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.
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...
Glossaries
COVID-19 Resources
The Federal Housing Finance Agency (FHFA) sent a Notice to the Federal Register concerning Orders issued to Fannie Mae, Freddie Mac and the twelve Federal Home Loan Banks (the regulated entities) requiring reporting of annual stress testing results. The Orders, which include the stress test scenarios, were issued on November 26, 2013 under FHFA’s final stress testing rule. The stress tests, required by the Dodd-Frank Act, are designed to determine whether the regulated entities have the capital necessary to absorb losses as a result of adverse economic conditions. FHFA also issued Summary Instructions and Guidance including revised templates the regulated entities will use to report the results of the testing.
2023 Orders
2022 Orders
2021 Orders
2020 Orders
2019 Orders
2018 Orders
2017 Orders
2016 Orders
2015 Orders
2014 Orders
2013 Orders
Learn More at Dodd-Frank Act Stress Tests (DFAST) page
Fannie MaeOrder to Fannie Mae (3/7/2023)Summary Instructions and Guidance (3/7/2023)
Freddie MacOrder to Freddie Mac (3/7/2023)Summary Instructions and Guidance (3/7/2023)
XLS Spreadsheets2023 FHFA Scenarios2023 FHFA Scenario Variables and Assumptions Templates2023 FHFA Enterprise Stress Test Templates - Baseline2023 FHFA Enterprise Stress Test Templates - Severely Adverse2023 FHFA DFAST Severely Adverse Market Shocks
Fannie MaeOrder to Fannie Mae (3/10/2022)Summary Instructions and Guidance (3/10/2022)
Freddie MacOrder to Freddie Mac (3/10/2022)Summary Instructions and Guidance (3/10/2022)
XLS Spreadsheets2022 FHFA Scenarios2022 FHFA Scenario Variables and Assumptions Templates2022 FHFA Enterprise Stress Test Templates - Baseline2022 FHFA Enterprise Stress Test Templates - Severely Adverse2022 FHFA DFAST Severely Adverse Market Shocks
OrdersOrder Rescinding Regulatory Waiver of 12 CFR 1238.7 Publication Deadline (August 12, 2021)
Fannie MaeOrder to Fannie Mae (3/15/2021)Summary Instructions and Guidance (3/15/2021)
Freddie MacOrder to Freddie Mac (3/15/2021)Summary Instructions and Guidance (3/15/2021)
XLS Spreadsheets2021 FHFA Scenarios2021 FHFA Scenario Variables and Assumptions Templates2021 FHFA Enterprise Stress Test Templates - Baseline2021 FHFA Enterprise Stress Test Templates - Severely Adverse2021 FHFA DFAST Severely Adverse Market Shocks
Orders
Regulatory Waiver of 12 CFR 1238.7 Publication Deadline (August 13, 2020) - Rescinded as of August 12, 2021
Fannie MaeOrder to Fannie Mae (March 10, 2020)Summary Instructions and Guidance (March 10, 2020)
Freddie MacOrder to Freddie Mac (March 10, 2020)Summary Instructions and Guidance (March 10, 2020)
XLS Spreadsheets2020 FHFA Scenarios2020 FHFA Scenario Variables and Assumptions Templates2020 FHFA Enterprise Stress Test Templates - Baseline2020 FHFA Enterprise Stress Test Templates - Severely Adverse2020 FHFA DFAST Severely Adverse Market Shocks
Fannie MaeOrder to Fannie Mae (March 5, 2019)Summary Instructions and Guidance (March 5, 2019)
Freddie MacOrder to Freddie Mac (March 5, 2019)Summary Instructions and Guidance (March 5, 2019)
FHLBanksOrder for FHLBanks (March 5, 2019)Summary Instructions and Guidance (March 5, 2019)
XLS Spreadsheets2019 FHFA Scenarios2019 FHFA Scenario Variables and Assumptions Templates2019 FHFA Enterprises Stress Test Templates - Baseline2019 FHFA Enterprises Stress Test Templates - Adverse2019 FHFA Enterprises Stress Test Templates - Severely Adverse2019 FHFA FHLBanks Stress Test Templates - Baseline2019 FHFA FHLBanks Stress Test Templates - Adverse2019 FHFA FHLBanks Stress Test Templates - Severely Adverse2019 FHFA DFAST Adverse Market Shocks2019 FHFA DFAST Severely Adverse Market Shocks
Fannie Mae
Order to Fannie Mae (March 1, 2018)Summary Instructions and Guidance (March 1, 2018)
Freddie MacOrder to Freddie Mac (March 1, 2018)Summary Instructions and Guidance (March 1, 2018)
FHLBanksOrder for FHLBanks (March 1, 2018)Summary Instructions and Guidance (March 1, 2018)
XLS Spreadsheets2018 FHFA Scenarios2018 FHFA Scenario Variables and Assumptions Templates2018 FHFA Enterprises Stress Test Templates - Baseline2018 FHFA Enterprises Stress Test Templates - Adverse2018 FHFA Enterprises Stress Test Templates - Severely Adverse2018 FHFA FHLBanks Stress Test Templates - Baseline2018 FHFA FHLBanks Stress Test Templates - Adverse2018 FHFA FHLBanks Stress Test Templates - Severely Adverse2018 FHFA DFAST Adverse Market Shocks2018 FHFA DFAST Severely Adverse Market Shocks
Reporting by Regulated Entities of Stress Testing Results as of December 31, 2016 (March 3, 2017)Summary Instructions and Guidance (March 3, 2017)
2017 FHFA Scenarios2017 FHFA Scenario Variables and Assumptions Templates2017 FHFA Enterprises Stress Test Templates - Baseline2017 FHFA Enterprises Stress Test Templates - Adverse2017 FHFA Enterprises Stress Test Templates - Severely Adverse2017 FHFA FHLBanks Stress Test Templates - Baseline2017 FHFA FHLBanks Stress Test Templates - Adverse2017 FHFA FHLBanks Stress Test Templates - Severely Adverse2017 FHFA DFAST Adverse Market Shocks2017 FHFA DFAST Severely Adverse Market Shocks
Reporting by Regulated Entities of Stress Testing Results as of December 31, 2015 (March 2, 2016)Summary Instructions and Guidance (March 2, 2016)
2016 FHFA Scenarios2016 FHFA Scenario Variables and Assumptions Templates2016 FHFA Enterprises Stress Test Templates - Baseline2016 FHFA Enterprises Stress Test Templates - Adverse2016 FHFA Enterprises Stress Test Templates - Severely Adverse2016 FHFA FHLBanks Stress Test Templates - Baseline2016 FHFA FHLBanks Stress Test Templates - Adverse2016 FHFA FHLBanks Stress Test Templates - Severely Adverse2016 FHFA DFAST Adverse Market Shocks2016 FHFA DFAST Severely Adverse Market Shocks
Supplemental Order to FHLBanks (June 10, 2015)
2015 FHFA Scenarios2015 FHFA Scenario Variables and Assumptions Templates2015 FHFA Enterprises Stress Test Templates - Baseline2015 FHFA Enterprises Stress Test Templates - Adverse2015 FHFA Enterprises Stress Test Templates - Severely Adverse2015 FHFA FHLBanks Stress Test Templates - Baseline2015 FHFA FHLBanks Stress Test Templates - Adverse2015 FHFA FHLBanks Stress Test Templates - Severely Adverse2015 FHFA FHLBanks Stress Test Templates - Severely Adverse - (revised June 10, 2015)2015 FHFA DFAST Adverse Market Shocks2015 FHFA DFAST Severely Adverse Market Shocks
Second Supplemental Order to Fannie Mae with Attachment IOrder to Fannie Mae (December 1, 2014)Summary Instructions and Guidance (December 1, 2014)
Second Supplemental Order to Freddie Mac with Attachment IOrder to Freddie Mac (December 1, 2014)Summary Instructions and Guidance (December 1, 2014)
Second Supplemental Order to the FHLBanks with Attachment IOrder to FHLBanks (December 1, 2014)Summary Instructions and Guidance (December 1, 2014)
2014 FHFA Scenarios2014 FHFA Scenario Variables and Assumptions Templates2014 FHFA Enterprises Stress Test Templates2014 FHFA FHLBanks Stress Test Templates2014 FHFA Global Market Shocks - Adverse2014 FHFA Global Market Shocks - Severe
Order to Fannie MaeAppendices to OrderSummary Instructions & GuidanceSupplemental Order to Fannie MaeAppendices to Supplemental Order
Order to Freddie MacAppendices to OrderSummary Instructions & GuidanceSupplemental Order to Freddie MacAppendices to Supplemental Order
Order to FHLBanksAppendices to OrderSummary Instructions & GuidanceSupplemental Order to FHLBanksAppendices to Supplemental Order
FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Stress Tests (4/30/2015)FHFA Announces Results of Fannie Mae and Freddie Mac Stress Tests (4/30/2014)FHFA Issues Scenarios and Guidance to Fannie Mae, Freddie Mac and the FHLBanks Regarding Annual Dodd-Frank Stress Tests (12/17/2013)
All Fannie Mae and Freddie Mac Stress Testing Reports
All Stress Testing Rulemaking Pages and Documents
An Update from the Federal Housing Finance Agency on Oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks (4/18/2013)
Annual Report to Congress – 2014 (6/15/2015)
Page Updated: 3/7/2023
