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 Releases, Statements, Speeches and Testimony

 

 

FHFA Announces Modifications to High LTV Streamlined Refinance Program and Extension of HARP Through December 2018237078/17/2017 4:00:00 AMNews Release<p> <strong>Washington, D.C. </strong>– The Federal Housing Finance Agency (FHFA) today announced modifications to the streamlined refinance program for borrowers with high loan-to-value (LTV) ratios.&#160; On <a href="/Media/PublicAffairs/Pages/FHFA-Announces-New-Streamlined-Refinance-Offering-for-High-LTV-Borrowers-HARP-Extended-through-September-2017.aspx">August 25, 2016</a>, FHFA announced that Fannie Mae and Freddie Mac (the Enterprises) would implement a High LTV Streamlined Refinance program to provide much-needed liquidity for borrowers who are current on their mortgage but are unable to refinance because their loans have LTV ratios that exceed the Enterprises' maximum limits.&#160; </p><p>The program announced today establishes an eligibility date which makes the program available for loans originated on or after October 1, 2017.&#160; The eligibility date was necessary to preserve the objectives of the Enterprises' credit risk transfer (CRT) program under which the Enterprises have transferred a portion of risk on $1.6 trillion of unpaid principal balance with a combined risk in force of nearly $54.2 billion as of March 2017.&#160; The Enterprises will modify the structure of future CRT transactions to accommodate the High LTV Streamlined Refinance program by allowing the newly refinanced loans to return to the reference pools in place of loans that prepaid.&#160; This will help preserve credit loss protection on the loans without unwinding the protection paid for through CRT transactions. </p><p>The changes made to the High LTV Streamlined Refinance program appropriately balance continuing to offer assistance to underwater borrowers with protecting taxpayers. &#160;</p><p> <span style="text-decoration&#58;underline;"> <strong>HARP Extended Through 2018</strong></span><br>To ensure that high LTV borrowers who are eligible for HARP continue to have a refinance option, FHFA is also directing the Enterprises to extend HARP through December 31, 2018.&#160; HARP continues to be one of the most successful crisis-era programs through which more than 3.4 million homeowners have refinanced their mortgages.&#160; More than 143,000 homeowners could still benefit from refinancing through HARP.&#160; Visit <a href="http&#58;//www.harp.gov/">HARP.gov</a> and follow <a href="https&#58;//twitter.com/FHFA">@FHFA</a>&#160;on Twitter,&#160;<a href="https&#58;//www.linkedin.com/company/354523">LinkedIn</a>&#160;and <a href="https&#58;//www.youtube.com/channel/UCoKP7Om6nsRkEav9yInFekw">YouTube</a>&#160;for more information.&#160;</p><p>For further details on the High LTV Streamlined Refinance program, view the following fact sheets&#58;</p><p><a href="https&#58;//www.fanniemae.com/content/fact_sheet/high-ltv-refi.pdf" target="_blank">Fannie Mae Fact Sheet</a></p><p><a href="http&#58;//www.freddiemac.com/singlefamily/factsheets/sell/pdf/enhanced_relief_refinance.pdf" target="_blank">Freddie Mac Fact Sheet</a></p>8/17/2017 10:09:08 PM3893https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Volume Continued to Slow in Second Quarter237088/17/2017 4:00:00 AMNews Release<p>​<strong>Washington, D.C. </strong>– The Federal Housing Finance Agency (FHFA) today reported that more than 356,709 refinances were completed in the second quarter of 2017, compared with 510,074 in the first quarter. FHFA’s second quarter <em>Refinance Report </em>also shows that more than 9,700 loans were refinanced through the Home Affordable Refinance Program, bringing the total number of HARP refinances to 3,470,804 since inception of the program in 2009. &#160;</p><p>According to new data released today, 143,051 borrowers could still benefit financially from a HARP refinance as of March 31, 2017. These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates. These borrowers could save, on average, $2,400 per year by refinancing their mortgage through HARP. See the new, updated <a href="https&#58;//www.harp.gov/Default.aspx?Page=363">U.S. map</a> showing the number of HARP-eligible borrowers by state, Metropolitan Statistical Area, county and zip code. &#160;</p><p>Also in the Refinance Report&#58;</p><ul><li>Through the second quarter of 2017, 25 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which build equity faster than traditional 30-year mortgages.<br></li><li>Nine states and one U.S. territory accounted for more than 60 percent of borrowers who remain eligible for HARP and have a financial incentive to refinance&#58; &#160;Illinois, Florida, Michigan, Ohio, Puerto Rico, New Jersey, Georgia, Pennsylvania, Maryland and New York.<br></li><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.&#160;<br></li></ul><p><a href="/AboutUs/Reports/ReportDocuments/Refi_2Q2017.pdf">Link to Refinance Report</a><br></p><p><a href="https&#58;//www.harp.gov/">Link to HARP.gov</a><br></p>8/17/2017 5:00:06 PM237https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Deputy Director of the Division of Federal Home Loan Bank Regulation231128/9/2017 4:00:00 AMNews Release<p><strong>Washington, D.C.</strong> – Federal Housing Finance Agency (FHFA) Director Melvin L. Watt today announced the appointment of&#160;Andre D. Galeano to the position of Deputy Director of the Division of Federal Home Loan Bank Regulation. Galeano will oversee the regulation and supervision of the 11 Federal Home Loan Banks (FHLBanks).&#160;&#160;</p><p>Galeano succeeds Fred Graham, who announced his retirement earlier this year. Graham has served as the Director of the Division of FHLBank Regulation since April 2013. Galeano’s appointment will become effective upon Graham’s retirement on Aug. 18, 2017. &#160;<br></p><p>“We are all extremely grateful to Fred for his outstanding years of service to FHFA during which he used his expertise and leadership to ensure the safety and soundness and mission focus of the FHLBank System. I wish him all the best in his retirement,” said FHFA Director Watt.</p><p>Galeano has served in various capacities at FHFA and a predecessor agency since 2002. He has served as Associate Director of examinations for the FHLBanks, Associate Director of credit risk for Fannie Mae and Freddie Mac, and Examiner-in-Charge of Fannie Mae. Galeano received his Bachelor’s degree in Business Administration from Pace University and also graduated with distinction from the American Bankers Association’s Stonier Graduate School. &#160;</p><p>“I am pleased that Andre Galeano will be leading this outstanding division and our team of FHLBank examiners.&#160;Andre’s experience at FHFA has prepared him well for this position and I look forward to working with him,” said Director Watt.<br></p>8/9/2017 3:00:31 PM1271https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx