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Welcome to the Government page of FHFA’s website.  This page provides consolidated resources for federal, state and local government personnel who are interested in the nation’s housing finance system.


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  1. Read FHFA's latest Annual Report to Congress.

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Key Legislation

 

Short Title (Citation)

Document

FEDERAL HOME LOAN BANKS

Federal Home Loan Bank Act

12 U.S.C. 1421 et seq.
(Public Law 72-304 (1932))

Established the Federal Home Loan Bank System.

GPO Text / PDF

FEDERAL HOUSING FINANCE AGENCY CHARTER

Federal Housing Enterprises Financial Safety and Soundness Act of 1992

12 U.S.C. 4501 et seq.
(Public Law 102-550 (1992))

Primary statutory authorization for FHFA’s regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System, including supervision of housing mission and goals and actions as conservator or receiver for Fannie Mae, Freddie Mac or any Federal Home Loan Bank.

Housing and Economic Recovery Act of 2008

(Public Law 110-289 (2008))

Amended the Safety and Soundness Act to create FHFA, place regulation of Fannie Mae, Freddie Mac and the Bank System under one regulator, enhance supervision of these regulated entities, and enhance FHFA's authorities as conservator or receiver. 

GPO Text / PDF










 
GPO Text / PDF

FREDDIE MAC CHARTER

Federal Home Loan Mortgage Corporation Act

12 U.S.C. 1451 et seq.
(Public Law 91-351 (1970))

Created Freddie Mac and provided authority for Freddie Mac’s activities.

GPO Text / PDF

FANNIE MAE CHARTER

Federal National Mortgage Association Charter Act

12 U.S.C. 1716 et seq.
(Public Law 84-345,National Housing Act, Title III (1934), as amended by the Housing and Urban Development Act of 1968)

Created Fannie Mae and provided authority for Fannie Mae’s activities. Amendment in 1968 created the Government National Mortgage Association (Ginnie Mae), supervised by the Department of Housing and Urban Development.

GPO Text / PDF

Find regulations pertaining to FHFA supervision at eCFR.

CONGRESSIONAL LETTERS


 Related Information

 

 

Foreclosure Prevention, Refinance, and FPM Report - July 202135988<h2>​July&#160;2021&#160;Highlights&#160;— Foreclosure Prevention</h2><h4>The Enterprises' Foreclosure Prevention Actions&#58;</h4><ul style="border&#58;0px;font-stretch&#58;inherit;line-height&#58;inherit;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">The Enterprises completed&#160;61,494 foreclosure prevention actions in July, bringing the total to 6,091,413&#160;since the start of the conservatorships in September 2008.&#160;Approximately 41 percent&#160;of these actions have been permanent loan modifications.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">There were 6,287 permanent loan modifications in July, bringing the total to 2,474,821&#160;since the conservatorships began in September 2008.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">Ten&#160;percent of modifications in&#160;July were modifications with principal forbearance. Modifications with extend-term only accounted for 66 percent of all loan modifications during the month.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 5 percent from 41,789 in June to 39,836 in July.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">Initiated forbearance plans decreased 5&#160;percent from 24,841&#160;in&#160;June to 23,481&#160;in July.&#160;The total number of loans in forbearance also&#160;decreased from 490,508&#160;at the end of June to&#160;438,550&#160;at the end of July, representing approximately 1.5% of the total loans serviced, and 55 percent of the total delinquent loans.<br></li></ul><h4>The Enterprises' Mortgage Performance&#58;</h4><ul style="border&#58;0px;font-stretch&#58;inherit;line-height&#58;inherit;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">The 30-59 days delinquency rate decreased slightly to 0.68&#160;percent, while the serious delinquency rate declined to 1.86&#160;percent at the end of July.<br></li></ul><h4>The Enterprises' Foreclosures&#58;</h4><ul style="border&#58;0px;font-stretch&#58;inherit;line-height&#58;inherit;font-family&#58;&quot;segoe ui&quot;, segoe, tahoma, helvetica, arial, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;font-family&#58;&quot;source sans pro&quot;, sans-serif !important;">Third-party and foreclosure sales increased 5 percent to 796 while&#160;foreclosure starts dropped 10 percent to 1,813&#160;in July.</li></ul><h2 style="margin&#58;0px;font-weight&#58;900;font-family&#58;lato, sans-serif;color&#58;#404040;font-size&#58;22px;border&#58;0px;font-stretch&#58;inherit;vertical-align&#58;baseline;padding&#58;0px;background-color&#58;#ffffff;">July&#160;2021 Highlights&#160;— Refinance Activities</h2><ul style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;inherit;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px;list-style-position&#58;initial;list-style-image&#58;initial;background-color&#58;#ffffff;"><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;">Total refinance volume decreased in July 2021, after mortgage rates fell in June but remained above the lows observed in 2020. Mortgage rates fell in July&#58;&#160;the average interest rate on a 30-year fixed rate mortgage fell to 2.87&#160;percent from 2.98 percent in June.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;">In July, 3&#160;refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 200.</li><li style="border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;16px;vertical-align&#58;baseline;margin&#58;0px 0px 0px 20px;padding&#58;0px 0px 10px;">The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages continued at 28 percent in July as the difference between 15- and 30-year fixed rate mortgages steadily increased from the lows observed in late 2020, to 71 basis points in June.<br></li></ul>10/14/2021 3:01:01 PMHome / About FHFA / Reports / Foreclosure Prevention, Refinance, and FPM Report - July 2021 Foreclosure 330https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
2022 Multifamily Caps for Fannie Mae and Freddie Mac35973<table class="ms-rteTable-default" cellspacing="0" style="font-stretch&#58;inherit;line-height&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;border-spacing&#58;0px;table-layout&#58;fixed;width&#58;788px;"><tbody style="border&#58;0px;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;"><tr class="ms-rteTableEvenRow-default" style="border&#58;0px;font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;"><td class="ms-rteTableEvenCol-default" style="font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;inherit;margin&#58;0px;width&#58;477.55px;"><h4>​​​​​HIGHLIGHTS OF 2022 MULTIFAMILY CAPS<br></h4><p>The 2022 volume caps applicable to multifamily loan purchases by Fannie Mae and Freddie Mac (the Enterprises) are $78 billion for each Enterprise, for a total of $156 billion during the calendar year of 2022.<br></p><p>To ensure the Enterprises continue to provide sufficient liquidity and support for the multifamily mortgage market, FHFA will continue to monitor impacts of COVID-19 on the multifamily mortgage market and will update the multifamily caps and mission-driven requirements if adjustments are warranted. However, to prevent market disruption, if FHFA determines that the actual size of the 2022 market is smaller than was initially projected, FHFA will not reduce the caps.<br></p><div>&#160; &#160; &#160; &#160; &#160; &#160;<br></div><h4 style="margin&#58;0px;font-weight&#58;900;font-family&#58;lato, sans-serif;font-size&#58;14px;color&#58;#404040;border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-stretch&#58;inherit;vertical-align&#58;baseline;padding&#58;0px;">MISSION-DRIVEN REQUIREMENTS<br></h4><p>To ensure a strong focus on affordable housing and traditionally underserved markets, FHFA is requiring that at least 50 percent of the Enterprises’ multifamily business be mission-driven affordable housing in accordance with the definitions in Appendix A of the Conservatorship Scorecard. (<a href="/Media/PublicAffairs/PublicAffairsDocuments/2022-Appendix-A-10132021.pdf">Link to 2022 Appendix A</a>​)<br></p><p>FHFA is also requiring that at least 25 percent of the Enterprises’ multifamily business be affordable to residents at 60 percent of area median income (AMI) or below, up from 20 percent in 2021. This increased sub-requirement assures that the Enterprises have a strong and growing commitment to affordable housing finance, particularly for residents and communities that are most difficult to serve. Loan purchases that meet the 25 percent requirement also count as loan purchases toward the 50 percent requirement.<br></p><p>FHFA is revising certain multifamily requirements for mission-driven affordable housing in Appendix A. For 2022, FHFA is making the following changes&#58;<br></p><div><ul><li><p> <strong>​Loans on affordable units in cost-burdened renter markets&#58;</strong> To address the critical shortage of affordable housing in specific high-cost markets, FHFA uses a data-driven approach to designate markets in which loans on units affordable to cost-burdened renters with incomes up to 100 percent of AMI or 120 percent of AMI (depending on the market) will be classified as mission-driven.</p></li><li><p> <strong>Loans to finance energy or water efficiency improvements&#58;</strong> FHFA allows mission-driven classification for multifamily loans that finance energy or water efficiency improvements through Fannie Mae’s Green Rewards and Freddie Mac’s Green Up/Green Up Plus programs. To qualify for mission-driven classification, units must be affordable at or below 60 percent of AMI. In addition, the loan must project a minimum 30 percent reduction in whole property energy and water consumption with a minimum of 15 percent of the reduction in energy consumption. The affordability and consumption reduction thresholds ensure that utility savings from green renovations are passed through to tenants who would benefit the most.<br></p></li></ul></div></td><td class="ms-rteTableOddCol-default" style="font-variant&#58;inherit;font-stretch&#58;inherit;line-height&#58;inherit;margin&#58;0px;width&#58;150px;"><h4>​BACKGROUND</h4><div><ul><li>​In 2014, FHFA set a cap on the Enterprises’ conventional (market- rate) multifamily business.<br></li><li>The purpose of the cap is to support liquidity in the multifamily market, especially in affordable housing and traditionally underserved segments, without crowding out private capital.</li><li>To encourage Enterprise financing in affordable housing and underserved market segments, in 2014, FHFA excluded several categories of business from the cap.</li><li>On September 13, 2019, FHFA announced a revised cap structure that applied to all multifamily business (no exclusions) and implemented minimum mission-driven percentages.</li><li>In 2021, FHFA set a $70 billion volume cap for each Enterprise and a 50% mission-driven minimum percentage with 20% at 60% AMI.</li><li>In 2022, FHFA set a $78 billion volume cap for each Enterprise and a 50% mission-driven minimum percentage with 25% at 60% AMI.<br></li></ul></div><div> <br> </div><p> <br> </p></td></tr></tbody></table><p style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;padding&#58;0px;color&#58;#404040;background-color&#58;#ffffff;"> <a href="/Media/PublicAffairs/Pages/FHFA-Announces-2022-Multifamily-Loan-Purchase-Caps-for-Fannie-Mae-and-Freddie-Mac.aspx" style="color&#58;#276598;border&#58;0px;font-style&#58;inherit;font-variant&#58;inherit;font-weight&#58;600;font-stretch&#58;inherit;font-size&#58;inherit;line-height&#58;inherit;font-family&#58;inherit;vertical-align&#58;baseline;margin&#58;0px;padding&#58;0px;">Related News Release</a>​<br></p>10/13/2021 2:00:42 PMHome / Media / 2022 Multifamily Caps for Fannie Mae and Freddie Mac Fact Sheet To ensure a strong focus on 164https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces 2022 Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac35975<p> <strong>​​​Washington, D.C. </strong>–<strong>&#160;</strong>The Federal Housing Finance Agency (FHFA) today announced that the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market. The 2022 caps, which increased from $70 billion for each Enterprise in 2021, are based on FHFA's projections of the overall growth of the multifamily originations market.</p><p>To ensure a strong focus on affordable housing and traditionally underserved markets, FHFA will require that at least 50 percent of the Enterprises' multifamily business be mission-driven affordable housing. FHFA will also require at least 25 percent of the Enterprises' multifamily business be affordable to residents at or below 60 percent of area median income (AMI), up from 20 percent in 2021.<br></p><p>&quot;The increases of the multifamily loan purchase caps and higher mission-driven business requirements assure that the Enterprises' multifamily businesses have a strong and growing commitment to affordable housing finance, particularly for residents and communities that are the most difficult to serve,&quot; said FHFA Acting Director Sandra L. Thompson.<br></p><p>In addition, FHFA has changed certain definitions of multifamily mission-driven affordable housing in Appendix A of the Conservatorship Scorecard. In 2022, FHFA will allow loans on affordable units in cost-burdened renter markets and loans to finance energy or water efficiency improvements with units affordable at or below 60 percent of AMI to be classified as mission-driven.<br></p><p>​To ensure the Enterprises continue to provide sufficient liquidity and support in the multifamily mortgage market, FHFA will continue to monitor impacts of COVID-19 on the multifamily mortgage market and will update the multifamily caps and mission-driven requirements if adjustments are warranted. However, to prevent market disruption, if FHFA determines that the actual size of the 2022 market is smaller than was initially projected, FHFA will not reduce the caps.<br></p><p>Links to the <a href="/Media/PublicAffairs/PublicAffairsDocuments/2022-Multifamily-Caps-Factsheet.pdf">Multifamily Caps Fact Sheet</a> and <a href="/Media/PublicAffairs/PublicAffairsDocuments/2022-Appendix-A-10132021.pdf">2022 Appendix A</a>​<br></p>10/13/2021 2:00:44 PMWashington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be 4567https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
2020 Low-Income Housing and Community Development Activities of the Federal Home Loan Banks35963<p>​​FHFA is required to monitor&#160;and report annually on the Federal Home Loan Banks' support of their low-income housing and community development activities to the Federal Home Loan Banks' Advisory Councils. This report fulfills that requirement.&#160;This report addresses the FHLBanks’ activities to support low-income housing and community development.&#160;The FHLBanks support a range of these activities through three programs&#58; the statutorily-mandated Affordable Housing Program (AHP), the statutorily-mandated Community Investment Program (CIP), and the voluntary Community Investment Cash Advance Program (CICA).&#160;Under these programs, the FHLBanks provide loans (referred to as advances) and grants to their members, and their members then use these funds to assist very low- and low- or moderate-income households and communities. The report also covers FHLBank non-depository Community Development Financial Institution (CDFI) membership, and FHLBank performance on housing goals if its Acquired Member Asssets (AMA) purchases exceeded an annual volume threshold of $2.5 billion.&#160;<br></p>10/12/2021 6:00:59 PMFHFA is required to monitor and report annually on the Federal Home Loan Banks' support of their low-income housing and community development activities to the Federal Home Loan 416https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Changes to Common Securitization Solutions Board Structure35836<p><strong>W​ashington, D.C.</strong>&#160;– The Federal Housing Finance Agency (FHFA) today announced that Common Securitization Solutions (CSS) is undertaking a series of actions to better align its corporate governance structure with its core mission of supporting the infrastructure for Fannie Mae and Freddie Mac (the Enterprises) mortgage-backed securities issuance. Matthew Feldman has been named Chairman of the Board of Managers at CSS to assist in this transition on an interim basis.</p><p>In early 2020, FHFA explored expanding the role of CSS to serve a broader market. After a nearly two-year review, FHFA determined that CSS should instead focus on maintaining the resiliency of the Enterprises’ mortgage-backed securities platform. This decision allows CSS to stay focused on the safety and soundness of the housing finance market and reduce unnecessary expenses as the Enterprises rebuild capital. As a result, the independent members of the Board of Managers brought on as part of the CSS market expansion activity have left the Board. Anthony Renzi will remain as the Chief Executive Officer of CSS and member of the Board.</p><p>&quot;I am fully confident that Matt Feldman will be vigilant in overseeing this transition and in ensuring that CSS focuses first and foremost on supporting the securities platform and serving its owners, Fannie Mae and Freddie Mac,&quot;&#160;said Acting Director Sandra L. Thompson. &quot;I am also pleased that Tony Renzi will remain as CEO given his strong leadership over CSS operations.&quot;&#160;</p><p>&quot;I am honored to have been appointed by Acting Director Thompson as the Chairman of the CSS Board of Managers,&quot;&#160;said CSS Chairman Matthew Feldman. &quot;I look forward to working with the Board during this transition and am committed to ensuring CSS is focused on supporting the Enterprises’ mortgage securitization activities in a safe and sound manner.&quot;<br></p><p><strong>About Matthew Feldman&#58; </strong>Mr. Feldman served as President and CEO of the Federal Home Loan Bank of Chicago from April 2008 until December 2020, after serving in several executive capacities at the Bank since starting in 2003, including Chief Risk Officer and Executive Vice President, Operations and Technology. Mr. Feldman was previously President of Continental Trust Company, a wholly-owned subsidiary of Continental Bank, and served in a number of other roles in capital markets, investments, and general management during his 15 years there.</p><p>He currently serves as a member of the Board of Trustees of the Evanston Community Foundation where he also serves as Chair of the Racial Equity Task Force, Chair of the Audit and Finance Committees, Treasurer, and a member of the Investment Council. He is a member of the Board of Trustees of the Beth Emet Foundation and a member of the Racial Justice Committee of Beth Emet Synagogue.</p><p>Mr. Feldman holds degrees from Case Western Reserve University and the Kellogg School of Management of Northwestern University, where he is a life-member of the Kellogg Global Advisory Board and a member of the Kellogg Inclusion Council.</p><p><strong>About Common Securitization Solutions, LLC&#58;</strong> CSS, a joint venture owned by the Enterprises, enables the issuance of the largest segment of mortgage-backed securities—the Uniform Mortgage-Backed Security—to support liquidity in the nation’s housing finance markets. CSS does this through the Common Securitization Platform, the largest and most advanced securitization operation in the nation, which processes more than $400 billion in mortgage securities each month.<br></p>10/5/2021 6:09:20 PMHome / Media / FHFA Announces Changes to Common Securitization Solutions Board Structure News Release 2280https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx

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