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.
Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets.
MAINTAIN foreclosure prevention activities and credit availability, REDUCE taxpayer risk, and BUILD a new single-family securitization infrastructure. Read more in the 2018 Scorecard and Conservatorships Strategic Plan.
Plans and Reports
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
Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (FHLBanks) all have financial instruments that reference
Intercontinental Exchange London Interbank Offered Rate (ICE LIBOR) , the most widely used interest rate benchmark in the world.
Since 2017, the Financial Conduct Authority, the United Kingdom-based regulator of LIBOR, has been warning market participants that it will stop compelling panel banks to submit LIBOR quotes beginning in 2022,
which could result in a declaration that LIBOR is no longer representative of market activity.
FHFA serves as an Ex Officio member of the
Alternative Reference Rates Committee (ARRC) established by the Federal Reserve Board and the New York Federal Reserve Bank to facilitate the migration away from LIBOR to the Secured Overnight Financing Rate (SOFR), the rate selected by ARRC as a more robust transactions-based replacement for LIBOR in the U.S. Fannie Mae, Freddie Mac, and the FHLBanks (through the FHLBank of New York) all serve as members of the ARRC.
FHFA is working with its regulated entities to monitor their exposure to LIBOR and develop transition plans away from LIBOR. The FHFA’s regulated entities are now regular issuers of SOFR-indexed debt. FHFA has worked with Fannie Mae and Freddie Mac to develop a model for a SOFR-based adjustable rate mortgage (ARM) and to develop more robust “fallback language” for ARMs describing how a replacement rate would be selected in the event of the cessation of an ARM’s reference rate. Fannie Mae and Freddie Mac have ceased purchasing seasoned LIBOR-based ARMs maturing after 2021. FHFA has instructed the FHLBanks to stop purchasing new LIBOR-based investments with maturities that extend past December 31, 2021. This cessation will begin on January 1, 2020. FHFA has also instructed the FHLBanks to no longer enter into other LIBOR-based transactions involving advances, debt, derivatives, or other products with maturities beyond December 31, 2021 as of March 31, 2020, with only very limited exceptions granted by FHFA.
See below for additional information on steps the FHFA and its regulated entities are taking to lower their exposure to post-2021 LIBOR products in a safe, sound, and prudent manner.
Daniel E. Coates, Senior Associate Director and Chairman of the FHFA's Reference Rate Transition Steering CommitteePhone: 202-649-3280 Email:
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