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 Releases, Statements, Speeches and Testimony

 

 

FHFA Provides Tenant Protections189336/29/2020 4:00:00 AMNews Release<p><strong>Washington, D.C. </strong>– Today, to help renters in multifamily properties stay in their homes and to support multifamily property owners during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to three months, for a total forbearance of up to six months. While the properties are in forbearance, the landlord must suspend all evictions for renters unable to pay rent. The forbearance extension is available for qualified properties with an Enterprise-backed multifamily mortgage experiencing a financial hardship due to the coronavirus national emergency.</p><p>If a forbearance is extended, once the forbearance period concludes the borrower may qualify for up to 24 months to repay the missed payments. Additionally, if the forbearance is extended, the repayment schedule is modified, or a new forbearance agreement is executed, the borrower is required to provide the following tenant protections during the repayment period&#58;</p><ul><li>Give the tenant at least a 30-day notice to vacate;</li><li>Not charge the tenant late fees or penalties for nonpayment of rent; and</li><li>Allow the tenant flexibility to repay back rent over time and not in a lump sum.</li></ul><p>“During the pandemic, FHFA has been focused on protecting renters and borrowers while ensuring the mortgage market functions as efficiently as possible,&quot; said Director Mark Calabria. “The multifamily mortgage forbearance extension announced today will help renters stay in their homes and help property owners retain their properties.&quot;&#160;</p><p>FHFA will continue to monitor the coronavirus' impact on renters, borrowers, and the mortgage market and update policies as needed. To understand the protections and assistance the government is offering, please visit the joint Department of Housing and Urban Development, FHFA, and the Consumer Financial Protection Bureau website at&#160; cfpb.gov/housing.</p>6/29/2020 1:30:36 PMHome / Media / FHFA Provides Tenant Protections News Release Washington, D.C. – Today, to help renters in 4133https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Agencies Finalize Amendments to Swap Margin Rule282196/25/2020 4:00:00 AMNews Release <hr style="font-size&#58;16px;line-height&#58;16px;" /><span style="font-style&#58;normal;font-variant&#58;normal;line-height&#58;14px;">​</span><span style="font-style&#58;normal;font-variant&#58;normal;line-height&#58;14px;font-weight&#58;700 !important;">Joint Release</span><span style="font-style&#58;normal;font-variant&#58;normal;line-height&#58;14px;"></span> <h4 style="font-style&#58;normal;font-variant&#58;normal;text-align&#58;right;">Board of Governors of the Federal Reserve System​</h4><h4 style="font-style&#58;normal;font-variant&#58;normal;text-align&#58;right;">Farm Credit Administration</h4><h4 style="font-style&#58;normal;font-variant&#58;normal;text-align&#58;right;">Federal Deposit Insurance Corporation</h4><h4 style="font-style&#58;normal;font-variant&#58;normal;text-align&#58;right;">Federal Housing Finance Agency</h4><h4 style="font-style&#58;normal;font-variant&#58;normal;text-align&#58;right;"> Office of the Comptroller of the Currency</h4><hr style="font-size&#58;16px;line-height&#58;16px;" /><p>​Five federal agencies have finalized changes to their swap margin rule to facilitate the implementation of prudent risk management strategies at banks and other entities with significant swap activities.&#160;</p><p>Under the final rule, entities that are part of the same banking organization generally will no longer be required to hold a specific amount of initial margin for uncleared swaps with each other, known as inter-affiliate swaps. Inter-affiliate swaps typically are used for internal risk management purposes by transferring risk to a centralized risk management function within the firm. The final rule will give firms additional flexibility to allocate collateral internally and support prudent risk management and safety and soundness.<br></p><p>Inter-affiliate swaps will remain subject to variation margin requirements, and initial margin will still be required if a depository institution's total exposure to all affiliates exceeds 15 percent of its Tier 1 capital.<br></p><p>To help transition from LIBOR to alternative reference rates, the final rule allows swap entities to amend legacy swaps to replace the reference to LIBOR or other reference rates that are expected to end without triggering margin exchange requirements. The final rule also clarifies that swap entities may conduct risk-reducing portfolio compression or make certain other non-​substantive amendments to their legacy swap portfolios without altering their legacy status.<br></p><p>For smaller swap market participants, the agencies are finalizing as proposed the additional phased compliance period for the smallest covered swap entities and financial end-user counterparties. Simultaneously, the agencies are requesting comment on an interim final rule that extends the compliance date of the initial margin requirements of the swap margin rules to September 1, 2021, for swap entities and counterparties with average annual notional swap portfolios of $50 billion to $750 billion. This interim final rule also extends the initial margin compliance date to September 1, 2022, for counterparties with average annual notional swap portfolios of $8 billion to $50 billion.&#160; The final rule provides additional clarification on documentation requirements for smaller counterparties. <br></p><p>Comments on the interim final rule will be accepted for 60 days following publication in the <em>Federal Register.</em>​<br></p><p><a href="/SupervisionRegulation/Rules/Pages/Margin-and-Capital-Requirements-for-Covered-Swap-Entities-Joint-Final-Rule.aspx">Link to Final Rule</a><br></p><p><a href="/SupervisionRegulation/Rules/Pages/Margin-and-Capital-Requirements-for-Covered-Swap-Entities-Interim-Final-Rule.aspx">Link to Interim Final Rule</a><br></p>6/25/2020 6:00:26 PMHome / Media / Agencies Finalize Amendments to Swap Margin Rule News Release The final rule will give firms 711https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA House Price Index Up 0.2 Percent in April; Up 5.5 Percent from Last Year282016/24/2020 4:00:00 AMNews Release<p> <strong>​​​​Washington, D.C.</strong> – U.S. house prices rose in April, up <strong>0.2 percent</strong> from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).&#160;House prices rose <strong>5.5 percent</strong> from April 2019 to April 2020.&#160;The previously reported <strong>0.1 percent </strong>increase for March 2020 remains unchanged.</p><p>For the nine census divisions, seasonally adjusted monthly house price changes from March 2020 to April 2020 ranged from <strong>-0.5 percent </strong>in the South Atlantic division to <strong>+0.8 percent</strong> in the West South Central division.&#160;The 12-month changes were all positive, ranging from <strong>+5.0 percent</strong> in the Middle Atlantic division to <strong>+6.8 percent</strong> in the Mountain division.<br></p><p>“U.S. house prices posted another positive monthly increase in April,” according to Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. “Regionally, results varied.&#160;Two of the usually stronger growth areas, the Mountain and Pacific divisions, were flat over the month but other divisions continued to experience strong price appreciation even with all of the COVID-19 challenges.&#160;Both the New England and South Atlantic regions saw monthly decreases in prices, but all divisions posted positive year over year growth of at least 5 percent.&#160;The number of transactions used to estimate the HPI were slightly down from March to April but were still a robust sample.&#160;We expect the normal spring bump in sales was pushed off by the COVID-19 shutdowns and may extend into the summer months as states reopen and real estate sales pick back up.”<br></p><p>FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s.&#160;The HPIs are built on tens of millions of home sales and offer insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels.&#160;The FHFA HPIs use a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze transaction data from Fannie Mae and Freddie Mac.&#160;FHFA releases data and reports on a quarterly and monthly basis.&#160;The flagship FHFA HPI uses seasonally adjusted, purchase-only data, unless otherwise noted.&#160;Additional indexes are based on other data including refinances, FHA mortgages, and real property records.&#160;All the indexes can be downloaded from the FHFA website.<br></p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the tables and graphs on the following pages.&#160; Downloadable data and HPI release dates for all of 2020 are available here&#58;&#160;<a href="/hpi">https&#58;//www.fhfa.gov/HPI</a>.&#160;<br></p><p> The next HPI report will be released July 22, 2020 with monthly data through May 2020.​<br></p>6/24/2020 1:00:47 PMHome / Media / FHFA House Price Index Up 0.2 Percent in April; Up 5.5 Percent from Last Year News Release 1491https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx