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.
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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.
2019 Conservatorships Strategic Plan
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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. On March 5, 2021, the FCA announced that the publication of 1-week and 2-month US dollar LIBOR will cease after December 31, 2021, and the publication of all other US dollar LIBOR settings will cease or be deemed unrepresentative after June 30, 2023.
FHFA serves as an ex officio non-voting 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 as they execute their transition plans away from LIBOR. The FHFA’s regulated entities (Fannie Mae, Freddie Mac, and the FHLBanks) are now regular issuers of SOFR-indexed debt.
Fannie Mae and Freddie Mac have launched LIBOR transition websites that provide key resources for lenders and investors as the Enterprises transition away from LIBOR.
See below for additional information on steps that FHFA and its regulated entities are taking to lower the regulated entities' respective exposures to post-2021 LIBOR products in a safe, sound, and prudent manner.
Testimony: Daniel E. Coates, Senior Associate Director, FHFA, Before House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets "The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Business Borrowing, and Other Financial Products" (4/15/2021)
Daniel E. Coates, Senior Advisor to Acting Director and Chairman of the FHFA's Reference Rate Transition Steering CommitteePhone: (202)649-3280 Email:
Page last updated: July 29, 2021
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