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FHFA Sends Congress Strategic Plan for Fannie Mae and Freddie Mac Conservatorships

FOR IMMEDIATE RELEASE
2/21/2012

Washington, D.C. – Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco today sent to Congress a strategic plan for the next phase of the conservatorships of Fannie Mae and Freddie Mac (the Enterprises). The plan builds on the Acting Director’s February 2010 letter to Congress on the conservatorships and sets forth objectives and steps FHFA is taking or will take to meet FHFA’s obligations as conservator. Fannie Mae and Freddie Mac were placed into conservatorships Sept. 6, 2008 and have since received more than $180 billion in taxpayer support.

FHFA identifies three strategic goals for the next phase of the conservatorships:

  • Build. Build a new infrastructure for the secondary mortgage market;

  • Contract. Gradually contract the Enterprises’ dominant presence in the marketplace while simplifying and shrinking their operations; and

  • Maintain. Maintain foreclosure prevention activities and credit availability for new and refinanced mortgages.

"With the conservatorships operating for more than three years and no near-term resolution in sight, it is time to update and extend the goals and directions of the conservatorships," DeMarco wrote. "FHFA is contemplating next steps to build an infrastructure for the secondary mortgage market that is consistent with existing policy proposals and will support any outcome of the leading legislative proposals. FHFA looks forward to working with Congress and the Administration on a resolution of the conservatorships and a comprehensive review of the nation’s housing finance system," said DeMarco.

Link to February 21, 2012 transmittal letter and plan: A Strategic Plan for Enterprise Conservatorships: The Next Chapter in a Story that Needs an Ending

Link to February 2010 letter

Attachments:

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

Contacts:
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
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