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 Releases, Statements, Speeches and Testimony

 

 

Multifamily Property Owners in Forbearance Now Required to Inform Tenants of Eviction Suspension and Tenant Protections240978/6/2020 4:00:00 AMNews Release<p> <strong>​​​Washington, D.C.</strong> – To increase awareness of available tenant protections, the Federal Housing Finance Agency (FHFA) announced today that multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac (the Enterprises) who enter into a new or modified forbearance agreement must inform tenants in writing about tenant protections during the multifamily property owner's forbearance and repayment periods.</p><p>Landlords with Enterprise-backed mortgages can enter new, or if qualified, modified forbearance if they experienced or continue to experience a financial hardship due to the COVID-19 emergency. While in forbearance, the property owners must agree not to evict tenants solely for the nonpayment of rent. FHFA previously announced additional tenant protections that apply during the repayment periods. These protections include&#58;</p><ul><li>Giving tenants at least a 30-day notice to vacate;<br></li><li>Not charging tenants late fees or penalties for nonpayment of rent; and<br></li><li>Allowing tenants flexibility to repay back rent over time and not in a lump sum.</li></ul><p>“Landlords in forbearance must notify their tenants that they cannot be evicted for nonpayment of rent due to the pandemic,&quot; said Director Mark Calabria. “If tenants are able to pay their rent, they should continue to do so.&quot; <br></p><p>In addition to the tenant notification, the Enterprises are also improving their online multifamily property loan look-up tools by putting the tenant protections on the look-up tools' landing page and by making it easier for tenants to find out if the multifamily property in which they reside has an Enterprise-backed mortgage.</p><p>FHFA will continue to monitor the coronavirus' impact on tenants, borrowers, and the mortgage market and update policies as needed. To better understand the protections and assistance the government is offering, please visit the joint Department of Housing and Urban Development, FHFA, and CFPB website at <a href="https&#58;//www.cfpb.gov/housing">cfpb.gov/housing​</a>.​<br></p>8/6/2020 2:00:53 PMEnterprises Also Improve Online Loan Look-up Tool Washington, D.C. – To increase awareness of available tenant protections, the Federal Housing Finance Agency (FHFA) announced 3583https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended281497/31/2020 4:00:00 AMNews Release<p> <strong>Washington, D.C. </strong>– To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) approved an extension of the temporary policy that allows for the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria set by Fannie Mae and Freddie Mac (the Enterprises). The policy is extended for loans originated through August 31, 2020.</p><p>Earlier this year, FHFA and the Consumer Financial Protection Bureau (CFPB) announced the Borrower Protection Program to ensure borrowers are protected during the coronavirus national emergency and facilitate related information sharing. To ensure that borrowers are qualifying for mortgages they can afford, FHFA will be sharing with the CFPB aggregated data on loans that enter forbearance before delivery to the Enterprises. The data sharing will allow FHFA to fulfill its obligation under the so-called “QM Patch” to ensure that loans sold to the Enterprises are complying with the intent of Dodd-Frank’s ability to repay provisions. </p><p>“Extending the Enterprises' ability to purchase these previously ineligible loans will help provide liquidity to mortgage markets. That said, to make homeownership sustainable, lenders have a responsibility to ensure that borrowers can make their monthly mortgage payment,&quot; said Director Mark Calabria.&#160;</p><p>During the COVID-19 pandemic, some borrowers have sought payment forbearance shortly after closing on their single-family loan and before the lender could deliver the mortgage loan to the Enterprises. Normally, mortgage loans in either forbearance or delinquency are ineligible for delivery under Enterprise requirements. In April, FHFA <a href="/Media/PublicAffairs/Pages/FHFA-Announces-that-Enterprises-will-Purchase-Qualified-Loans.aspx"> announced a temporary policy</a> of allowing certain single-family mortgages in forbearance to be delivered.&#160; Today's extension continues this policy for loans originated through August 31, 2020. Eligible loans will continue to be priced to mitigate the heightened risk of loss to the Enterprises from these loans. These prudential measures also ensure fulfillment of the Enterprises' charter requirements to only purchase loans that meet the purchase standards imposed by private, institutional mortgage investors.</p><p>FHFA will continue to monitor the coronavirus' impact on renters, borrowers, and the mortgage market and update policies as needed. To better understand the protections and assistance the government is offering, please visit the joint Department of Housing and Urban Development, FHFA, and CFPB website at <a href="https&#58;//www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/">cfpb.gov/housing</a>.</p>7/31/2020 8:00:59 PMHome / Media / Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended News Release 1857https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA House Price Index Down 0.3 Percent in May; Up 4.9 Percent from Last Year278697/22/2020 4:00:00 AMNews Release<p><strong>Washington, D.C. </strong>– U.S. house prices fell in May, down 0.3 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).&#160; House prices rose<strong> 4.9 percent</strong> from May 2019 to May 2020. The previously reported <strong>0.2 percent</strong> increase for April 2020 was revised downward to <strong>0.1 percent</strong>.</p><p>For the nine census divisions, seasonally adjusted monthly house price changes from April 2020 to May 2020 ranged from<strong> -1.0 percent</strong> in the New England division to <strong>+0.1 percent</strong> in the South Atlantic division.&#160; The 12-month changes were all positive, ranging from <strong>+3.7 percent</strong> in the New England division to <strong>+6.3 percent </strong>in the Mountain division.</p><p>“U.S. house prices posted a small decrease in May compared to April but remained 4.9 percent higher than a year ago,” according to Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. “The May HPI results are based on contracts for sale signed in late March and throughout April, which was a period when many states announced stay-at-home orders.&#160; The number of transactions powering the FHFA HPI in May was down by just over 30 percent compared to a year ago, reflecting the early effects of COVID-19 shutdowns.&#160; Based on the rebound in mortgage applications for home purchases and pending home sales in May, we expect the number of transactions increased somewhat in June.”</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.</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;</p><p>The next HPI report will be released August 25, 2020 with data for the second quarter of 2020 and monthly data through June 2020.&#160;&#160;​</p>7/22/2020 1:00:44 PMHome / Media / FHFA House Price Index Down 0.3 Percent in May; Up 4.9 Percent from Last Year News Release 1570https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx