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Welcome to the Government page of FHFA’s website.  This page provides consolidated resources for federal, state and local government personnel who are interested in the nation’s housing finance system.

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Key Legislation


Short Title (Citation)



Federal Home Loan Bank Act

12 U.S.C. 1421 et seq.
(Public Law 72-304 (1932))

Established the Federal Home Loan Bank System.

GPO Text / PDF


Federal Housing Enterprises Financial Safety and Soundness Act of 1992

12 U.S.C. 4501 et seq.
(Public Law 102-550 (1992))

Primary statutory authorization for FHFA’s regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System, including supervision of housing mission and goals and actions as conservator or receiver for Fannie Mae, Freddie Mac or any Federal Home Loan Bank.

Housing and Economic Recovery Act of 2008

(Public Law 110-289 (2008))

Amended the Safety and Soundness Act to create FHFA, place regulation of Fannie Mae, Freddie Mac and the Bank System under one regulator, enhance supervision of these regulated entities, and enhance FHFA's authorities as conservator or receiver. 

GPO Text / PDF

GPO Text / PDF


Federal Home Loan Mortgage Corporation Act

12 U.S.C. 1451 et seq.
(Public Law 91-351 (1970))

Created Freddie Mac and provided authority for Freddie Mac’s activities.

GPO Text / PDF


Federal National Mortgage Association Charter Act

12 U.S.C. 1716 et seq.
(Public Law 84-345,National Housing Act, Title III (1934), as amended by the Housing and Urban Development Act of 1968)

Created Fannie Mae and provided authority for Fannie Mae’s activities. Amendment in 1968 created the Government National Mortgage Association (Ginnie Mae), supervised by the Department of Housing and Urban Development.

GPO Text / PDF

Find regulations pertaining to FHFA supervision at eCFR.


 Related Information



Refinance Report - Second Quarter 201825581<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;">Second Quarter 2018&#160;Highlights</h2> <ul><li>Total refinance volume decreased in June 2018&#160;as mortgage rates rose in May, continuing a trend first observed in October 2017.&#160; Mortgage rates decreased in June&#58;&#160;the average interest rate on a 30‐year fixed rate mortgage fell to 4.57&#160;percent from 4.59&#160;percent in May.</li></ul><blockquote dir="ltr" style="margin-right&#58;0px;"><p>In the second quarter of 2018&#58;</p></blockquote><ul><ul><li>Borrowers completed 2,973 refinances through HARP, bringing total refinances from the inception of the program to 3,491,140.</li><li>HARP volume represented 1&#160;percent of total refinance volume.</li></ul></ul><blockquote dir="ltr" style="margin-right&#58;0px;"><p>&#160;Year to date through June 2018&#58;</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-two 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 3&#160;percent of total refinances in Illinois compared to 1 percent of total&#160;refinances nationwide over the same period.</li></ul></ul><ul><li>In June 2018, 3&#160;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>Ten states&#160;accounted for over 70&#160;percent of the nation's HARP eligible loans with a refinance incentive as of March 31, 2018.</li></ul><p> <a href="/Media/PublicAffairs/Pages/Fannie-Mae-and-Freddie-Mac-Refinance-Volume-Down-in-Second-Quarter-2018.aspx">Related News Release</a></p>8/16/2018 3:30:12 PMHome / About FHFA / Reports / Refinance Report - Second Quarter 2018 Refinance Report https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - May 201825529<h3>May 2018 Highlights<br></h3><p> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong><br></p><ul><li>The Enterprises completed 24,211 foreclosure prevention actions in May, bringing the total to 4,154,218 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.<br></li><li>There were 17,557 permanent loan modifications in May, bringing the total to 2,218,961 since the conservatorships began in September 2008.<br></li><li>Twenty-six percent of modifications in May were modifications with principal forbearance. Modifications with extend term only accounted for 47 percent of all loan modifications during the month.<br></li><li>There were 887 short sales and deeds-in-lieu of foreclosure completed in May, up 4 percent compared with April.<br></li></ul><p> <strong>The Enterprises' Mortgage Performance&#58;</strong><br></p><ul><li>The serious delinquency rate decreased from 1.03 percent at the end of April to 0.97 percent at the end of May.<br></li></ul><p> <strong>The Enterprises' Foreclosures&#58;</strong><br></p><ul><li>Third-party and foreclosure sales increased from 4,410 in April to 4,624 in May.​<br></li><li>Foreclosure starts decreased from 15,308 in April to 12,834 in May.<br></li></ul>8/7/2018 3:00:27 PMHome / About FHFA / Reports / Foreclosure Prevention Report - May 2018 Foreclosure Prevention and Federal 206https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
2018 Dodd-Frank Act Stress Tests Results - Severely Adverse Scenario25542<p style="font-style&#58;normal;"><span style="font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">​​Overview​</span></p><div></div><ul><li>Fannie Mae and Freddie Mac (the “Enterprises”) are required to conduct annual stress tests pursuant to Federal Housing Finance Agency (FHFA) rule 12 CFR § 1238, which implements section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &quot;Dodd-Frank Act&quot;). Section 165(i)(2) of the Dodd-Frank Act requires certain financial companies that have total consolidated assets of more than $10 billion and are regulated by a primary federal financial regulatory agency to conduct annual stress tests to determine whether the companies have the capital necessary to absorb losses as a result of adverse economic conditions. This is the fifth implementation of the Dodd-Frank Act Stress Tests (DFAST) for the Enterprises.<br></li><li>In September 2008, FHFA suspended capital requirements after placing Fannie Mae and Freddie Mac into conservatorships. The Senior Preferred Stock Purchase Agreements that were established between the Department of the Treasury and each Enterprise limit the amount of capital that each Enterprise can hold to a Capital Reserve Amount. Currently the Capital Reserve Amount is $3 billion.<br></li><li>Notwithstanding the capital limits stipulated in the Senior Preferred Stock Purchase Agreements, FHFA requires the Enterprises to conduct DFAST annually in order to provide insight into risk exposure and potential sources of losses in the prescribed conditions. This report provides updated information on possible ranges of future financial results of the Enterprises under severely adverse conditions. The severely adverse conditions assumed are identical for both Enterprises.<br></li><li>The projections reported here are not expected outcomes. They are modeled projections in response to “what if” exercises based on assumptions about Enterprise operations, loan performance, macroeconomic and financial market conditions, and house prices. The projections do not define the full range of possible outcomes. Actual outcomes may be different.<br></li><li>In prior years, the Enterprises applied a standard effective tax rate of 35 percent, consistent with the prevailing corporate tax rate. For the 2018 DFAST reporting cycle the standard effective tax rate was lowered to 21 percent, consistent with the current corporate tax rate under the Tax Cuts and Jobs Act signed into law on December 22, 2017.<br></li><li>The DFAST Severely Adverse scenario is described on page 4. The Enterprises used their respective internal models to project their financial results based on the assumptions provided by FHFA. While this results in a degree of comparability between the Enterprises, it does not eliminate differences in the Enterprises’ respective internal models, accounting differences, or management actions.<br></li></ul><div><br>​<br></div><p style="font-style&#58;normal;"><span style="font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">Summary of Severely Adverse Scenario Results​</span></p><ul><li>The Enterprises had drawn a combined $191.4 billion from the Department of the Treasury under the terms of the Senior Preferred Stock Purchase Agreements (PSPAs), after receiving funds to eliminate the net worth deficits as of December 31, 2017. The combined remaining funding commitment under the PSPAs was $254.1 billion. In the Severely Adverse scenario incremental Treasury draws are projected to range between $42.1 billion and $77.6 billion, depending on the treatment of deferred tax assets. The remaining funding commitment under the PSPAs after these projected draws would be $212.0 billion without establishing valuation allowances on deferred tax assets, or $176.5 billion if both Enterprises established valuation allowances on deferred tax assets.<br></li><li>Important contributors to losses in the Severely Adverse Scenario included the following&#58;<br></li><ul><ul><li>The provision for credit losses was the largest contributor to comprehensive losses at both Enterprises.</li><li>The second largest contributor to comprehensive losses at both Enterprises was the global market shock impact on trading securities and available-for-sale securities.</li><li>Comprehensive losses increased in the 2018 DFAST reporting cycle compared to the 2017 DFAST reporting cycle, mostly driven by the increase in provision for cre​dit losses as a result of the more severe decline in home prices included in the 2018 DFAST Severely Adverse scenario.</li></ul></ul></ul><div>​<br></div><p style="font-style&#58;normal;"><a href="/Media/PublicAffairs/Pages/FHFA-Announces-Results-of-Fannie-Mae-and-Freddie-Mac-Dodd-Frank-Act-Stress-Tests-8-2018.aspx">Related News Release</a>​<br></p>8/7/2018 6:00:33 PMHome / About FHFA / Reports / 2018 Dodd-Frank Act Stress Tests Results - Severely Adverse Scenario Stress 374https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Quarterly FOIA Report - Third Quarter 201822465<p>​​The Office of Information Policy requires all agencies to provide quarterly reporting for four key FOIA statistics to the Department of Justice. This report is attended to identify trends and assess agencies' progress throughout the course of the fiscal year.<br></p>8/4/2018 4:21:28 AMHome / About FHFA / Reports / Quarterly FOIA Report - Third Quarter 2018 FOIA Quarterly Report 72https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Index Shows Mortgage Rates Increased in June21386<p> <strong>​Washington, D.C. </strong>- Nationally, interest rates on conventional purchase-money mortgages&#160;increased from May to June, according to several indices of new mortgage contracts.</p><p> <strong>The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index</strong> was 4.59 percent for loans closed in late June, up 2 basis points from 4.57 percent in May.</p><p> <strong>The average interest rate on all mortgage loans</strong> was 4.59 percent, up 4 basis points from&#160;4.55 in May.</p><p> <strong>The average interest rate on conventional, 30-year, fixed-rate mortgages of&#160;$453,100 or less</strong> was 4.76 percent, up 5 basis points from 4.71 in May.</p><p> <strong>The effective interest rate on all mortgage loans</strong> was 4.69 percent in June, up 3&#160;basis points from 4.66 in May. The effective interest rate accounts for the addition of initial&#160;fees and charges over the life of the mortgage.</p><p dir="ltr" style="text-align&#58;left;">The average loan amount for all loans was $333,900 in June, up $11,800 from $322,100&#160; in May. FHFA will release July index values Tuesday, August 28, 2018.</p><p dir="ltr" style="text-align&#58;left;">For more information, call David Roderer at (202) 649-3206. To hear recorded index information, call (202)649-3993. To find the complete contract rate series, go to <a href="/DataTools/Downloads/Pages/Monthly-Interest-Rate-Data.aspx">https&#58;//www.fhfa.gov/DataTools/Downloads/Pages/Monthly-Interest-Rate-Data.aspx</a>.<img alt="NACMR_7262018.PNG" src="/Media/PublicAffairs/PublishingImages/Pages/Forms/AllItems/NACMR_7262018.PNG" style="margin&#58;5px;width&#58;567px;height&#58;423px;" />&#160;</p><p>Technical note&#58; The indices are based on a small monthly survey of mortgage lenders, which may not be&#160;representative.&#160; The sample is not a statistical sample but is rather a convenience sample.&#160; Survey&#160;respondents were asked to report terms and conditions of all conventional, single-family, fully amortized purchase-money loans closed during the last five working days of the month.&#160; Unless otherwise specified,&#160;the indices include 15-year mortgages and adjustable-rate mortgages.&#160; The indices do not include&#160;mortgages guaranteed or insured by either the Federal Housing Administration or the U.S. Department&#160;of Veterans Affairs.&#160; The indices also exclude refinancing loans and balloon loans.&#160; June 2018 values&#160;are based on 4,947 reported loans from 16 lenders, which include savings associations, mortgage&#160;companies, commercial banks, and mutual savings banks. &#160;&#160;&#160;&#160;&#160; </p>8/4/2018 4:23:26 AMHome / Media / FHFA Index Shows Mortgage Rates Increased in June News Release June 2018 values are based on 241https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx

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