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...
Described below are the loan modification programs created during the financial crisis. These programs have been retired with the recent introduction of Flex Modification which incorporated the key lessons learned during the crisis.
The Federal Housing Finance Agency (FHFA) undertook an extensive evaluation to determine whether to implement a Principal Reduction Modification program for seriously delinquent, underwater borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac (the Enterprises). FHFA’s objective was to develop a program that helped targeted borrowers avoid foreclosure while also adhering to FHFA’s mandate to preserve and conserve the assets of the Enterprises.
Announced in February 2009, the Making Home Affordable (MHA) program created foreclosure alternatives for homeowners impacted by the financial crisis. The Home Affordable Modification Program (HAMP) was the first and largest program implemented under MHA. HAMP modifications strived to achieve an affordable monthly mortgage payment of no more than 31% of the borrower’s gross monthly income through a combination of interest rate reduction, term extension, and principal forbearance. To be eligible for HAMP, a loan must have been originated on or before January 1, 2009 and borrowers must have submitted an application by December 30, 2016.
Standard Modification had the following features:
Borrowers needed to submit documentation to be considered for Standard Modification, and they were also required to sign a modification agreement and to make trial payments.
Streamlined Modification used the same terms as Standard Modification and was available to eligible borrowers who were at least 90 days delinquent. Borrowers were proactively offered a modification under this program and did not need to submit documentation, though the borrower did need to sign a modification agreement and make trial payments.
Page last updated: August 25, 2022
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