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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)

Document

FEDERAL HOME LOAN BANKS

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 FINANCE AGENCY CHARTER

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

FREDDIE MAC CHARTER

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

FANNIE MAE CHARTER

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.

CONGRESSIONAL LETTERS


 Related Information

 

 

FHFA Extends Foreclosure and REO Eviction Moratoriums31495<p> <strong>Washington, D.C. </strong>–Today, to help borrowers at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least January 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums&#160;were set to expire on December 31, 2020.&#160;</p><p>“Extending Fannie Mae and Freddie Mac's foreclosure and eviction moratoriums through January 2021 keeps borrowers safe during the pandemic,&quot; said Director Mark Calabria. “This extension gives peace of mind to the more than 28 million homeowners with an Enterprise-backed mortgage.&quot; </p><p>Currently, FHFA projects additional expenses of $1.1 to $1.7 billion will be borne by the Enterprises due to the existing COVID-19 foreclosure moratorium and its extension. This is in addition to the $6 billion in costs already incurred by the Enterprises. FHFA will continue to monitor the effect of coronavirus on the mortgage industry and update its policies as needed. To understand the protections and assistance offered by the government to those having trouble paying their mortgage, please visit the joint Department of Housing and Urban Development, FHFA, and the Consumer Financial Protection Bureau website at&#160;<a href="http&#58;//www.cfpb.gov/housing">cfpb.gov/housing</a>.</p>12/2/2020 7:00:12 PMHome / Media / FHFA Extends Foreclosure and REO Eviction Moratoriums News Release This is in addition to the 6086https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepayment Monitoring Report Third Quarter 202031316<p>On June 3, 2019, Fannie Mae and Freddie Mac began issuing a new common mortgage-backed security, known as the Uniform Mortgage-Backed Securities or UMBS, through their jointly developed Common Securitization Platform, bringing to fruition important elements of FHFA's <a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx"><strong><em>2014 Strategic Plan for the Conservatorships of</em></strong></a>&#160;<a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx"><strong><em>Fannie Mae and Freddie Mac</em></strong></a>.&#160; On March 12, 2019 forward trading of UMBS began in the “To-Be-Announced&quot; (TBA) market<a href="#footNote1">[1]</a>, with first settlements of the UMBS trades coinciding with their initial issuance by the Enterprises on June 3, 2019.</p><p>FHFA encouraged Fannie Mae and Freddie Mac to develop this new security to broaden and enhance liquidity in the secondary market for residential mortgages and to reduce costs to taxpayers.<a href="#footNote2">[2]</a>&#160; To address those goals, UMBS issued by Fannie Mae and Freddie Mac trade in the TBA market without regard to which Enterprise is the issuer, effectively merging the formerly separate markets for mortgage-backed securities issued by each Enterprise. </p><p>Consistency of prepayment rates is important to the success of UMBS and to the efficiency and liquidity of the secondary mortgage market.&#160; Some industry stakeholders have expressed concern that the rates of prepayment of the Enterprises' securities might materially diverge and undermine their fungibility.&#160; FHFA has taken a number of steps to promote the continued consistency of prepayment rates of Fannie Mae- and Freddie Mac-issued mortgage-backed securities (MBS).&#160; This quarterly report provides market participants additional transparency into a sample of the data FHFA receives and reviews on a monthly basis.</p><p> <em>Ex post </em>monitoring of prepayment rates is part of a broader effort to assure investors that cash flows from UMBS will be similar regardless of which Enterprise is the issuer.&#160; This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises' TBA-eligible MBS,<a href="#footNote3">[3]</a> where a cohort consists of those Enterprise TBA-eligible securities with the same coupon, maturity, and loan-origination year and total combined issuance across the Enterprises exceeds $10 billion.&#160; A prepayment on a mortgage loan is the amount of principal paid in advance of the loan's scheduled payments. &#160;Full prepayment occurs when a borrower pays off the loan ahead of the scheduled maturity.&#160; If a borrower defaults on the mortgage loan, the Enterprise will pay investors the remaining principal balance and remove the loan from the MBS.&#160; That action has the same effect on investors as a full prepayment. &#160;Partial prepayment occurs when a borrower pays principal in addition to the regularly scheduled payment of principal and interest.</p><p><br>&#160;</p><p> <a name="footNote1">[1]</a> The TBA market is a forward market for certain mortgage-backed securities, including those issued by Fannie Mae and Freddie Mac.</p><p> <a name="footNote2">[2]</a> See <a href="/AboutUs/Reports/ReportDocuments/Single%20Security%20Update%20final.pdf"><em>An Update on the Structure of the Single Security</em></a>, May 2015, p. 4.</p><p> <a name="footNote3">[3]</a> To avoid double counting, only first-level securitizations are included in the analysis. Second-level securitizations (Megas, Giants, and Supers) are excluded, with the exception of fastest quartile analyses and Table 2 (Quartile Report).&#160; For those exceptions, Freddie Mac multi-lender second-level securitizations traded as a single security are included and the related first-level securitizations are excluded to avoid double counting.&#160;</p>11/30/2020 3:00:56 PMHome / About FHFA / Reports / Prepayment Monitoring Report Third Quarter 2020 Prepayment Monitoring Report 330https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 2020 Q331467<p><strong>​Washington, D.C. </strong>– U.S. house prices rose <strong>7.8 percent</strong> from the third quarter of 2019 to the third quarter of 2020 according to the Federal Housing Finance Agency House Price Index (FHFA HPI<sup>®</sup>). House prices were up <strong>3.1 percent</strong> in the third quarter of 2020. FHFA's seasonally adjusted monthly index for September was up <strong>1.7 percent</strong> from August.</p><p>&quot;House prices recorded their strongest quarterly gain in the history of the FHFA HPI purchase-only series in the third quarter of 2020,&quot; said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. &quot;Relative to a year ago, prices were up 7.8 percent during the quarter – the fastest year-over-year rate of appreciation since 2006.&#160; Monthly data indicate that prices continued to accelerate during the quarter, reaching 9.1 percent in September, as demand continues to outpace the supply of homes available for sale.&quot; </p><p>​View highlights video featuring Dr. Lynn Fisher at&#160;<a href="https&#58;//youtu.be/qK47v7eLfcQ">https&#58;//youtu.be/qK47v7eLfcQ</a>.<br></p><p><a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-3pt1-Pct-in-3Q-Up-7pt8-Pct-over-the-Last-Year.aspx">Related News Release</a>​<br></p>11/24/2020 2:01:11 PMHome / About FHFA / Reports / U.S. House Price Index Report - 2020 Q3 House Price Index 2280https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
New Multifamily Caps for Fannie Mae and Freddie Mac31422<table class="ms-rteTable-default" cellspacing="0" style="width&#58;100%;"><tbody><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" style="width&#58;50%;"><h4>HIGHLIGHTS</h4><p>The 2021 volume caps applicable to the multifamily loan purchases of Fannie Mae and Freddie Mac (the Enterprises) will be $70 billion for each Enterprise, for a total of $140 billion during the four-quarter period Q1 2021 – Q4 2021.</p><p>FHFA anticipates the 2021 cap levels to be appropriate given current market forecasts; however, FHFA has been and will continue to monitor the coronavirus’ impact on the multifamily mortgage market and will update the multifamily cap and mission-driven minimum requirements if the data shows changes in the market that warrant adjustments.</p><p>Consistent with the 2020 cap structure, the 2021 caps apply to all multifamily business – no exclusions.&#160; However, the 2021 cap structure, like the cap structures from 2014 through 2019, only covers the four quarters of the 2021 calendar year. This is a change from the 2020 cap structure, which covered five quarters.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br></p><h4>INCREASED MISSION-DRIVEN, AFFORDABLE HOUSING REQUIREMENTS</h4><p>To ensure a strong focus on affordable housing and traditionally underserved markets, FHFA directs that at least 50 percent of the Enterprises’ multifamily business be mission-driven, affordable housing in accordance with the definitions in <a href="/Media/PublicAffairs/PublicAffairsDocuments/2021-Appendix-A.pdf">Appendix A</a>.&#160; </p><p>FHFA is revising the multifamily requirements for mission-driven, affordable housing to create more consistent affordability thresholds across markets and more closely align eligibility parameters with FHFA’s Housing Goals and Duty to Serve programs.</p><p>Mission-driven, affordable housing is generally defined as housing affordable for residents at 80 percent of area median income (AMI) or below, with special provisions for rural housing and for manufactured housing communities. </p><p>For rural housing, Appendix A credits a loan as mission-driven if the property is in a Duty to Serve-designated rural area and affordable to residents at 100 percent of AMI or below.</p><p>For manufactured housing communities (MHC), Appendix A credits a loan as mission-driven if it is eligible for credit under the Duty to Serve regulation. The MHC must meet affordability requirements and either be resident/government/nonprofit-owned or adopt the tenant pad lease protections included in the Duty to Serve regulation.</p><p>FHFA also requires that at least 20 percent of the Enterprises’ multifamily business must be affordable to residents at 60 percent of AMI or below.&#160; This new minimum sub-requirement assures that the Enterprises' multifamily businesses have a strong and growing commitment to affordable housing finance, particularly for residents and communities that are most difficult to serve. </p><p>Loan purchases that meet the 20 percent requirement also count as loan purchases that meet the 50 percent requirement.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-size&#58;7pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></p></td><td class="ms-rteTableOddCol-default" style="width&#58;30%;"><h4>BACKGROUND</h4><ul><li> In 2014, FHFA set a cap on the Enterprises’ conventional (market- rate) multifamily business.</li><li>The purpose of the cap is to support liquidity in the multifamily market, especially in affordable housing and traditionally underserved segments, without crowding out private capital.</li><li>To encourage Enterprise financing in affordable housing and underserved market segments, in 2014, FHFA also excluded several categories of business from the cap.</li><li>On September 13, 2019, FHFA announced a revised cap structure that applied to all multifamily business (no exclusions) and covered the five-quarter period, Q4 2019 – Q4 2020.</li> <li>In 2021, FHFA is maintaining the 2020 cap structure, but returning to the calendar year, four-quarter cap period, Q1 2021 – Q4 2021.</li></ul></td></tr></tbody></table><p>&#160;</p><p> <a href="/Media/PublicAffairs/Pages/FHFA-Announces-2021-MF-Loan-Purchase-Caps-for-Fannie-and-Freddie.aspx">Related News Release</a>​<br></p>11/17/2020 7:00:50 PMHome / Media / New Multifamily Caps for Fannie Mae and Freddie Mac Fact Sheet This is a change from the 2020 1519https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Releases FY 2020 Performance and Accountability Report31409<p>​<strong>Washington, D.C. </strong>– The Federal Housing Finance Agency (FHFA) today released its annual Performance and Accountability Report, which details FHFA's activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2020.</p><p>For the twelfth consecutive year, FHFA received an unmodified audit opinion on its FY 2020 financial statements from the U.S. Government Accountability Office. Included in the unmodified opinion, GAO noted no material weaknesses or significant deficiencies in FHFA's internal controls. GAO also found no instances of reportable noncompliance with the applicable laws and regulations it tested.</p><p>Read the full <a href="/AboutUs/Reports/ReportDocuments/FHFA-2020-PAR.pdf">2020 Performance and Accountability Report</a>.</p>11/16/2020 7:00:05 PMHome / Media / FHFA Releases FY 2020 Performance and Accountability Report News Release 1078https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx

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