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 Releases, Statements, Speeches and Testimony

 

 

Fannie Mae and Freddie Mac Publish Joint Enterprise Credit Score Solicitation260812/18/2020 5:00:00 AMNews Release<p> <strong>Washington, D.C. </strong>– The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) have published a Joint Credit Score Solicitation.&#160;&#160; &#160;&#160;</p><p>&quot;The publication of&#160;the solicitation is&#160;the first&#160;step in the process of evaluating new credit score models,&quot; said FHFA Director Mark Calabria.&#160; “FHFA will ensure that the Enterprises validate and approve credit score models in a timely and prudent&#160;manner,&#160;so that Americans continue to have a safe and sound path to&#160;sustainable&#160;homeownership.&quot;</p><p>The Credit Score Solicitation describes the process for credit score model developers to submit applications to the Enterprises.&#160; The Enterprises will begin accepting applications on May 18, 2020.&#160; The application period will be open for 120 days, ending on September 15, 2020.&#160; </p><p>The validation and approval of credit score models will be a multiyear effort by the Enterprises under requirements established by <a href="/SupervisionRegulation/Rules/Pages/Validation-and-Approval-of-Credit-Score-Models-Final-Rule.aspx">FHFA's final rule</a> on the process for validation and approval of credit score models. &#160;FHFA's rule implements&#160;the requirements in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act enacted on May 24, 2018.&#160;&#160;</p><p> <a href="http&#58;//singlefamily.fanniemae.com/originating-underwriting/credit-score-models">Link to Fannie Mae Credit Score Solicitation</a><br> <a href="https&#58;//sf.freddiemac.com/articles/news/fhfa-approves-the-solicitation-for-alternative-credit-score-models">Link to Freddie Mac Credit Score Solicitation</a></p>2/18/2020 4:00:20 PMHome / Media / Fannie Mae and Freddie Mac Publish Joint Enterprise Credit Score Solicitation News Release https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Fannie Mae and Freddie Mac Update on LIBOR Transition303792/5/2020 5:00:00 AMNews Release<p>​<strong style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">Washington, D.C. </strong>– The Federal Housing Finance Agency today announced additional steps Fannie Mae and Freddie Mac (the Enterprises) are taking as they transition from the London Interbank Offered Rate (LIBOR), the world's most widely used interest rate benchmark&#58;&#160;<br></p><ul><li>New language will be required for single-family Uniform Adjustable Rate Mortgage (ARM) instruments closed on or after June 1, 2020;&#160;&#160;</li><li>All LIBOR-based single-family and multifamily ARMs must have loan application dates on or before September 30, 2020 to be eligible for acquisition; and,</li><li>Acquisitions of single-family and multifamily LIBOR ARMs will cease on or before December 31, 2020.</li></ul><p>“These steps represent important milestones in the Enterprises' transition away from LIBOR to a more robust reference rate.&#160; We will continue to monitor exposure to LIBOR and ensure the Enterprises manage the risks associated with the transition in a safe and sound manner,&quot; said FHFA Director Mark Calabria.&#160;&#160;</p><p>​Fannie Mae and Freddie Mac serve as members of the Alternative Reference Rates Committee (ARRC), which was established by the Federal Reserve Board and the Federal Reserve Bank of New York to facilitate the migration from LIBOR to Secured Overnight Financing Rate (SOFR).<br></p><p>​<a href="https&#58;//singlefamily.fanniemae.com/media/document/pdf/lender-letter-ll-2020-01">Link to Fannie Mae Single-Family LIBOR Transition Announcement</a><br></p><p> <a href="https&#58;//multifamily.fanniemae.com/media/document/lender-letter-20-02">Link to Fannie Mae Multifamily LIBOR Transition Announcement</a><br></p><p> <a href="https&#58;//guide.freddiemac.com/app/guide/bulletin/2020-1" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;font-style&#58;normal;">Link to Freddie Mac&#160;Single-Family LIBOR Transition Announcement</a><br></p><p style="font-style&#58;normal;"> <a href="https&#58;//mf.freddiemac.com/news/2020/20200205_libor_update.html">Link to Freddie Mac&#160;Multifamily LIBOR Transition Announcement​​</a><br></p><p style="font-style&#58;normal;"> <br> <a href="/SupervisionRegulation/LIBORTransition">Link to FHFA LIBOR Transition Page at FHFA.gov</a><br></p>2/5/2020 9:00:24 PMHome / Media / FHFA Announces Fannie Mae and Freddie Mac Update on LIBOR Transition News Release 9879https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Hires Financial Advisor303352/3/2020 5:00:00 AMNews Release<p><strong>Washington, D.C. </strong>&#160;– Today, the Federal Housing Finance Agency (FHFA) selected Houlihan Lokey Capital, Inc. (Houlihan Lokey) as a financial advisor to assist in the development and implementation of a roadmap to responsibly end the conservatorships of Fannie Mae and Freddie Mac (the Enterprises). While developing the roadmap, Houlihan Lokey will consider business and capital structures, market impacts and timing, and available capital raising alternatives, among other items as outlined in the previously published <a href="/Media/PublicAffairs/Documents/Attachment-A-SOW-Advisory-Services.pdf">Statement of Work</a>. </p><p>“Hiring a financial advisor is a significant milestone toward ending the conservatorships of the Enterprises,&quot; said Director Mark Calabria. “The next major milestone for FHFA is the re-proposal of the capital rule, which will happen in the near future.&quot;</p><p>The Contracting Operations Section of the Agency oversaw the open and competitive selection process. The contract amount for the first year is $9 million. FHFA has options to extend for an additional four and a half years, with the total contract not to exceed $45 million. &#160;&#160;</p>2/3/2020 9:30:06 PMHome / Media / FHFA Hires Financial Advisor News Release Washington, D.C.  – Today, the Federal Housing 4130https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx