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.
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.
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
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
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William D. Larson (FHFA, Division of Research & Statistics); Christos A. Makridis (Arizona State and Stanford University); andChad A. Redmer (U.S. Naval Academy)
*Revised December 2022
Abstract:
We exploit plausibly exogenous fluctuations in borrower house price and job loss expectations to estimate the causal effect of expectations on loan performance. Borrowers whose house price expectations fell early in 2020 were more likely to enter forbearance, but then quickly exited as house prices continued to appreciate. However, borrowers who expected job loss entered and remained in forbearance throughout the weak labor market. We also find that house price changes in a borrower's social network affect their expectations as much as local house price appreciation, and these expectations formed at origination affect future leverage and debt service ratios. In sum, our results are consistent with models of adaptive expectations where borrowers adjust beliefs gradually and, in turn, affect aggregate activity in the mortgage market.
