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 Releases, Statements, Speeches and Testimony

 

 

FHFA Releases Report on Non-performing Loan Sales277906/1/2020 4:00:00 AMNews Release<p><strong>​​Washington, D.C.</strong> – The Federal Housing Finance Agency (FHFA) today released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises).&#160; The Enterprise <em>Non-Performing Loan Sales Report</em> 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 <a href="/Media/PublicAffairs/Pages/Non-Performing-Loan-Sale-Guidelines.aspx">requirements</a> on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure.&#160;</p><p>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; </p><p><strong>NPL Sales Highlights&#58;</strong></p><ul><li>NPLs sold had an average delinquency of 2.9 years and an average loan-to-value ratio of 91 percent.</li><li>The average delinquency for pools sold ranged from 1.4 years to 6.2 years.</li><li>NPLs in New Jersey, New York and Florida represented nearly half (44 percent) of the NPLs sold.&#160; These three states accounted for 47 percent of the Enterprises' loans that were one year or more delinquent as of December 31, 2014, prior to the start of NPL program sales in 2015. </li><li>Fannie Mae sold 86,216 loans with an aggregate UPB of $15.8 billion, an average delinquency of 3.0 years, and an average LTV of 89 percent.</li><li>Freddie Mac sold 40,541 loans with an aggregate UPB of $8.1 billion, an average delinquency of 2.9 years, and an average LTV of 98 percent.<br></li></ul><p><strong>Borrower Outcomes Highlights&#58;</strong><br></p><ul><li>The borrower outcomes in the report are based on 114,745 NPLs that were settled by June 30, 2019 and reported as of December 31, 2019.&#160; </li><li>Compared to a benchmark of similarly delinquent Enterprise NPLs that were not sold, foreclosures avoided for sold NPLs were higher than the benchmark.&#160; </li><li>NPLs on homes occupied by borrowers had the highest rate of foreclosure avoidance outcomes (38.3 percent foreclosure avoided versus 15.9 percent for vacant properties).</li><li>NPLs on vacant homes had a much higher rate of foreclosure, more than double the foreclosure rate of borrower-occupied properties (76.9 percent foreclosure versus 34.4 percent for borrower occupied properties).&#160; Foreclosures on vacant homes typically improve neighborhood stability and reduce blight as the homes are sold or rented to new occupants.</li></ul><p>FHFA will continue to provide reporting on NPL sales borrower outcomes on an ongoing basis. </p><p>Link to <a href="/AboutUs/Reports/ReportDocuments/Dec-2019_NPL-Sales-Report.pdf">Non-Performing Loan Sales Repor</a>​t</p><p>Link to <a href="/PolicyProgramsResearch/Policy/Pages/Non-Performing-Loan-Sales.aspx">NPL page on FHFA.gov</a>​</p>6/1/2020 5:00:56 PMHome / Media / FHFA Releases Report on Non-performing Loan Sales News Release The sale of NPLs reduces the https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Public Webinar on Re-Proposed Capital Rule for the Enterprises277896/1/2020 4:00:00 AMNews Release<p>​<strong>Washington, D.C. </strong>– To provide transparency and better inform public comment and the housing finance market, the Federal Housing Finance Agency (FHFA) will host a webinar on the re-proposed capital rule for Fannie Mae and Freddie Mac (the Enterprises) on June 4 from 2pm to 3pm EDT. The webinar is open to the public, media, stakeholders, and market participants.&#160;</p><p>FHFA's <a href="/Media/PublicAffairs/Pages/FHFA-Releases-Re-Proposed-Capital-Rule-for-the-Enterprises.aspx"> re-proposed capital rule for the Enterprises</a>, released on May 20, is designed to strengthen the Enterprises so they can serve the mortgage market and help low- and moderate- income households access credit during good times and bad.&#160;</p><p>Interested parties can submit comments on the notice of proposed rulemaking within 60 days of its publication in the Federal Register via&#160;<a href="/SupervisionRegulation/Rules/Pages/Enterprise-Regulatory-Capital-Framework.aspx"><span style="text-decoration&#58;underline;"><strong>FHFA.gov</strong></span></a>&#160;or via mail, FHFA, Eighth Floor, 400 Seventh Street, SW, Washington, DC&#160; 20219.&#160;</p><p>FHFA invites anyone with webinar questions about the re-proposed rule to submit them in advance to Danielle Walton, <a href="mailto&#58;Danielle.Walton@FHFA.gov">Danielle.Walton@FHFA.gov</a>.&#160;</p><p> <strong>WHAT&#58;</strong> Webinar explaining the re-proposed capital rule for the Enterprises</p><p> <strong>WHERE&#58;</strong> Register <a href="https&#58;//ems8.intellor.com/?do=register&amp;t=1&amp;p=827742"> <span style="text-decoration&#58;underline;">here</span></a></p><p> <strong>WHEN&#58;</strong> June 4; 2pm to 3pm EDT</p>6/1/2020 2:00:59 PMHome / Media / FHFA Announces Public Webinar on Re-Proposed Capital Rule for the Enterprises News Release 1358https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces New Fannie Mae and Freddie Mac LIBOR Transition Resources277775/28/2020 4:00:00 AMNews Release<p> <strong>​​​​​​Washington, D.C. </strong>– Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) have launched new websites that provide key resources for lenders and investors as the Enterprises transition away from the London Interbank Offered Rate (LIBOR). LIBOR is expected to stop being published at the end of 2021. The Enterprises’ websites contain information about resources and products, including the Enterprises’ jointly published LIBOR Transition Playbook and Frequently Asked Questions (FAQ).&#160;<br></p><p>“To protect our nation’s housing finance markets, FHFA has directed the entities we regulate to transition away from LIBOR. These resources will help market participants to likewise move away from LIBOR in a safe and sound manner,” said FHFA Director Mark Calabria.<br></p><p>Available on&#160;<a href="https&#58;//www.fanniemae.com/portal/funding-the-market/libor/libor-transition.html" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">Fannie&#160;Mae</a>&#160;and <a href="http&#58;//www.freddiemac.com/about/libor-transition.html" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">Freddie&#160;Mac</a>&#160;webpages, the Playbook describes key transition milestones and recommended actions for stakeholders to consider as they manage the upcoming transition away from LIBOR. Together with the accompanying FAQs, these tools will help participants plan and adapt business policies, procedures, and processes to support products linked to alternative reference rates, discontinue most LIBOR-indexed products by the end of 2020, and prepare for discontinuing the use of LIBOR as an index.&#160;<br></p><p>The Enterprises also announced today updates related to transitioning their Credit Risk Transfer (CRT) programs and their collateralized mortgage obligations (CMOs), including the cessation dates for new issuances indexed to LIBOR and the expected dates for new issuances indexed to the Secured Overnight Financing Rate (SOFR). Details of these important milestones are available on the Enterprises’ LIBOR Transition webpages.​<br></p>5/28/2020 6:11:42 PMHome / Media / FHFA Announces New Fannie Mae and Freddie Mac LIBOR Transition Resources News Release 2554https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx