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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

 

 

Enterprise Non-Performing Loan Sales Report - December 2020337565/27/2021 4:00:00 AM<p>​​The Enterprise&#160;Non-Performing Loan Sales Report&#160;includes information about NPLs sold through December 31, 2020 and reflects borrower outcomes on NPLs sold through June 30, 2020 and reported through December 31, 2020.&#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-and-Reperforming-Loan-Sale-Requirements.aspx">requirements</a>&#160;on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure.&#160;</p><p>This report shows that, through December 31, 2020, the Enterprises have sold 130,808 NPLs with a total unpaid principal balance (UPB) of $24.5 billion.&#160;​</p><p> <a href="/Media/PublicAffairs/Pages/FHFA-Releases-Latest-Report-on-Non-performing-Loan-Sales.aspx">Related News Release</a></p>5/27/2021 6:14:41 PMHome / About FHFA / Reports / Enterprise Non-Performing Loan Sales Report - December 2020 Enterprise 553https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Performance of Fannie Mae's and Freddie Mac’s Single-Family Credit Risk Transfer341885/17/2021 4:00:00 AM<p>Pursuant to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992&#160; (Safety and Soundness Act), as amended by the Housing and Economic Recovery Act of 2008&#160; (HERA), the FHFA Director's principal duties include, among others, ensuring that each Enterprise operates in a safe and sound manner, that the operations and activities of each Enterprise foster liquid, efficient, competitive, and resilient national housing finance markets, and that each Enterprise carries out its statutory mission only through activities that are authorized under and consistent with the Safety and Soundness Act and its charter.&#160; Pursuant to their charters, the statutory purposes of the Enterprises are, among others, to provide stability in, and ongoing assistance to, the secondary market for residential mortgages across the economic cycle.&#160; </p><p>Consistent with these statutory duties, and given the growth, size, and complexity of the CRT market, in 2019, FHFA called for a comprehensive review of the Enterprises’ CRT programs.&#160; As an initial step toward a comprehensive review, this report&#58;&#160; </p><p>1.&#160;Provides an overview of the history and purpose of the Enterprises’ CRT programs and the basic features of the most common CRT vehicles;</p><p>2.&#160;Describes CRT activity to date, including estimates of the net costs of the Enterprises’ CRT programs;</p><p>3.&#160;Discusses the performance of CRT structures during and following the initial COVID-19 stress; and</p><p>4.&#160;Identifies areas for research and analysis to assess potential risks to the ability of each Enterprise to operate in a safe and sound manner and perform its statutory mission or to the liquidity, efficiency, competitiveness, or resiliency of the national housing finance markets.</p><p><a href="/Media/PublicAffairs/Pages/FHFA-Publishes-Report-on-the-Performance-of-Fannie-and-Freddie-SF-CR-Transfers.aspx">Related News Release</a></p>5/17/2021 2:02:08 PMHome / About FHFA / Reports / Performance of Fannie Mae's and Freddie Mac’s Single-Family Credit Risk Transfer Pursuant to the Federal Housing Enterprises Financial Safety and 964https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - February 2021341715/13/2021 4:00:00 AM<h2>February&#160;2021&#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 60,661 foreclosure prevention actions in February, bringing the total to 5,720,846 since the start of the conservatorships in September 2008. Approximately 43 percent of these actions have been permanent loan modifications.<br></li><li>There were 3,334 permanent loan modifications in February, bringing the total to 2,447,531 since the conservatorships began in September 2008.<br></li><li>Ten percent of modifications in February were modifications with principal forbearance.&#160; 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 from 38,976 in January to 35,468 in February.<br></li><li>Initiated forbearance plans decreased 17 percent from 47,866 in January to 39,825 in February. The total number of loans in forbearance plan also decreased from 771,369 at the end of January to 738,925 at the end of February, representing approximately 2.5% of the total loans serviced, and 63 percent of the total delinquent loans.</li><li>There were 219 short sales and deeds-in-lieu of foreclosure completed in February, down 6 percent compared with January.</li></ul></div><div> <strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div><ul><li>The 30-59 days delinquency rate increased to 1.06 percent, while the serious delinquency rate decreased from 2.70 percent at the end of January to 2.66 percent at the end of February.</li></ul></div><div> <strong>The Enterprises' Foreclosures&#58;</strong><br></div><div><ul><li>​Third-party and foreclosure sales increased slightly to 625 while foreclosure starts decreased 16 percent to 1,743 in February.<br></li></ul></div><h2>February&#160;2021 Highlights - Refinance Activities</h2><div><ul><li>Total refinance volume fell in February 2021 amid a rise from historic low mortgage rates in January. Mortgage rates increased in February&#58; the average interest rate on a 30-year fixed rate mortgage rose to 2.81 percent from 2.74 percent in January.</li><li>In February, 6 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 156.</li><li>The percentage of cash-out refinances continued at 27 percent in February, remaining below the levels observed in the previous few years. Historic low mortgage rates have created more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.<br></li></ul></div>5/13/2021 2:00:51 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - February 2021 Foreclosure 665https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepayment Monitoring Report First Quarter 2021341535/10/2021 4:00:00 AM<p>​​​Fannie Mae and Freddie Mac began issuing the Uniform Mortgage-Backed Securities (UMBS) on June 3, 2019.&#160;&#160;</p><div><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.&#160;&#160;<br></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.&#160; 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/Pages/Forms/EditForm.aspx?ID=989#footNote1">[1]</a>&#160;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.<br></p><div><p><strong>​Background on UMBS&#58;</strong> <br></p><p>Issuance of UMBS through their jointly developed Common Securitization Platform (CSP), fulfilled important elements of FHFA’s 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac.&#160; Forward trading of UMBS began in the “To-Be-Announced” (TBA) market,<a href="/AboutUs/Reports/Pages/Forms/EditForm.aspx?ID=989#footNote2">[2]</a>&#160;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 UMBS markets. UMBS has broadened and enhanced&#160; liquidity in the secondary market for residential mortgages and reduced costs to taxpayers.<a href="/AboutUs/Reports/Pages/Forms/EditForm.aspx?ID=989#footNote3">[3]</a>&#160; &#160;</p><div><p></p><p> <a name="footNote1">[1]</a>&#160;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.<br></p><p> <a name="footNote2">[2]</a>&#160;The TBA market is a forward market for certain mortgage-backed securities, including those issued by the Enterprises.<br></p><p> <a name="footNote3">[3]</a>&#160;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.&#160;​4.<br></p></div></div></div>5/10/2021 5:01:05 PMHome / About FHFA / Reports / Prepayment Monitoring Report First Quarter 2021 Prepayment Monitoring Report 813https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - January 2021332524/16/2021 4:00:00 AM<h2>​January&#160;2021&#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 71,932 foreclosure prevention actions in January, bringing the total to 5,660,185 since the start of the conservatorships in September 2008. Approximately 43 percent of these actions have been permanent loan modifications.<br></li><li>There were 3,231 permanent loan modifications in January, bringing the total to&#160;2,444,197 since the conservatorships began in September 2008.<br></li><li>Eleven&#160;percent of modifications in&#160;January were modifications with principal&#160;forbearance. Modifications with extend-term only accounted for 67 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 decreased from 44,575 in&#160;December 2020&#160;to 38,976 in January 2021.<br></li><li>Initiated forbearance plans decreased 23 percent from 61,929 in December to 47,866 in January. The total number of loans in forbearance plan also decreased from 804,559 at the end of December 2020 to 771,369 at the end of January 2021, representing approximately 2.6% of the total loans serviced, and 68 percent of the total delinquent loans.</li><li>There were&#160;232 short sales and deeds-in-lieu of foreclosure completed in January 2021, down 14 percent compared with December 2020.</li></ul></div><div> <strong>The Enterprises' Mortgage Performance&#58;&#160;</strong></div><div><ul><li>The 30-59 days delinquency rate decreased to 0.90 percent, while the serious delinquency rate dropped from 2.78 percent at the end of December to 2.70 percent at the end of January.</li></ul></div><div> <strong>The Enterprises' Foreclosures&#58;</strong><br></div><div><ul><li>​Third-party and foreclosure sales increased&#160;6 percent to&#160;624 while foreclosure starts&#160;decreased&#160;9 percent to&#160;2,076 in January.<br></li></ul></div><h2>January&#160;2021 Highlights - Refinance Activities</h2><div><ul><li>Total refinance volume rose in January 2021 amid historic low mortgage rates through December. Mortgage rates increased in January&#58; the average interest rate on a 30-year fixed rate mortgage rose to 2.74 percent from 2.68 percent in December.</li><li>In January, 10 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 150.</li><li>The percentage of cash-out refinances decreased to 27 percent in January from 29 percent in December, remaining below the levels observed in the previous few years. Mortgage rates have reached historic low levels, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.<br></li></ul></div>4/16/2021 2:45:39 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - January 2021 Foreclosure 859https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Refinance and FPM Report Fourth Quarter 2020331443/25/2021 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;">4Q20 Highlights —&#160;Foreclosure Prevention<br></h2><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' 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 362,912 foreclosure prevention actions in the fourth quarter, bringing the total to 5,588,253 since the start of conservatorships in September 2008. Of these actions, 4,886,910 have helped troubled homeowners stay in their homes, including 2,440,966 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 dropped to 179,644 in the fourth quarter from 230,714 in the third quarter. The total number of loans in forbearance plans at the end of the quarter was 804,559, representing approximately 2.8% of the total loans serviced, and 69 percent of the total delinquent loans.<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;">Fourteen percent of modifications in the fourth quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 70 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 823 completed short sales and deeds-in-lieu during the quarter, bringing the total to 701,343 since the conservatorships began in September 2008.<br><br></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 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 decreased from 3.58 percent at the end of the third quarter to 3.07 percent at the end of the fourth quarter. The delinquency rates remained much higher than pre-coronavirus rates due to the forbearance programs being offered to borrowers affected by the pandemic.<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 decreased to 2.78 percent at the end of the fourth quarter. This compared with 11.19 percent for Federal Housing Administration (FHA) loans, 5.96 percent for Veterans Affairs (VA) loans, and 5.03 percent for all loans (industry average).<br><br></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' 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 7 percent to 6,302 while third-party and foreclosure sales increased 8 percent to 1,933 in the fourth 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;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;color&#58;#404040 !important;"> <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;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;color&#58;#404040 !important;"> <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;">4Q20 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 but continued in record breaking territory in December 2020 as mortgage rates continued to decrease through November. Mortgage rates decreased further in December&#58; the average interest rate on a 30-year fixed rate mortgage fell to 2.68 percent from 2.77 percent in November.</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 fourth quarter, 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 140.<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 28 percent in December from 26 percent in November, remaining below the levels observed in the previous few years. 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-4th-Quarter-2020-Foreclosure-Prevention.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>3/25/2021 6:00:11 PMHome / About FHFA / Reports / Foreclosure Prevention Refinance and FPM Report Fourth Quarter 2020 The Enterprises completed 362,912 foreclosure prevention actions in the fourth 663https://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 2504https://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 978https://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 840https://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 893https://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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