Releases, Statements, Speeches and Testimony



FHFA's Principal Deputy Director Adolfo Marzol to Retire3150312/4/2020 5:00:00 AMNews Release<p>​<strong>Washington, D.C. </strong>– The Federal Housing Finance Agency (FHFA) today announced that Principal Deputy Director Adolfo Marzol will retire on December 18, 2020. Chris Bosland, FHFA’s Senior Advisor for Regulation, will succeed Marzol as the Principal Deputy Director.&#160;</p><p>“I cannot thank Adolfo enough for the work he has done, and we wish him well as he returns to retirement after nearly four years of public service at FHFA and the Department of Housing and Urban Development. He achieved a great deal at FHFA, including spearheading the Enterprise capital rule and playing a central role in the response to COVID-19. The U.S. housing finance market is clearly better off for his efforts,” said Director Mark Calabria. “Chris’ experience has been and will be an asset for FHFA. I am completely confident in his ability to hit the ground running in his new role.”</p><p>“I thank Director Calabria for the opportunity to serve at FHFA. By advancing his vision and direction, we were able to make the mortgage market safer and sounder. After finalizing the Enterprise’s capital rule, a key milestone on the path to responsibly ending the conservatorships, now is the right time for me to transition back into retirement,” said Marzol.&#160; &#160;</p><p>Bosland joined FHFA in 2019 and has been integrally involved in the Agency’s efforts to enhance its capabilities as a world-class regulator. Prior to joining FHFA, he was Deputy Chief of Staff at the U.S. Department of the Treasury’s Office of the Special Inspector General for the Troubled Asset Relief Program. He previously was an attorney in private practice and has served as an economist at the Federal Reserve Bank of New York and as counsel and chief of staff to a former Director of the Federal Housing Finance Board. A graduate of Rutgers University, Bosland has a Master’s degree from Princeton and a law degree from Yale Law School.<br></p>12/4/2020 5:00:52 PMHome / Media / FHFA's Principal Deputy Director Adolfo Marzol to Retire News Release https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Extends Foreclosure and REO Eviction Moratoriums3149512/2/2020 5:00:00 AMNews Release<p> <strong>Washington, D.C. </strong>–Today, to help borrowers at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least January 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums&#160;were set to expire on December 31, 2020.&#160;</p><p>“Extending Fannie Mae and Freddie Mac's foreclosure and eviction moratoriums through January 2021 keeps borrowers safe during the pandemic,&quot; said Director Mark Calabria. “This extension gives peace of mind to the more than 28 million homeowners with an Enterprise-backed mortgage.&quot; </p><p>Currently, FHFA projects additional expenses of $1.1 to $1.7 billion will be borne by the Enterprises due to the existing COVID-19 foreclosure moratorium and its extension. This is in addition to the $6 billion in costs already incurred by the Enterprises. FHFA will continue to monitor the effect of coronavirus on the mortgage industry and update its policies as needed. To understand the protections and assistance offered by the government to those having trouble paying their mortgage, please visit the joint Department of Housing and Urban Development, FHFA, and the Consumer Financial Protection Bureau website at&#160;<a href="http&#58;//www.cfpb.gov/housing">cfpb.gov/housing</a>.</p>12/2/2020 7:00:12 PMHome / Media / FHFA Extends Foreclosure and REO Eviction Moratoriums News Release This is in addition to the 6086https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Deemed-Issuance Ratio for 20213131311/30/2020 5:00:00 AMNews Release<p><strong>​​​Washington, D.C.</strong> – The Federal Housing Finance Agency (FHFA) today announced the <a href="/PolicyProgramsResearch/Policy/Pages/Deemed-Issuance-Ratio.aspx">deemed-issuance ratio</a> for the 2021 calendar year in accordance with Internal Revenue Service (IRS) guidelines on the trading of the Uniform Mortgage-Backed Security (UMBS).&#160;The deemed-issuance-ratio will be used for diversification reporting on the bonds ultimately delivered to the purchaser until the bonds have been disposed of, regardless of the issuing Enterprise on the underlying bonds.</p><p></p><font color="#000000" face="Times New Roman" size="3"> </font><p>The IRS <a title="Link goes to an external web page." href="https&#58;//www.irs.gov/pub/irs-drop/rp-18-54.pdf" target="_blank">Revenue Procedure 2018-54</a> provides that the ratio may be rounded as long as the rounded ratio is further from 50/50 than the actual observed data. Therefore, the deemed-issuance ratio for the 2021 calendar year is 60 percent Fannie Mae and 40 percent Freddie Mac.<br><br></p><table width="100%" class="ms-rteTable-default" cellspacing="0" style="text-align&#58;center;"><tbody><tr><td class="ms-rteTable-default" style="width&#58;20%;">​​<br></td><td class="ms-rteTable-default" style="width&#58;40%;"><h4> <strong>TBA-eligible securities issued </strong></h4><h4> <strong>November 1, 2018 through October 31, 2020 </strong></h4><h4> <strong>(billions)</strong></h4></td><td class="ms-rteTable-default" style="width&#58;40%;"><h4> <strong>Deemed-Issuance Ratio</strong></h4><h4> <strong>(percent)</strong></h4></td></tr><tr><td class="ms-rteTable-default"><p>Fannie Mae</p></td><td class="ms-rteTable-default"><p>$1,637.579</p></td><td class="ms-rteTable-default"><p>60</p></td></tr><tr><td class="ms-rteTable-default"><p>Freddie Mac </p></td><td class="ms-rteTable-default"><p>$1,232.936</p></td><td class="ms-rteTable-default"><p>40</p></td></tr><tr><td class="ms-rteTable-default"><p>Total<br></p></td><td class="ms-rteTable-default"><p>$2,870.517<br></p></td><td class="ms-rteTable-default"><p>100</p></td></tr></tbody></table><p>&#160;<br></p><p><br>The IRS procedure provides guidance on section 817(h) of the Internal Revenue Code diversification requirements for variable annuity, endowment, and life insurance contracts. The IRS has provided a deemed-issuance-ratio to allocate issuer exposure for TBA trades between the Enterprises. Compliance with these requirements is affected by the implementation of and trading in UMBS. </p><p>Revenue Procedure 2018-54 calls for FHFA to determine a deemed-issuance ratio for each calendar year based on the ratio of TBA-eligible securities issued by Fannie Mae and Freddie Mac during the 24-month period ending October 31 of the preceding year.</p><p>FHFA plans to announce the ratio annually at least three weeks prior to the affected calendar year.&#160;​<br></p>11/30/2020 7:32:08 PMHome / Media / FHFA Announces Deemed-Issuance Ratio for 2021 News Release FHFA plans to announce the ratio 882https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx