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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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 Recent Conservatorship Reports

 

 

Refinance Report - October 20182593812/13/2018 5:00:00 AM<h2>October&#160;2018&#160;Highlights&#160;</h2><ul><li><p>Total refinance volume increased in October 2018 after falling throughout most of the year in response to rising mortgage rates. Mortgage rates increased in October&#58; the average interest rate on a 30‐year fixed rate mortgage rose to 4.83 percent from 4.63 percent in September.</p> </li></ul><blockquote style="margin&#58;0px 0px 0px 40px;padding&#58;0px;border&#58;currentcolor;"><p style="border-color&#58;currentcolor;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-style&#58;normal;"> <span style="border-color&#58;currentcolor;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">In&#160;October 2018&#58;</span></p></blockquote><ul><ul><li>Borrowers completed 507 refinances through HARP, bringing total refinances from the inception of the program to 3,493,512.</li><li>HARP volume represented 1 percent of total refinance volume.</li><li>Six percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.</li></ul></ul><blockquote style="margin&#58;0px 0px 0px 40px;padding&#58;0px;border&#58;currentcolor;"><p>​Year to date through&#160;October 2018&#58;&#160;</p></blockquote><ul><ul><li>Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 16 percent of the volume of HARP loans.</li><li> <span style="border-color&#58;currentcolor;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">Thirty‐four percent of HARP refinances for underwater borrowers were for shorter‐term 15‐ and 20‐year mortgages, which build equity faster than traditional 30‐year mortgages.</span></li><li>HARP refinances represented 2 percent of total refinances in Florida, Georgia and Illinois compared to 1 percent of total refinances nationwide over the same period.</li></ul></ul><ul><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.<br></li><li> <span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">Nine states and one territory accounted for over 70 percent of the nation's HARP eligible loans with a refinance incentive as of June 30, 2018.</span></li></ul>12/13/2018 4:00:43 PMHome / About FHFA / Reports / Refinance Report - October 2018 Refinance Report 154https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Enterprise Non-Performing Loan Sales Report - June 20182586412/4/2018 5:00:00 AM<p>The Federal Housing Finance Agency (FHFA) today released its semiannual report&#160;providing information about the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises).&#160; The <a href="/AboutUs/Reports/ReportDocuments/June2018_NPL_Sales_Report.pdf"><em>Enterprise Non-Performing Loan Sales Report</em></a><em>&#160;</em> includes information about NPLs sold through June 30, 2018.&#160; It reflects borrower outcomes as of June 30, 2018, based on the 88,200 NPLs that settled by December 31, 2017.&#160;&#160;The sale of NPLs reduces the number of severely delinquent loans in the Enterprises' portfolios. FHFA and the Enterprises impose <a href="/Media/PublicAffairs/Pages/Enhanced-Non-Performing-Loan-Sale-Guidelines.aspx">requirements</a> on NPL buyers &#160;to encourage prioritization of outcomes for borrowers other than foreclosure.&#160;&#160;This report shows that, through June 30, 2018, the Enterprises sold 98,061 NPLs representing a total unpaid principal balance (UPB) of $18.7 billion. </p><p> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-New-Report-on-Non-performing-Loan-Sales-1242018.aspx">Related News Release</a></p>12/4/2018 4:00:29 PMHome / About FHFA / Reports / Enterprise Non-Performing Loan Sales Report - June 2018 Enterprise 185https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepayment Monitoring Report - Third Quarter 20182555311/28/2018 5:00:00 AM<p>FHFA's&#160;<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>includes the goal of improving the overall liquidity of Fannie Mae's and Freddie Mac's (the Enterprises) securities through the development of a single, common mortgage-backed security.&#160; The new security will be called the Uniform Mortgage-Backed Security or UMBS and is designed to trade in the “To-Be-Announced&quot; (TBA) market[1] without regard to which Enterprise is the issuer.&#160; UMBS issued by Fannie Mae and Freddie Mac are designed to be fungible – that is, mutually interchangeable – in the TBA market.&#160; This fungibility is central to broadening and enhancing the liquidity of the secondary mortgage market on an ongoing basis.</p><p>This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises' TBA-eligible MBS.[2]&#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, refinances the mortgages, or sells the home.&#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>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 is part of that commitment and provides market participants additional transparency into the data FHFA receives and reviews on a monthly basis and into FHFA's uses of that data.</p><p>[1] The TBA market is a forward market for certain mortgage-backed securities, including those issued by Fannie Mae and Freddie Mac.</p><p>[2] To avoid double counting, only first-level securitizations are included in the analysis. Second-level securitizations (Megas and Giants) are excluded.</p>11/28/2018 4:00:23 PMHome / About FHFA / Reports / Prepayment Monitoring Report - Third Quarter 2018 Prepayment Monitoring 313https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - Third Quarter 20182885911/15/2018 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;">Third&#160;Quarter 2018&#160;Highlights</h2><ul><li>Total refinance volume decreased in September 2018 as mortgage rates in August remained above the levels observed in 2017. Mortgage rates increased in September&#58; the average interest rate on a 30‐year fixed rate mortgage rose to 4.63 percent from 4.55 percent in August.</li></ul><blockquote dir="ltr" style="margin-right&#58;0px;"><p>In the&#160;third quarter of 2018&#58;</p></blockquote><ul><ul><li>Borrowers completed 1,865 refinances through HARP, bringing total refinances from the inception of the program to 3,493,005.</li><li>HARP volume represented 1 percent of total refinance volume.</li></ul></ul><blockquote dir="ltr" style="margin-right&#58;0px;"><p>&#160;Year to date through&#160;September 2018&#58;</p></blockquote><ul><ul><li>Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 16 percent of the volume of HARP loans.</li><li>Thirty‐three percent of HARP refinances for underwater borrowers were for shorter‐term 15‐ and 20‐year mortgages, which build equity faster than traditional 30‐year mortgages.</li><li>HARP refinances represented 2 percent of total refinances in Florida, Michigan, Georgia and Illinois compared to 1 percent of total refinances nationwide over the same period.</li></ul></ul><ul><li>In September 2018, 6 percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.</li><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.</li><li>Nine states and one territory accounted for over 70 percent of the nation's HARP eligible loans with a refinance incentive as of June 30, 2018.</li></ul><p> <a href="/Media/PublicAffairs/Pages/Fannie-Mae-and-Freddie-Mac-Refinance-Volume-Decreases-In-Third-Quarter-2018.aspx">Related News Release</a></p>11/15/2018 4:00:52 PMHome / About FHFA / Reports / Refinance Report - Third Quarter 2018 Refinance Report 245https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
An Update on the Single Security Initiative and the CSP2882511/13/2018 5:00:00 AM<p>​This <a href="/AboutUs/Reports/ReportDocuments/Update-on-Implementation-of-the-Single-Security-and-CSP_November-2018.pdf"> <span> <font color="#0066cc"> <em>Update</em></font></span></a> reflects the continuation of a commitment by FHFA, the Enterprises, and CSS to develop the SSI and the CSP in a transparent manner. This commitment includes the regular release by FHFA of public updates to provide information to and solicit feedback from policymakers, market participants, and the public.</p><p>The Enterprises formed a joint venture, Common Securitization Solutions (CSS), to develop and operate the CSP to support the Enterprises’ single-family mortgage securitization activities, including the issuance by both Enterprises of UMBS. FHFA has required that CSS develop the CSP to allow for the future use and integration of additional market participants. As previously reported, the Enterprises and CSS are developing the CSP in two stages&#58;  </p><ul><li>Release 1 implemented the CSP’s Data Acceptance, Issuance Support, and Bond Administration modules for Freddie Mac’s existing fixed-rate single-class securities.  </li><li>Release 2 will allow both Enterprises to use those modules, plus the Disclosure module, to perform activities related to their current fixed-rate, single-class securities, and multi-class securities; issue UMBS and related resecuritizations, including commingled resecuritizations; and perform activities related to the underlying loans. Both Enterprises will also use certain modules to perform activities related to securities backed by adjustable-rate loans.<br> </li></ul><p> <a href="/Media/PublicAffairs/Pages/FHFA-updates-progress-on-the-SSI-and-CSP-112018.aspx"> <span> <font color="#0066cc">Related News Release</font></span></a><br></p>11/13/2018 6:51:49 PMHome / About FHFA / Reports / An Update on the Single Security Initiative and the CSP Update on 377https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - August 20182583011/6/2018 5:00:00 AM<h3>​August 2018 Highlights</h3><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><ul><li><div>The Enterprises completed 24,121 foreclosure prevention actions in August, bringing the total to 4,227,732 since the start of the conservatorships in September 2008.&#160; Over half of these actions have been permanent loan modifications.</div></li><li><div>There were 19,345 permanent loan modifications in August, bringing the total to 2,276,989 since the conservatorships began in September 2008.</div></li><li><div>Twenty-four percent of modifications in August were modifications with principal forbearance. Modifications with extend-term only accounted for 53 percent of all loan modifications during the month.</div></li><li><div>There were 752 short sales and deeds-in-lieu of foreclosure completed in August, down 3 percent compared with July.</div></li></ul><p><strong>The Enterprises' Mortgage Performance&#58;</strong></p><ul><li>The serious delinquency rate dropped from 0.84 percent at the end of July to 0.79 percent at the end of August.</li></ul><p><strong>The Enterprises' Foreclosures&#58;</strong></p><ul><li>Third-party and foreclosure sales increased from 4,116 in July to 4,643 in August.</li><li>Foreclosure starts decreased from 11,639 in July to 11,499 in August.</li></ul>11/6/2018 6:00:53 PMHome / About FHFA / Reports / Foreclosure Prevention Report - August 2018 Foreclosure Prevention and 223https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Credit Risk Transfer Progress Report 2Q20183194011/1/2018 4:00:00 AM<p>From the beginning of the Enterprises' Single-Family CRT programs in 2013 through the end of June 2018, Fannie Mae and Freddie Mac have transferred a portion of credit risk on $2.5 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of about $81 billion, or 3.2 percent of UPB.&#160; An additional $1.1 trilllion of UPB and $278 billion of RIF has been transferred to primary mortgage insurers from 2013 through the end of June 2018.&#160; Through CRT and mortgage insurance, the majority of the underlying mortgage credit risk on mortgages targeted for CRT has been transferred to private investors.</p><p>In the first half of 2018, the Enterprises transferred risk on $367 billion of UPB with a total RIF of $12 billion.&#160; Debt issuances accounted for 61 percent of RIF, reinsurance transactions accounted for 30 percent of RIF, lender risk sharing accounted for 6 percent of RIF, and senior/subordinate transactions accounted for 3 percent of RIF. </p><p><a href="/Media/PublicAffairs/Pages/FHFA-Updates-Progress-on-Fannie-Mae-and-Freddie-Mac-Credit-Risk-Transfer-Programs-1112018.aspx">Related News Release</a></p>11/1/2018 5:00:19 PMHome / About FHFA / Reports / Credit Risk Transfer Progress Report 2Q2018 Credit Risk Transfer Progress 444https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - August 20182549510/16/2018 4:00:00 AM<h2 style="font-family&#58;lato, sans-serif;border-color&#58;currentcolor;font-style&#58;normal;">​​August 2018&#160;Highlights&#160;<br></h2><ul style="border-color&#58;currentcolor;font-style&#58;normal;font-family&#58;&quot;source sans pro&quot;, sans-serif;"><li>Total refinance&#160;volume increased in August 2018&#160;as mortgage rates in July fell, continuing a trend also observed in June. Mortgage&#160;rates increased in August&#58; the average interest rate on a 30-year fixed rate mortgage rose&#160;to 4.55&#160;percent from 4.53&#160;percent in July.<br></li></ul><blockquote style="margin&#58;0px 0px 0px 40px;border&#58;none;padding&#58;0px;"><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;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">In August 2018&#58;</span></p></blockquote><ul><ul><li>Borrowers completed 651 refinances through HARP, bringing total refinances from the inception of the program to 3,492,487​.</li><li>HARP volume represented 1&#160;percent of total refinance volume.</li><li>Five&#160;percent of the loans refinanced through HARP had a&#160;loan‐to‐value ratio&#160;greater than 125 percent.</li></ul></ul><blockquote style="margin&#58;0px 0px 0px 40px;border&#58;none;padding&#58;0px;"><p>​Year to date through August 2018&#58;&#160;</p></blockquote><ul><ul><li>Borrowers with loan‐to‐value ratios greater than 105 percent accounted for 16&#160;percent of the volume of HARP loans.</li><li>Thirty-three&#160;percent of HARP refinances for underwater borrowers were for shorter-term 15- and&#160;20‐year mortgages, which build equity faster than traditional 30‐y<span style="border-color&#58;currentcolor;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">ear mortgages.</span></li><li>HARP&#160;refinances represented 3&#160;percent of total refinances in Illinois compared to 1 percent of total refinances nationwide over the same period.</li></ul><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.<br></li><li>Ten&#160;states accounted for over 70 percent of the nation's HARP eligible loans with a refinance incentive as of March 31, 2017.<span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;color&#58;#444444;">​</span><br></li></ul><span style="border-color&#58;currentcolor;font-style&#58;normal;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;color&#58;#444444;"></span>10/16/2018 3:00:38 PMHome / About FHFA / Reports / Refinance Report - August 2018 Refinance Report 328https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - July 20182585410/11/2018 4:00:00 AM<h3>July 2018 Highlights<br></h3><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><ul><li>The Enterprises completed 24,030 foreclosure prevention actions in July, bringing the total to 4,203,611 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.<br></li><li>There were 18,874 permanent loan modifications in July, bringing the total to 2,257,644 since the conservatorships began in September 2008.<br></li><li>Twenty-two percent of modifications in July were modifications with principal forbearance. Modifications with extend-term only accounted for 56 percent of all loan modifications during the month.<br></li><li>There were 777 short sales and deeds-in-lieu of foreclosure completed in July, down 11 percent compared with June.<br></li></ul><p><strong>The Enterprises' Mortgage Performance&#58;</strong></p><ul><li>The serious delinquency rate dropped from 0.91 percent at the end of June to 0.84 percent at the end of July.<br></li></ul><p><strong>The Enterprises' Foreclosures&#58;</strong><br></p><ul><li>Third-party and foreclosure sales decreased from 4,430 in June to 4,116 in July.<br></li><li>Foreclosure starts increased from 10,860 in June to 11,639 in July.<br></li></ul>10/11/2018 3:00:43 PMHome / About FHFA / Reports / Foreclosure Prevention Report - July 2018 Foreclosure Prevention and Federal 276https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - Second Quarter 2018256779/26/2018 4:00:00 AM<h1>​Second Quarter 2018&#160;Highlights</h1><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><ul><li>The Enterprises completed 70,945 foreclosure prevention actions in the second quarter, bringing the total to 4,179,581 since the start of conservatorships in September 2008.&#160; Of these actions, 3,491,670 have helped troubled homeowners stay in their homes, including 2,238,770 permanent loan modifications.<br></li><li>Tweinty-five percent of&#160;modifications&#160;in the second quarter were modifications with principal forbearance.&#160; Modifications with extend-term only accounted for 49 percent of all loan modifications during the quarter.&#160;&#160;<br></li><li>There were 2,612 completed short sales and deeds-in-lieu during the quarter, bringing the total to&#160; 687,911 since the conservatorships began in September in 2008.<br></li></ul><p><strong>The Enterprises' Mortgage Performance&#58;</strong></p><ul><li>The percentage of&#160;60+ days delinquent loans dropped from 1.4 percent at the end of the first quarter to 1.2 percent at the end of the second quarter.<br></li><li>The Enterprises' serious (90 days or more)&#160;delinquency rate decreased to&#160;0.91 percent at the end of the second quarter. This compared with 3.9 percent for Federal Housing Administration (FHA) loans, 2.0 percent for Veterans Affairs (VA) loans, and 2.3&#160;percent for all loans (industry average).<br></li></ul><p><strong>The Enterprises' Foreclosures&#58;</strong></p><p>Foreclosure starts declined 16 percent to 39,002, and third-party and foreclosure sales decreased 3 percent to 13,464 in the second quarter.<br><a href="/Media/PublicAffairs/Pages/Foreclosure-Preventions-Near-4pt2-Million-In-FHFAs-Second-Quarter-2018-Report.aspx">Related News Release</a><br></p><div>​For an interactive online map that provides state data, click on the following link&#58; <a href="/DataTools/Tools/Pages/Borrower-Assistance-Map.aspx"><em>F</em><em>annie Mae and Freddie Mac State Borrower Assistance Map&#160;</em></a><br></div>9/26/2018 3:00:53 PMHome / About FHFA / Reports / Foreclosure Prevention Report - Second Quarter 2018 Foreclosure Prevention 415https://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.


CONSERVATORSHIP DATASETS


Treasury and Federal Reserve Purchase Programs for GSE and Mortgage-Related Securities

 

 

Table 4a: Federal Reserve Purchase of GSE and Ginnie Mae MBS,January 2009-March 2010241745/3/2016 5:33:50 PM5/3/2016 5:33:50 PM($ billions, current face value as of purchase Source: Federal Reserve Bank of New York STS_ListItem_DocumentLibraryhttps://www.fhfa.gov/DataTools/Downloads/Documents/Market-Data12180https://www.fhfa.govpdfFalsepdfhttp://www.int.fhfa.gov/DataTools/Downloads{05A763CB-5A37-4264-859E-CC07CBBD8255}~sitecollection/_catalogs/masterpage/Display Templates/Search/Item_Default_FHFA.js42;1542
Table 4b: Federal Reserve Purchase of Agency MBS, October 2011-Present2417511/26/2018 2:20:01 PM11/26/2018 2:20:01 PM($ billions, current face value as of purchase Data does not include small value purchases conducted to test the capability of the Federal Reserve Bank of New York’s proprietary STS_ListItem_DocumentLibraryhttps://www.fhfa.gov/DataTools/Downloads/Documents/Market-Data168170https://www.fhfa.govpdfFalsepdfhttp://www.int.fhfa.gov/DataTools/Downloads{A554A53C-B7B3-44DE-85FE-50DD25C8CACD}~sitecollection/_catalogs/masterpage/Display Templates/Search/Item_Default_FHFA.js42;1542

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