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 2022 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
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As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
1.
Operate the business in a safe and sound manner.
2.
Promote sustainable and equitable access to affordable housing.
2023 Scorecard
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.
Source: FHFA
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Glossaries
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In 2011, the Federal Housing Finance Agency initiated litigation against 18 financial institutions involving allegations of securities law violations and, in some instances, fraud in the sale of private-label securities (PLS) to Fannie Mae and Freddie Mac (the Enterprises). Some defendants were involved in more than one of these matters. One company settled various claims or agreed to delay the statute of limitations. Below is a list of the cases with amounts of PLS settlements and a litigated resolution (#19) reached between 2013 through July 2018. Settlement of various representation and warranty and collateral matters associated with the PLS suits resulted in obtaining another $335 million.
Settlement amounts result from various factors, including statutory requirements, number of securities, unique circumstances of each matter and calculation of litigation risks.
PLS Litigation Settlements
1. General Electric Company
$6.25 million
2. CitiGroup Inc.
$250 million
3. UBS Americas, Inc. (Union Bank of Switzerland)
$885 million
4. J.P. Morgan Chase & Co.
$4 billion
5. Deutsche Bank AG
$1.925 billion
6. Ally Financial, Inc.
$475 million
7. Morgan Stanley
$1.25 billion
8. SG Americas (Societe Generale)
$122 million
9. Credit Suisse Holdings (USA) Inc.
10. Bank of America Corp.11. Merrill Lynch & Co. 12. Countrywide Financial Corporation
$5.83 billion
13. Barclays Bank PLC
$280 million
14. First Horizon National Corp.
$110 million
15. RBS Securities, Inc. (in Ally action)
$99.5 million
16. Goldman Sachs & Co.
$1.2 billion
17. HSBC North America Holdings, Inc. (Hong Kong Shanghai Banking Corp.)
$550 million
18. Royal Bank of Scotland Group, plc
$5.5 billion
19. Nomura Holdings America, Inc.
$846.8 million
Non-Litigation PLS Settlements
Wells Fargo Bank, N.A.
$335.23 million
Ancillary Recoveries (noted above)
$335 million
Total (rounded)
$24.9 billion
[NOTE: The Enterprises have other claims, such as where they are participants along with other parties in purchases covered by trusts. Settlements discussed here only involve PLS cases initiated by FHFA].
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Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
