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.
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.
2021 Scorecard
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.
Source: FHFA
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossaries
COVID-19 Resources
The credit risk transfer (CRT) programs at Fannie Mae and Freddie Mac (the Enterprises) were established to reduce taxpayer exposure to risks arising from credit guarantees extended by the Enterprises through their normal courses of business. The Federal Housing Finance Agency (FHFA) initiated development of a CRT program in 2012 to reduce risk at the Enterprises during their conservatorships, and Fannie Mae and Freddie Mac began implementing their CRT programs in 2013. Under FHFA’s oversight through guidelines, instructions, strategic plans, and Scorecard objectives, the programs have since become a core part of the Enterprises’ single-family guarantee businesses, similar to how risk sharing with the private sector is an integral part of the Enterprises’ multifamily businesses. Using a range of different transaction structures, the Enterprises have transferred to private investors a substantial amount of credit risk assumed through the acquisition of single-family loans in targeted loan categories. The programs include or have included CRTs via capital markets issuances (both corporate debt and bankruptcy remote trust structures), insurance/reinsurance transactions, senior/subordinate transactions, and a variety of lender collateralized recourse transactions. The Enterprises continue to evaluate the scope of their CRT programs and innovate within the CRT market by employing different structures as part of their efforts to further reduce risk, all while using transactions that are economically sensible.
Credit Risk Transfer Progress Report Fourth Quarter 2021 (5/2/2022)
FHFA Announces Final Rule Amending the Enterprise Regulatory Capital Framework (2/25/2022)
Final Rule: Enterprise Regulatory Capital Framework - Prescribed Leverage Buffer Amount and Credit Risk Transfer (2/25/2022)
Fact Sheet: Final Rule to Amend the Enterprise Regulatory Capital Framework (2/25/2022)
Enterprise Capital Credit Risk Transfer Tool (XLS) (2/25/2022)
FHFA Issues Notice or Proposed Rulemaking to Amend the Enterprise Regulatory Capital Framework (9/15/2021)
Proposed Rule: Amendments to the Enterprise Regulatory Capital Framework Rule - Prescribed Leverage Buffer Amount and Credit Risk Transfer (9/15/2021)
Fact Sheet: Proposed Rule to Amend Enterprise Regulatory Capital Framework (9/15/2021)
Enterprise Capital Credit Risk Transfer Tool (XLS) (9/15/2021)
Credit Risk Transfer Progress Report Fourth Quarter 2020 (8/10/2021)
FHFA Publishes Credit Risk Transfer Tool (6/2/2020)
Enterprise Capital Credit Risk Transfer Tool (XLS) (6/2/2020)
Credit Risk Transfer Progress Report Fourth Quarter 2019 (4/3/2020)
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (11/12/2019)
Credit Risk Transfer Progress Report Second Quarter 2019 (11/12/2019)
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (3/28/2019)
Credit Risk Transfer Progress Report Fourth Quarter 2018 (3/28/2019)
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (11/1/2018)
Credit Risk Transfer Progress Report Second Quarter 2018 (11/1/2018)
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (3/29/2018)
Credit Risk Transfer Progress Report Fourth Quarter 2017 (3/29/2018)
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (11/22/2017)
Credit Risk Transfer Progress Report Second Quarter 2017 (11/22/2017)
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (7/26/2017)
Credit Risk Transfer Progress Report March 2017 (7/26/2017)
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs (3/27/2017)
Credit Risk Transfer Progress Report (3/27/2017)
FHFA Extends Response Period for Credit Risk Transfer Request for Input (8/10/2016)
News Release about Progress Report & RFI (6/29/2016)
Single-Family Credit Risk Transfer Progress Report (6/29/2016)
Single-Family Credit Risk Transfer Request for Input (6/29/2016) Response period closed 10/13/2016
Review Input Submitted (select Single-Family Credit Risk Transfer in pull down menu)
2017 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions (12/15/2016)
2016 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions (12/17/15)
2015 Scorecard Progress Report (3/3/16)
All Scorecards
All Scorecard Progress Reports
Overview of Fannie Mae and Freddie Mac Credit Risk Transfer Transactions (8/21/15)
FHFA Statements on Credit Risk Transfer
Freddie Mac
Fannie Mae
Page last updated: May 2, 2022
