This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2020 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
Operate the business in a safe and sound manner.
Promote sustainable and equitable access to affordable housing.
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will enhance their payment deferral policies to allow borrowers facing financial hardship to defer up to six months of mortgage payments. The enhanced payment deferral policies will promote sustainable homeownership and will further support the safety and soundness of the Enterprises.
“The Enterprises completed more than one million COVID-19 payment deferrals during the pandemic, helping borrowers nationwide to stay in their homes,” said FHFA Director Sandra L. Thompson. “Based on the success of the COVID-19 payment deferral, we are making this solution a key part of our standard loss mitigation toolkit that is available to all borrowers with eligible hardships.”
Payment deferral allows borrowers who are able to resolve a financial hardship to keep the same monthly mortgage payment by moving past-due amounts to the end of the loan as a non-interest bearing balance, due and payable at maturity, sale, refinance, or payoff. During the pandemic, the Enterprises’ payment deferral policies were expanded to allow borrowers with COVID-19 hardships to utilize this solution. Given the success of the COVID-19 payment deferral, FHFA and the Enterprises are enhancing the standard payment deferral policies available to borrowers experiencing other eligible hardships.
Borrowers facing financial hardship should contact their servicer to discuss whether this is an appropriate solution for their unique circumstances. Servicers may offer borrowers one of several solutions to resolve a delinquency, including the enhanced payment deferral, reinstatement, repayment plan, or loan modification, depending on their individual situations.
Since 2011, FHFA and the Enterprises have worked to develop policies to help servicers better resolve mortgage payment delinquencies with the goal of keeping struggling borrowers in their homes whenever possible, while minimizing losses to the Enterprises and taxpayers.
The Enterprises will work with servicers to implement the enhanced payment deferral policies, with a voluntary adoption date of July 1, 2023, and mandatory adoption by October 1, 2023.
Fannie Mae Loss Mitigation Page
Freddie Mac Loss Mitigation Page
Adam Russell Adam.Russell@FHFA.gov
© 2023 Federal Housing Finance Agency