of the 2021 Scorecard is to ensure that Fannie Mae and Freddie Mac (the Enterprises) and Common Securitization Solutions, LLC (CSS) focus on their core mission responsibilities, operate in a manner appropriate for entities in conservatorships with limited capital buffers, and undertake those activities necessary to support an exit from conservatorship.&#160;<br></p><p>The three objectives of the&#160;2021 Scorecard are to&#160;ensure the Enterprises continue to&#58;<br></p><ol><li>Focus on their core mission responsibilities to foster competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing;</li><li>Operate in a safe and sound manner appropriate for entities in conservatorship; and </li><li>Prepare for their eventual exits from the conservatorships.</li></ol><p></p><p><a href="/AboutUs/Reports/ReportDocuments/2021-Scorecard.pdf"><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;"><strong>2021 Scorecar</strong></span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;"><strong>d</strong></span>​</a></p><p><a href="/AboutUs/Reports/ReportDocuments/2021-Scorecard.pdf"><span style="font-style&#58;normal;"></span></a><a href="/Media/PublicAffairs/Pages/FHFA-Releases-Scorecard-for-Fannie-Freddie-and-CSS_2162021.aspx">Related News Release</a>​<span style="font-style&#58;normal;">​​</span><br></p>2/16/2021 3:00:51 PMHome / About FHFA / Reports / 2021 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions The Federal Housing Finance Agency (FHFA) today released the 2021 968https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - November 2020316292/12/2021 5:00:00 AM<h2>​​​November 2020&#160;Highlights - Foreclosure Prevention</h2><div> <strong></strong>&#160;</div><div> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong><br></div><div><ul><li>The Enterprises completed 107,609 foreclosure prevention actions in November, bringing&#160;the total to 5,499,159 since the start of the conservatorships in September 2008.&#160;Approximately 44 percent of these actions have been permanent loan modifications.</li><li>There were 2,624 permanent loan modifications in November, bringing the total to&#160;2,437,133 since the conservatorships began in September 2008.<br></li><li>Fourteen&#160;percent of modifications in November were modifications with principal&#160;forbearance. Modifications with extend-term only accounted for 68 percent of all loan&#160;modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a COVID-19&#160;related forbearance plan increased from 83,404 in October to 57,133 in November.<br></li><li>Initiated forbearance plans&#160;increased slightly from&#160;58,516 in&#160;October to 59,203 in November. The total number of loans in forbearance plans decreased from 922,589 at the end of October to 841,977 at the end of November, representing approximately 2.90% of the total loans serviced, and 69 percent of the total delinquent loans.</li><li>There were&#160;239 short sales and deeds-in-lieu of foreclosure completed in November, down 24 percent compared with October.</li></ul></div><div> <strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div><ul><li>The 30-59 days delinquency rate increased slightly to 1.02 percent, while the serious delinquency rate dropped from 2.99 percent at the end of October to 2.88 percent at the end of November.</li></ul></div><div> <strong>The Enterprises' Foreclosures&#58;</strong><br></div><div><ul><li>​Third-party and foreclosure sales decreased 19 percent to&#160;602 while foreclosure starts&#160;decreased&#160;38 percent to&#160;1,540 in November.<br></li></ul></div><h2>November&#160;2020 Highlights - Refinance Activities</h2><div><ul><li>Total refinance volume rose and continued in record breaking territory in November 2020 as mortgage rates continued to decrease through October. Mortgage rates decreased further in November&#58; the average interest rate on a 30-year fixed rate mortgage fell to 2.77 percent from 2.83 percent in October.</li><li>In November,&#160;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 126.</li><li>The percentage of cash-out refinances&#160;continued at&#160;26 percent in November from October,&#160;after steadily decreasing in earlier months to a low of 25 percent in August. Mortgage rates have continued to fall, creating more opportunities for non&#160;cash-out borrowers to refinance at lower rates and lower their monthly payments.&#160;<br></li></ul></div>2/12/2021 4:00:46 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - November 2020 Foreclosure 513https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - October 2020317451/27/2021 5:00:00 AM<h2>​​​October 2020&#160;Highlights -- Foreclosure Prevention</h2><div><strong></strong>&#160;</div><div><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong><br></div><div><ul><li>The Enterprises completed 166,189 foreclosure prevention actions in October, bringing&#160;the total to 5,391,530 since the start of the conservatorships in September 2008.&#160;Approximately 45 percent of these actions have been permanent loan modifications.</li><li>There were 2,890 permanent loan modifications in October, bringing the total to&#160;2,434,509 since the conservatorships began in September 2008.<br></li><li>Eighteen percent of modifications in October were modifications with principal&#160;forbearance. Modifications with extend-term only accounted for 65 percent of all loan&#160;modifications during the month.</li><li>The number of borrowers who received payment deferrals after completing a COVID-19&#160;related forbearance plan increased from 72,589 in September to 83,384 in October.<br></li><li>Initiated forbearance plans decreased 9 percent from 64,179 in September to 58,516 in&#160;October. The total number of loans in forbearance plans decreased from 1,045,808 at the&#160;end of September to 922,589 at the end of October, representing approximately 3.22% of&#160;the total loans serviced, and 74 percent of the total delinquent loans.</li><li>There were 315 short sales and deeds-in-lieu of foreclosure completed in October, up 7&#160;percent compared with September.</li></ul></div><div><strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div><ul><li>The 30-59 days delinquency rate decreased to 1.01 percent, while the serious&#160;delinquency rate dropped from 3.14 percent at the end of September to 2.99 percent at the end of October.</li></ul></div><div><strong>The Enterprises' Foreclosures&#58;</strong><br></div><div><ul><li>​Third-party and foreclosure sales increased 19 percent to 741 while foreclosure starts&#160;decreased 13 percent to 2,474 in October.<br></li></ul></div><h2>October 2020 Highlights - Refinance Activities</h2><div><ul><li>Total refinance volume rose and continued in record breaking territory in October 2020 as mortgage rates continued to decrease though September. Mortgage rates decreased further in October&#58; the average interest rate on a 30-year fixed rate mortgage fell to 2.83 percent from 2.89 percent in September.</li><li>In October, 2 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 107.</li><li>The percentage of cash-out refinances increased to 26 percent in October after steadily decreasing in earlier months to a low of 25 percent in August, and rising slightly in September. Mortgage rates have continued to fall, creating more opportunities for non&#160;cash-out borrowers to refinance at lower rates and lower their monthly payments.&#160;<br></li></ul></div>1/27/2021 4:00:43 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - October 2020 Foreclosure 566https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Refinance and FPM Report Third Quarter 20203156312/17/2020 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;">3Q20 Highlights —&#160;Foreclosure Prevention<br></h2><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises completed 539,451&#160;foreclosure prevention actions in the&#160;third&#160;quarter, bringing the total to 5,225,341&#160;since the start of conservatorships in September 2008. Of these actions, 4,524,821&#160;have helped troubled homeowners&#160;stay in their homes, including 2,431,619&#160;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;">Initiated forbearance plans&#160;dropped significantly&#160;to&#160;230,714&#160;in the&#160;third&#160;quarter from 1,511,787 in the second&#160;quarter. The total number of loans in forbearance plans at the end of the quarter was 1,045,808, representing approximately 3.66% of the total loans serviced, and&#160;79 percent of the total delinquent loans.&#160;<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;">Twenty&#160;percent of modifications in the&#160;third quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 64&#160;percent of all loan modifications during the quarter.</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 924&#160;completed short sales and deeds-in-lieu during the quarter, bringing the total to 700,520&#160;since the conservatorships began in September 2008.​<br><br></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Mortgage Performance&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The 60+ days delinquency rate&#160;decreased from 4.08 percent at the end of the&#160;second quarter to&#160;3.58 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="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' serious (90 days or more) delinquency rate&#160;jumped to&#160;3.14&#160;percent at the end of the&#160;third&#160;quarter. This compared with 10.76&#160;percent for Federal Housing Administration (FHA) loans,&#160;5.77&#160;percent for&#160;Veterans Affairs (VA) loans, and&#160;5.16&#160;percent for all loans (industry average).​<br><br></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosures&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">​Foreclosure starts decreased&#160;10&#160;percent to&#160;6,809&#160;while third-party and foreclosure sales&#160;increased 75&#160;percent to 1,794 in the&#160;third quarter.</li></ul><blockquote style="margin&#58;0px 0px 0px 40px;padding&#58;0px;border&#58;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;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"> <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;</em></p><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"> <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;"></em> <a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" 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;">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​<br></p></blockquote> <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;font-stretch&#58;inherit;background-color&#58;#ffffff;">3Q20 Highlights ​— Refinance Activities​​<br><br></h2><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"> <span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">​​Total refinance volume fell in September 2020 but remained in record level territory as mortgage rates continued to decrease through August. Mortgage rates decreased further in September&#58; the average interest rate on a 30-year fixed rate mortgage fell to 2.89 percent from 2.94 percent in August.</span></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 the third quarter of 2020, 35 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 105.<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;">The percentage of cash-out refinances increased to 25 percent in September from 24 percent in August, after steadily decreasing in previous months. Mortgage rates have continued to fall, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.<br><br></li></ul><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;"> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-3rd-Quarter-Foreclosure-Prevention-and-Refinance-Report.aspx">Related News Release​</a>&#160;<a href="/AboutUs/Reports/Pages/Forms/EditForm.aspx?ID=951" style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#276598;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;600;vertical-align&#58;baseline;font-stretch&#58;inherit;">​</a><br><br></div>12/17/2020 7:00:43 PMHome / About FHFA / Reports / Foreclosure Prevention Refinance and FPM Report Third Quarter 2020 The Enterprises completed 539,451 foreclosure prevention actions in the third 695https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Enterprise Non-Performing Loan Sales - June 20203154712/15/2020 5:00:00 AM<p>​​The Enterprise&#160;Non-Performing Loan Sales Report&#160;includes information about NPLs sold through June 30, 2020 and reflects borrower outcomes on NPLs sold through<span class="ms-rteThemeBackColor-1-0">&#160;December 31, 2019 and reported through&#160;June 30, 2020</span>.&#160; The sale of NPLs reduces the number of delinquent loans in the Enterprises' portfolios and transfers credit risk to the private sector.&#160; FHFA and the Enterprises impose&#160;<a href="/Media/PublicAffairs/Pages/Non-Performing-Loan-Sale-Guidelines.aspx">requirements</a>&#160;on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure.&#160;</p><p><span class="ms-rteThemeBackColor-1-0">This report shows that from the program inception in 2014&#160;through June 30, 2020, the Enterprises sold 128,471 NPLs with a total unpaid principal balance (UPB) of $24.1 billion. From December 31, 2015&#160;to June 30, 2020, the number of loans one or more&#160; years delinquent held in the Enterprises' portfolios decreased by 70 percent.&#160;​</span></p><p><span class="ms-rteThemeBackColor-1-0"><a href="/Media/PublicAffairs/Pages/FHFA-Releases-Report-on-Non-performing-Loan-Sales-12152020.aspx">Related News Release​</a></span></p>12/15/2020 4:00:28 PMHome / About FHFA / Reports / Enterprise Non-Performing Loan Sales - June 2020 Enterprise Non-Performing 486https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report — August 20203138911/12/2020 5:00:00 AM<h2>August&#160;2020 Highlights&#160;— Foreclosure Prevention</h2><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The Enterprises completed&#160;166,942 foreclosure prevention actions in August, bringing the total to 5,083,030 since the start of the conservatorships in September 2008.&#160;Nearly half of these actions have been permanent loan modifications.</li><li>There were 3,599 permanent loan modifications in August, bringing the total to 2,428,926 since the conservatorships began in September 2008.</li><li>Twenty-three&#160;percent of modifications in&#160;August were modifications with principal forbearance. Modifications with extend-term only accounted for 61 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 dropped from 108,492 in July to 60,364 in August.</li><li>Initiated forbearance plans decreased&#160;13 percent from 88,989&#160;in&#160;July to&#160;77,546 in August.&#160;The total number of loans in forbearance plans decreased from 1,263,980 at the end of July to 1,147,033 at the end of August, representing approximately 4.0% of the total loans serviced, and 82.1 percent of the total delinquent loans.</li><li>There were&#160;308 short sales and deeds-in-lieu of foreclosure completed in August,&#160;down 4&#160;percent compared with July.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Mortgage Performance&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The 30-59 days delinquency rate dropped to 1.11 percent, while the serious delinquency rate increased from 3.19 percent at the end of July to 3.26 percent at the end of August. The increase in the serious delinquency rate was as a result of the COVID-19 pandemic and the forbearance programs being offered to affected borrowers.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosures&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>Third-party and foreclosure sales dropped 14 percent to 542 while foreclosure starts decreased 4 percent to 1,935 in August.</li></ul><h2>August&#160;2020 Highlights&#160;— Refinance Activities</h2><ul><li>Total refinance volume increased in August 2020 to record levels as mortgage rates fell in previous months. Mortgage rates decreased further in August&#58; the average interest rate on a 30-year fixed rate mortgage fell to 2.94 percent from 3.02 percent in July.</li><li>In August, 15 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 98.</li><li>The percentage of cash-out refinances decreased to 24 percent in August from 25 percent in July. Mortgage rates have continued to fall, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.</li></ul>11/12/2020 6:00:34 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report — August 2020 Foreclosure 866https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report — July 20202863810/15/2020 4:00:00 AM<h2>July&#160;2020 Highlights&#160;— Foreclosure Prevention</h2><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The Enterprises completed&#160;230,198 foreclosure prevention actions in July, bringing the total to 4,916,088 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</li><li>There were 4,481 permanent loan modifications in July, bringing the total to 2,425,327 since the conservatorships began in September 2008.</li><li>Eighteen&#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>Beginning in July, the Enterprises offered payment deferrals to 108,492 borrowers who have completed a COVID-19 related forbearance plan, or who have a confirmed but resolved COVID-19 financial hardship.</li><li>Initiated forbearance plans dropped 31 percent from 129,855&#160;in&#160;June to&#160;88,989 in July.&#160;The total number of loans in forbearance plans decreased from 1,398,250 at the end of June to 1,263,98 at the end of July, representing approximately 4.46% of the total loans serviced, and 89 percent of the total delinquent loans.</li><li>There were&#160;321 short sales and deeds-in-lieu of foreclosure completed in July,&#160;up 4&#160;percent compared with June.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Mortgage Performance&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The 30-59 days delinquency rate dropped to 1.12 percent, while the serious delinquency rate increased from 2.58 percent at the end of June to 3.19 percent at the end of July. The increase in the serious delinquency rate was as a result of the COVID-19 pandemic and the forbearance programs being offered to affected borrowers.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosures&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>Third-party and foreclosure sales increased to 629 in July while foreclosure starts increased slightly to 2,017 in July.</li></ul><h2>July&#160;2020 Highlights&#160;— Refinance Activities</h2><ul><li>Total refinance volume increased in July 2020 to levels last observed in 2009 as mortgage rates fell in previous months. Mortgage rates decreased further in July&#58; the average interest rate on a 30-year fixed rate mortgage fell to 3.02 percent from 3.16 percent in June.</li><li>In July, 13 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 83.</li><li>The percentage of cash-out refinances decreased to 25 percent in July from 27 percent in June. Mortgage rates have continued to fall, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.</li></ul>10/15/2020 2:00:16 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report — July 2020 Foreclosure 1096https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Refinance and FPM Report Second Quarter 2020355009/23/2020 4:00:00 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;">2Q20 Highlights —&#160;Foreclosure Prevention<br></h2><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises completed 254,014&#160;foreclosure prevention actions in the second&#160;quarter, bringing the total to 4,685,890&#160;since the start of conservatorships in September 2008. Of these actions, 3,986,294&#160;have helped troubled homeowners&#160;stay in their homes, including 2,420,846&#160;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;">Initiated forbearance plans increased significantly&#160;to 1,511,787&#160;in the second&#160;quarter from 170,533 in the first quarter due to the COVID-19 pandemic. The total number of loans in forbearance plans at the end of the quarter was 1,398,250, representing approximately 4.95% of the total loans serviced, and 90 percent of the total delinquent loans.&#160;<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;">Nineteen&#160;percent of modifications in the second 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="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 922&#160;completed short sales and deeds-in-lieu during the quarter, bringing the total to 699,596&#160;since the conservatorships began in September 2008.​<br><br></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Mortgage Performance&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The 60+ days delinquency rate jumped from 0.92 percent at the end of the first quarter to 4.08 percent at the end of the second quarter, the highest rate since second of 2012.&#160; The spike in delinquencies were as a result of the COVID-19 pandemic and the forbearance programs being offered to the affected borrowers.&#160;<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;">The Enterprises' serious (90 days or more) delinquency rate rose to 2.58&#160;percent at the end of the second&#160;quarter. This compared with 7.96&#160;percent for Federal Housing Administration (FHA) loans, 3.98&#160;percent for&#160;Veterans Affairs (VA) loans, and 4.26&#160;percent for all loans (industry average).​<br><br></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosures&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">​Foreclosure starts decreased to 74&#160;percent to 7,551&#160;while third-party and foreclosure sales dropped 87 percent to 1,028 in the second quarter due to the suspension of foreclosures.</li></ul><blockquote style="margin&#58;0px 0px 0px 40px;padding&#58;0px;border&#58;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;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><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;</em></p><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><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;"></em><a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx" 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;">Fannie Mae and Freddie Mac State Borrower Assistance Map</a>​<br></p></blockquote><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;font-stretch&#58;inherit;background-color&#58;#ffffff;">2Q20 Highlights ​— Refinance Activities​​<br><br></h2><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">​​Total refinance volume increased in June&#160;2020 to levels last observed in 2013 as mortgage&#160;rates fell in previous months.&#160;Mortgage rates decreased further in June&#58; the average interest rate on a 30-year fixed rate&#160;mortgage fell to 3.16&#160;percent from 3.23&#160;percent in May.</span></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 the Second Quarter&#160;2020,&#160;51 refinances were completed through the High&#160;LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 70.<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;">The percentage of cash-out refinances increased to&#160;27&#160;percent in&#160;June from 28 percent in May. Mortgage rates have continued to fall, creating more opportunities&#160;for non cash-out borrowers to refinance at lower rates and lower their monthly payments.<br><br></li></ul><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;"><a href="/Media/PublicAffairs/Pages/FHFA-Releases-2nd-Quarter-Foreclosure-Prevention-and-Refinance-Report-for-the-Enterprises.aspx">Related News Release</a>​&#160;<a href="/AboutUs/Reports/Pages/Forms/EditForm.aspx?ID=951" style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#276598;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;600;vertical-align&#58;baseline;font-stretch&#58;inherit;">​</a><br><br></div>9/24/2020 5:00:18 PMHome / About FHFA / Reports / Foreclosure Prevention Refinance and FPM Report Second Quarter 2020 The Enterprises completed 254,014 foreclosure prevention actions in the second 874https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report — May 2020283428/18/2020 4:00:00 AM<h2>​May 2020 Highlights&#160;— Foreclosure Prevention</h2><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The Enterprises completed&#160;83,756 foreclosure prevention actions in May, bringing the total to 4,534,370 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</li><li>There were 4,577 permanent loan modifications in May, bringing the total to 2,415,960 since the conservatorships began in September 2008.</li><li>Nineteen&#160;percent of modifications in&#160;May were modifications with principal forbearance. Modifications with extend-term only accounted for 66 percent of all loan modifications during the month.</li><li>Initiated forbearance plans dropped significantly from 989,594 in April to 392,338 in May.&#160;The total number of loans in forbearance plans at the end of May was 1,450,557, representing approximately 5.1% of the total loans serviced.</li><li>There were 286 short sales and deeds-in-lieu of foreclosure completed in May, down 12 percent compared with April 2020.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Mortgage Performance&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The 30-59 days delinquency rate dropped to 2.53 percent, while the serious delinquency rate increased from 0.68 percent at the end of April to 0.86 percent at the end of May.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosures&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>Third-party and foreclosure sales dropped 24 percent from 344 in&#160;April to&#160;260 in May due to the suspension of foreclosures.</li><li>Foreclosure starts also dropped from 3,229&#160;in April to&#160;2,316&#160;in May due to the suspension of foreclosures.</li></ul><h2>May 2020 Highlights&#160;— Refinance Activities</h2><ul><li>Total refinance volume increased in May to levels last observed&#160;in 2013 as&#160;mortgage rates fell in previous months. Mortgage rates decreased further&#160;in May&#58; the average interest rate on a 30-year fixed rate mortgage fell to&#160;3.23 percent from 3.31 percent in April.</li><li>In May, 14 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 46.</li><li>The percentage of cash-out refinances decreased to 28 percent in May from 30 percent in April.&#160;Mortgage rates have continued to fall&#160;from the highs observed in 2018, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments. </li></ul>8/18/2020 5:00:38 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report — May 2020 Foreclosure 1473https://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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