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Foreclosure Prevention, Refinance, and FPM Report — July 202028638<h2>July&#160;2020 Highlights&#160;— Foreclosure Prevention</h2><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The Enterprises completed&#160;230,198 foreclosure prevention actions in July, bringing the total to 4,916,088 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</li><li>There were 4,481 permanent loan modifications in July, bringing the total to 2,425,327 since the conservatorships began in September 2008.</li><li>Eighteen&#160;percent of modifications in&#160;July were modifications with principal forbearance. Modifications with extend-term only accounted for 66 percent of all loan modifications during the month.</li><li>Beginning in July, the Enterprises offered payment deferrals to 108,492 borrowers who have completed a COVID-19 related forbearance plan, or who have a confirmed but resolved COVID-19 financial hardship.</li><li>Initiated forbearance plans dropped 31 percent from 129,855&#160;in&#160;June to&#160;88,989 in July.&#160;The total number of loans in forbearance plans decreased from 1,398,250 at the end of June to 1,263,98 at the end of July, representing approximately 4.46% of the total loans serviced, and 89 percent of the total delinquent loans.</li><li>There were&#160;321 short sales and deeds-in-lieu of foreclosure completed in July,&#160;up 4&#160;percent compared with June.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Mortgage Performance&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The 30-59 days delinquency rate dropped to 1.12 percent, while the serious delinquency rate increased from 2.58 percent at the end of June to 3.19 percent at the end of July. The increase in the serious delinquency rate was as a result of the COVID-19 pandemic and the forbearance programs being offered to affected borrowers.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosures&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>Third-party and foreclosure sales increased to 629 in July while foreclosure starts increased slightly to 2,017 in July.</li></ul><h2>July&#160;2020 Highlights&#160;— Refinance Activities</h2><ul><li>Total refinance volume increased in July 2020 to levels last observed in 2009 as mortgage rates fell in previous months. Mortgage rates decreased further in July&#58; the average interest rate on a 30-year fixed rate mortgage fell to 3.02 percent from 3.16 percent in June.</li><li>In July, 13 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 83.</li><li>The percentage of cash-out refinances decreased to 25 percent in July from 27 percent in June. Mortgage rates have continued to fall, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.</li></ul>10/15/2020 2:00:16 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report — July 2020 Foreclosure 603https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 2020 Q2 / June28464<p><strong style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">​Washington, D.C.</strong> – U.S. house prices rose 5.4 percent from the second quarter of 2019 to the&#160;second quarter of 2020 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices were up 0.8 percent in the second quarter of 2019. FHFA’s seasonally&#160;adjusted monthly index for June was up 0.9 percent from May.<br></p><p>“Home prices grew by 5.4 percent in the second quarter of 2020 compared to a year ago, despite the impacts of COVID-19.” said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. “Although house prices fell slightly in May relative to April, in June prices rebounded by 0.9 percent over the month as local economies re-opened and transactions picked up again. Four Census Divisions showed strong early summer gains with month-over-month growth of one percent or more in June.” </p><div>View highlights video featuring Dr. Lynn Fisher at <a href="https&#58;//youtu.be/BCaHwLXe3Kc">https&#58;//youtu.be/BCaHwLXe3Kc</a>.</div><div><br>&#160;</div><div><a href="/Media/PublicAffairs/Pages/US-House-Prices-Up-5pt4-Pct-from-Last-Year-Prices-Rise-0pt8-Pct-in-2nd-Quarter-Despite-COVID.aspx">Related News Release</a><br></div>8/25/2020 1:00:08 PMHome / About FHFA / Reports / U.S. House Price Index Report - 2020 Q2 / June House Price Index 5107https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report — May 202028342<h2>​May 2020 Highlights&#160;— Foreclosure Prevention</h2><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The Enterprises completed&#160;83,756 foreclosure prevention actions in May, bringing the total to 4,534,370 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</li><li>There were 4,577 permanent loan modifications in May, bringing the total to 2,415,960 since the conservatorships began in September 2008.</li><li>Nineteen&#160;percent of modifications in&#160;May were modifications with principal forbearance. Modifications with extend-term only accounted for 66 percent of all loan modifications during the month.</li><li>Initiated forbearance plans dropped significantly from 989,594 in April to 392,338 in May.&#160;The total number of loans in forbearance plans at the end of May was 1,450,557, representing approximately 5.1% of the total loans serviced.</li><li>There were 286 short sales and deeds-in-lieu of foreclosure completed in May, down 12 percent compared with April 2020.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Mortgage Performance&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>The 30-59 days delinquency rate dropped to 2.53 percent, while the serious delinquency rate increased from 0.68 percent at the end of April to 0.86 percent at the end of May.</li></ul><h4 style="margin&#58;auto;color&#58;#777777;text-transform&#58;none;line-height&#58;1.6;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"> <strong>The Enterprises' Foreclosures&#58;</strong></h4><ul style="color&#58;#444444;text-transform&#58;none;text-indent&#58;0px;letter-spacing&#58;normal;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;font-size&#58;13px;font-style&#58;normal;font-weight&#58;400;word-spacing&#58;0px;white-space&#58;normal;orphans&#58;2;widows&#58;2;text-decoration-style&#58;initial;text-decoration-color&#58;initial;"><li>Third-party and foreclosure sales dropped 24 percent from 344 in&#160;April to&#160;260 in May due to the suspension of foreclosures.</li><li>Foreclosure starts also dropped from 3,229&#160;in April to&#160;2,316&#160;in May due to the suspension of foreclosures.</li></ul><h2>May 2020 Highlights&#160;— Refinance Activities</h2><ul><li>Total refinance volume increased in May to levels last observed&#160;in 2013 as&#160;mortgage rates fell in previous months. Mortgage rates decreased further&#160;in May&#58; the average interest rate on a 30-year fixed rate mortgage fell to&#160;3.23 percent from 3.31 percent in April.</li><li>In May, 14 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 46.</li><li>The percentage of cash-out refinances decreased to 28 percent in May from 30 percent in April.&#160;Mortgage rates have continued to fall&#160;from the highs observed in 2018, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments. </li></ul>8/18/2020 5:00:38 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report — May 2020 Foreclosure 993https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Annual Report to Congress - 201928062<p>​​​​​​The Federal Housing Finance Agency (FHFA) today released its 2019&#160;<a href="/AboutUs/Reports/ReportDocuments/FHFA_2019_Report-to-Congress.pdf"><em>Report to Congress</em></a>. The report meets the requirements of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. It provides information about FHFA's 2019&#160;examinations of Fannie Mae and Freddie Mac (the Enterprises), 11 Federal Home Loan Banks and the Federal Home Loan Banks' Office of Finance.&#160;The report also describes FHFA's actions as conservator of the Enterprises.<br></p><p> <span style="font-style&#58;normal;"> <a href="/Media/PublicAffairs/Pages/FHFA-Issues-2019-Report-to-Congress.aspx">Related News Release</a>​</span></p>6/15/2020 6:00:39 PMHome / About FHFA / Reports / Annual Report to Congress - 2019 Annual Report to Congress 3124https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepayment Monitoring Report - First Quarter 202027907<p>On June 3, 2019, Fannie Mae and Freddie Mac began issuing a new common mortgage-backed security, known as the Uniform Mortgage-Backed Securities or UMBS, through their jointly developed Common Securitization Platform, bringing to fruition important elements of FHFA's <a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx"> <strong> <em>2014 Strategic Plan for the Conservatorships of</em></strong></a> <a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx"> <strong> <em>Fannie Mae and Freddie Mac</em></strong></a>.&#160; On March 12, 2019 forward trading of UMBS began in the “To-Be-Announced&quot; (TBA) market<a href="#footNote1">[1]</a>, with first settlements of the UMBS trades coinciding with their initial issuance by the Enterprises on June 3, 2019.</p><p>FHFA encouraged Fannie Mae and Freddie Mac to develop this new security to broaden and enhance liquidity in the secondary market for residential mortgages and to reduce costs to taxpayers.<a href="#footNote2">[2]</a>&#160; To address those goals, UMBS issued by Fannie Mae and Freddie Mac trade in the TBA market without regard to which Enterprise is the issuer, effectively merging the formerly separate markets for mortgage-backed securities issued by each Enterprise. </p><p>Consistency of prepayment rates is important to the success of UMBS and to the efficiency and liquidity of the secondary mortgage market.&#160; Some industry stakeholders have expressed concern that the rates of prepayment of the Enterprises' securities might materially diverge and undermine their fungibility.&#160; FHFA has taken a number of steps to promote the continued consistency of prepayment rates of Fannie Mae- and Freddie Mac-issued mortgage-backed securities (MBS).&#160; This quarterly report provides market participants additional transparency into a sample of the data FHFA receives and reviews on a monthly basis.</p><p> <em>Ex post </em>monitoring of prepayment rates is part of a broader effort to assure investors that cash flows from UMBS will be similar regardless of which Enterprise is the issuer.&#160; This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises' TBA-eligible MBS,<a href="#footNote3">[3]</a> where a cohort consists of those Enterprise TBA-eligible securities with the same coupon, maturity, and loan-origination year and total combined issuance across the Enterprises exceeds $10 billion.&#160; A prepayment on a mortgage loan is the amount of principal paid in advance of the loan's scheduled payments. &#160;Full prepayment occurs when a borrower pays off the loan ahead of the scheduled maturity.&#160; If a borrower defaults on the mortgage loan, the Enterprise will pay investors the remaining principal balance and remove the loan from the MBS.&#160; That action has the same effect on investors as a full prepayment. &#160;Partial prepayment occurs when a borrower pays principal in addition to the regularly scheduled payment of principal and interest.<br></p><p> <a name="footNote1">[1]</a> The TBA market is a forward market for certain mortgage-backed securities, including those issued by Fannie Mae and Freddie Mac.</p><p> <a name="footNote2">[2]</a> See <a href="/AboutUs/Reports/ReportDocuments/Single%20Security%20Update%20final.pdf"> <em>An Update on the Structure of the Single Security</em></a>, May 2015, p. 4.</p><p> <a name="footNote3">[3]</a> To avoid double counting, only first-level securitizations are included in the analysis. Second-level securitizations (Megas, Giants, and Supers) are excluded, with the exception of fastest quartile analyses and Table 2 (Quartile Report).&#160; For those exceptions, Freddie Mac multi-lender second-level securitizations traded as a single security are included and the related first-level securitizations are excluded to avoid double counting.&#160;</p>6/8/2020 3:00:48 PMHome / About FHFA / Reports / Prepayment Monitoring Report - First Quarter 2020 Prepayment Monitoring 1227https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Enterprise Non-Performing Loan Sales Report - December 201927792<p style="font-style&#58;normal;">​The Enterprise&#160;<em>Non-Performing Loan Sales Report</em>&#160;includes information about NPLs sold through December 31, 2019 and reflects borrower outcomes on NPLs sold through June 30, 2019 and reported through December 31, 2019.&#160; The sale of NPLs reduces the number of delinquent loans in the Enterprises' portfolios and transfers credit risk to the private sector.&#160; FHFA and the Enterprises impose&#160;<a href="/Media/PublicAffairs/Pages/Non-Performing-Loan-Sale-Guidelines.aspx">requirements</a>&#160;on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure.&#160;</p><p style="font-style&#58;normal;"><span style="font-style&#58;normal;">This report shows that, through December 31, 2019, the Enterprises sold 126,757 NPLs with a total unpaid principal balance (UPB) of $23.8 billion.&#160;​</span></p><p style="font-style&#58;normal;"><em style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-weight&#58;400;"><a href="/Media/PublicAffairs/Pages/FHFA-Releases-Report-on-Non-performing-Loan-Sales.aspx">Related News Release</a>​</em><br></p>6/1/2020 5:01:00 PMHome / About FHFA / Reports / Enterprise Non-Performing Loan Sales Report - December 2019 Enterprise 674https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance and FPM Report - February 202027668<h3>​​​​​​​​​February&#160;2020 Highlights -- Foreclosure Prevention</h3><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosure Prevention Actions&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises completed 8,836 foreclosure prevention actions in February, bringing the total to 4,424,910 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">There were 5,376 permanent loan modifications in February, bringing the total to 2,401,285 since the conservatorships began in September 2008.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Twenty-two percent of modifications in&#160;February were modifications with principal forbearance. Modifications with extend-term only accounted for 65 percent of all loan modifications during the month.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">There were&#160;364 short sales and deeds-in-lieu of foreclosure completed in February,&#160;down&#160;18 percent compared with January 2020.</p></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Mortgage Performance&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The serious delinquency rate decreased slightly from 0.64 percent at the end of&#160;January to 0.63 percent at the end of February.</p></li></ul><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><span style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;inherit;font-size&#58;inherit;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;700 !important;vertical-align&#58;baseline;font-stretch&#58;inherit;">The Enterprises' Foreclosures&#58;</span></p><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Third-party and foreclosure sales decreased 23 percent from 3,225 in&#160;January to 2,491 in February.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Foreclosure starts decreased from 11,624 in&#160;January to 9,061 in February.</p></li></ul><h3 style="margin&#58;0px;padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040;font-family&#58;lato, sans-serif;font-size&#58;20px;font-weight&#58;900;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;">February&#160;2020&#160;Highlights -- Refinance Activities</h3><ul style="margin&#58;0px 0px 0px 20px;padding&#58;0px;border&#58;0px currentcolor;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;vertical-align&#58;baseline;font-stretch&#58;inherit;background-color&#58;#ffffff;"><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">Total refinance volume decreased in February 2020 but remained near the highs observed in late 2019 as mortgage ratescontinued to plumb the lows last observed in 2015. Mortgage rates decreased in February&#58; the average interest rate on a 30-year fixed rate mortgage fell to 3.47 percent from 3.62 percent in January.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">In February 2020,&#160;2 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 17.</p></li><li style="margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;border&#58;0px currentcolor;line-height&#58;16px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;"><p style="padding&#58;0px;border&#58;0px currentcolor;color&#58;#404040 !important;line-height&#58;22px;font-style&#58;inherit;font-variant&#58;inherit;vertical-align&#58;baseline;font-stretch&#58;inherit;">The percentage of cash-out refinances decreased to 41 percent in February&#160;from 42 percent in January.&#160;Mortgage rates have fallen from the highs observed a year ago to lows last observed in 2015, creating more opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.​<br></p></li></ul>5/14/2020 5:00:56 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance and FPM Report - February 2020 Foreclosure 1040https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 2019Q4 / December30738<p><span style="font-style&#58;normal;">​​U.S. house prices rose in the fourth quarter of 2019, up</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">1.3</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">percent</span><span style="font-style&#58;normal;">&#160;</span><span style="font-style&#58;normal;">according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).&#160; House prices rose</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">5.1</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">&#160;percent</span><span style="font-style&#58;normal;">&#160;</span><span style="font-style&#58;normal;">from the fourth quarter of 2018 to the fourth quarter of 2019.&#160; FHFA's seasonally adjusted monthly index for December was up</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">0.6</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">percent&#160;</span><span style="font-style&#58;normal;">from November.</span><br></p><p style="font-style&#58;normal;">View highlights video featuring Dr. Lynn Fisher at&#160;<a title="Link goes to an external web page." class="external-link" href="https&#58;//youtu.be/mrdRTTV7xlk" target="_blank">https&#58;//youtu.be/mrdRTTV7xlk​</a>.​</p><p style="font-style&#58;normal;"><a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-1pt3-Percent-in-Fourth-Quarter-Up-5pt1-Percent-from-Last-Year.aspx">Related News Release</a>​<br></p>2/25/2020 2:02:10 PMHome / About FHFA / Reports / U.S. House Price Index Report - 2019Q4 / December House Price Index 31629https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepayment Monitoring Report - Fourth Quarter 201930403<p>On June 3, 2019, Fannie Mae and Freddie Mac began issuing a new common mortgage-backed security, known as the Uniform Mortgage-Backed Securities or UMBS, through their jointly developed Common Securitization Platform, bringing to fruition important elements of FHFA's <a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx">2014 Strategic Plan for the Conservatorships of</a>&#160;<a href="/AboutUs/Reports/Pages/2014-Conservatorships-Strategic-Plan.aspx">Fannie Mae and Freddie Mac</a>.&#160; On March 12, 2019 forward trading of UMBS began in the “To-Be-Announced&quot; (TBA) market <a href="#footNote1">[1]</a>, with first settlements of the UMBS trades coinciding with their initial issuance by the Enterprises on June 3, 2019.</p><p>FHFA encouraged Fannie Mae and Freddie Mac to develop this new security to broaden and enhance liquidity in the secondary market for residential mortgages and to reduce costs to taxpayers.<a href="#footNote2">[2]</a>&#160; To address those goals, UMBS issued by Fannie Mae and Freddie Mac trade in the TBA market without regard to which Enterprise is the issuer, effectively merging the formerly separate markets for mortgage-backed securities issued by each Enterprise. </p><p>Consistency of prepayment rates is important to the success of UMBS and to the efficiency and liquidity of the secondary mortgage market.&#160; Some industry stakeholders have expressed concern that the rates of prepayment of the Enterprises' securities might materially diverge and undermine their fungibility.&#160; FHFA has taken a number of steps to promote the continued consistency of prepayment rates of Fannie Mae- and Freddie Mac-issued mortgage-backed securities (MBS).&#160; This quarterly report provides market participants additional transparency into a sample of the data FHFA receives and reviews on a monthly basis.</p><p>Ex post monitoring of prepayment rates is part of a broader effort to assure investors that cash flows from UMBS will be similar regardless of which Enterprise is the issuer.&#160; This report provides insight into how FHFA monitors the consistency of prepayment rates across cohorts of the Enterprises' TBA-eligible MBS,<a href="#footNote3">[3]</a> where a cohort consists of those Enterprise TBA-eligible securities with the same coupon, maturity, and loan-origination year and total combined issuance across the Enterprises exceeds $10 billion.&#160; A prepayment on a mortgage loan is the amount of principal paid in advance of the loan's scheduled payments. &#160;Full prepayment occurs when a borrower pays off the loan ahead of the scheduled maturity.&#160; If a borrower defaults on the mortgage loan, the Enterprise will pay investors the remaining principal balance and remove the loan from the MBS.&#160; That action has the same effect on investors as a full prepayment. &#160;Partial prepayment occurs when a borrower pays principal in addition to the regularly scheduled payment of principal and interest. <br></p><p> <a name="footNote1">[1]</a> The TBA market is a forward market for certain mortgage-backed securities, including those issued by Fannie Mae and Freddie Mac.</p><p> <a name="footNote2">[2]</a> See <a href="/AboutUs/Reports/ReportDocuments/Single%20Security%20Update%20final.pdf"><span style="text-decoration&#58;underline;"><em>An Update on the Structure of the Single Security</em></span></a>, May 2015, p. 4</p><p> <a name="footNote3">[3]</a> To avoid double counting, only first-level securitizations are included in the analysis. Second-level securitizations (Megas, Giants, and Supers) are excluded, with the exception of fastest quartile analyses in which case multi-lender second-level securitizations are included.&#160;&#160;&#160;</p>2/14/2020 6:48:51 PMHome / About FHFA / Reports / Prepayment Monitoring Report - Fourth Quarter 2019 Prepayment Monitoring 1366https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - November 201930261<p>U.S. house prices rose in November, up <strong>0.2 percent</strong><em> </em>from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). &#160;House prices rose <strong>4.9 percent</strong> from November 2018 to November 2019.&#160; The previously reported 0.2 percent increase for October 2019 was revised upward to 0.4 percent.</p><p>For the nine census divisions, seasonally adjusted monthly house price changes from October 2019 to November 2019 ranged from<strong> -0.1 percent</strong> in the Mountain division to <strong>+0.8 percent</strong> in the East North Central division.&#160; The 12-month changes were all positive, ranging from <strong>+3.8 percent </strong>in the New England and the West South Central divisions to <strong>+6.3 percent</strong> in the Mountain division.</p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.</p><p><a href="/Media/PublicAffairs/Pages/FHFA-House-Price-Index-Up-0-2-Percent-in-November-2019.aspx">Related News Release&#160;</a></p>1/22/2020 2:00:14 PMHome / About FHFA / Reports / U.S. House Price Index Report - November 2019 House Price Index 4760https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

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