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 2018 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.
Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
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...
Language Translation Disclosure
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today issued its semi-annual Credit Risk Transfer Progress Report describing the status and volume of credit risk transfer (CRT) transactions through the fourth quarter of 2018. The Report provides a comprehensive picture of how Fannie Mae and Freddie Mac (the Enterprises) transfer a substantial portion of credit risk to the private sector through a variety of transactions in both the single-family and multifamily markets.
As detailed in the report, in 2018 both Enterprises addressed the accounting timing mismatch associated with direct debt issuance – Freddie Mac through execution of STACR trust transactions and Fannie Mae through a new CAS REMIC structure.
Since the start of the CRT programs in 2013 through the end of June 2018, the Enterprises have transferred a portion of credit risk on approximately $2.8 trillion of unpaid principal balance (UPB) with a combined Risk in Force (RIF) of about $91 billion. An additional $1.2 trillion of UPB credit risk has been transferred to primary mortgage insurers during the same period.
The Progress Report shows that, in 2018:
“The CRT program has fundamentally changed the way the Enterprises handle risk," said Acting Director Joseph Otting. “Going forward we will continue to look for ways that CRT can further reduce both Enterprise and taxpayer risk."
Progress Report (Link to 2018 Q4 report)
Credit Risk Transfer webpage
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032Consumers: Consumer Communications or (202) 649-3811
© 2019 Federal Housing Finance Agency