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FANNIE MAE AND FREDDIE MAC Reports


Fannie Mae and Freddie Mac (the Enterprises) were created by Congress to provide stability and liquidity in the secondary housing finance market. These reports are related to Fannie Mae’s and Freddie Mac’s activities to meet their mission and the Enterprises’ financial performance and condition.



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 Recent Fannie Mae and Freddie Mac 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
Fannie Mae and Freddie Mac Single-Family Guarantee Fees in 20171996512/10/2018 5:00:00 AM<p>​Section 1601 of the Housing and Economic Recovery Act of 2008 (HERA) requires the Federal Housing Finance Agency (FHFA) to conduct an ongoing study of the guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises) and to submit a report to Congress each year. &#160; The report is required to contain an analysis of the average guarantee fee and a breakdown by product type, risk class, and volume of a lender’s business.&#160; The report also must analyze the costs of providing the guarantee and provide a comparison to the prior year.&#160; FHFA issued the first single-family guarantee fee report in 2009.&#160; <br></p><p>This report discusses the guarantee fees charged in 2017 and provides a five-year perspective with data back to 2013.&#160; The major findings in this report are&#58;</p><ul><li>For all loan products combined, the average single-family guarantee fee in 2017 remained unchanged from last year’s fee of 56 basis points.&#160; The upfront portion of the guarantee fee, which is based on the credit risk attributes (e.g., loan purpose, loan-to-value ratio, and credit score), fell 1 basis point to 15 basis points.&#160; The ongoing portion of the guarantee fee, which is based on the product type (fixed-rate or ARM, and loan term) increased 1 basis point to 41 basis points.</li><li>The average guarantee fee in 2017 on 30-year fixed rate loans fell by 1 basis point to 59 basis points, while the fee on 15-year fixed rate loans increased by 1 basis point to 38 basis points. The fee on adjustable-rate mortgage (ARM) loans fell 1 basis point to 58 basis points.</li><li>Higher interest rates in 2017 led to a smaller share of both rate-term refinances and 15-year loans acquired by the Enterprises.&#160; The larger share of purchase loans and a growing focus on pilot programs for first-time homebuyers and affordable housing led to a slight increase in the share of loans with higher loan-to-value (LTV) ratios and lower credit scores.</li><li>In 2017, the Enterprises began using FHFA’s Conservatorship Capital Framework (CCF) to calculate the cost of holding capital.&#160; The overall expected profitability of the loan acquisitions was nearly unchanged and in-line with the targeted level.&#160; The Enterprises measure expected profitability as the difference between the total charged guarantee fee and estimated costs, including a targeted return on the capital requirement calculated for these loans. <br></li></ul><p>Questions and comments about this report may be addressed to FHFA at&#58; <a href="/AboutUs/Contact/Pages/General-Questions-and-Comments.aspx">https&#58;//www.fhfa.gov/AboutUs/Contact/Pages/General-Questions-and-Comments.aspx</a>.</p><p><a href="/Media/PublicAffairs/Pages/FHFA-Issues-2017-Report-to-Congress-on-Guarantee-Fees.aspx">Related News Release</a></p>12/10/2018 6:00:44 PMHome / About FHFA / Reports / Fannie Mae and Freddie Mac Single-Family Guarantee Fees in 2017 Single 340https://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
U.S. House Price Index Report - 3Q 20182553611/27/2018 5:00:00 AM<p>U.S. house prices rose 1.3 percent in the third quarter of 2018 according to&#160;the Federal Housing Finance Agency (FHFA) House Price Index (HPI).&#160; House prices rose&#160;6.3 percent from the third quarter of 2017 to the third quarter of 2018.&#160; FHFA's seasonally&#160;adjusted monthly index for September was up 0.2 percent from August. </p><p>The HPI is calculated&#160;using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and&#160;Freddie Mac.&#160; FHFA has produced a&#160;<a href="https&#58;//youtu.be/G3z5OX6Wmqo"><strong>video of highlights</strong></a>&#160;for this quarter.</p><p>Significant Findings</p><ul><li>Home prices rose in 50 states and the District of Columbia between the third quarter of 2017 and the third quarter of 2018.&#160; The top five areas in annual appreciation were&#58; &#160;1) Idaho 15.1 percent; 2) Nevada 15.0 percent; 3) Washington 10.6&#160;percent; 4) Utah 10.0 percent; and 5) Colorado 9.2 percent.&#160; The areas showing the smallest annual appreciation were&#58;&#160; 1) Alaska 0.2 percent; 2) North Dakota 1.0 percent; 3) Louisiana 1.5 percent; 4) District of Columbia 1.6 percent; and 5) connecticut 2.2 percent.</li><li>Home prices rose in 99 of the 100 largest metropolitan areas in the U.S. over the last four quarters. &#160;Annual price increases were greatest in Boise City,&#160; ID, where prices increased by 20.1 percent.&#160; Prices were weakest in Honolulu (&quot;Urban Honolulu&quot;), HI where they fell be 5.2 percent.</li><li>Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting an 8.9 percent gain between the third quarters of 2017 and 2018 and a 1.5 percent increase in the third&#160;quarter of 2018.&#160; Annual house appreciation was similarly weak in the New England, Middle Atlantic, and West South Central divisions,&#160;where prices rose less than 5.0&#160;percent between the third quarters of 2017 and 2018. <br><br><a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-1pt3-Percent-in-Third-Quarter-2018.aspx"><strong>Related News Release</strong></a><br><br>Link to <a href="https&#58;//www.youtube.com/watch?v=w_1o6VLsC84&amp;t=1s"><strong>video</strong></a> detailing the basic methodology behind the FHFA HPI.</li></ul>11/27/2018 2:00:48 PMHome / About FHFA / Reports / U.S. House Price Index Report - 3Q 2018 House Price Index 2287https://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
Annual Housing Report - 20183193010/30/2018 4:00:00 AM<p>This Annual Housing Report (Report) describes the affordable housing activities of the Enterprises during 2017 and meets the reporting requirements of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended (Safety and Soundness Act).&#160;The Report begins by describing FHFA's preliminary review of the Enterprises' 2017 housing goals performance.</p><p>The Report also includes information about the distribution of single-family loans by race/ethnicity, gender, and census tract median income. In addition, the Report includes a breakdown of the single-family mortgage product-types purchased by each Enterprise, as well as information on mortgage payment type (e.g., fixed-rate or adjustable-rate mortgage), loan-to-value ratios, and credit scores for 2017.</p><p>The Report describes the status of several other activities related to affordable housing, including multifamily rental housing and initiatives to identify and address obstacles to mortgage credit. &#160;For FHFA's Duty to Serve rule, the Report describes the planning process and the plans submitted by the Enterprises.&#160;The Report also details the affordable housing allocations made by each Enterprise, as well as FHFA's efforts to survey the mortgage markets and release loan-level data submitted by the Enterprises to the public. Finally, the Report discusses subprime, nontraditional, and higher-priced mortgage loans.</p>10/30/2018 5:00:27 PMHome / About FHFA / Reports / Annual Housing Report - 2018 Annual Housing Report 952https://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.





​Fannie Mae and Freddie Mac 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 PM($ billions, current face value as of purchase Source: Federal Reserve Bank of New York 121https://www.fhfa.gov/DataTools/Downloads/Documents/Market-DatapdfFalsepdf
Table 4b: Federal Reserve Purchase of Agency MBS, October 2011-Present2417511/26/2018 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 168https://www.fhfa.gov/DataTools/Downloads/Documents/Market-DatapdfFalsepdf

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