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FHFA Extends HARP to 201521310News Releasetext/html; charset=utf-8 Public-Affairs<p> Washington, D.C. – The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013. </p><p>&quot;More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,&quot; said FHFA Acting Director Edward J. DeMarco. &quot;We are extending the program so more underwater borrowers can benefit from lower interest rates.&quot; </p><p> In addition, FHFA will soon launch a nationwide campaign to inform homeowners about HARP. This campaign will educate consumers about HARP and its eligibility requirements and motivate them to explore their options and utilize HARP before the program ends. HARP is uniquely designed to allow borrowers who owe more than their home is worth the opportunity to refinance their mortgage. Extending the program will continue to provide borrowers opportunities to refinance, give clear guidance to lenders and reduce risk for Fannie Mae, Freddie Mac and taxpayers. </p><p>To be eligible for a HARP refinance homeowners must meet the following criteria&#58; </p><ul><li><p>The loan must be owned or guaranteed by Fannie Mae or Freddie Mac. </p></li><li><p>The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. </p></li><li><p>The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March–May, 2009. </p></li><li><p>The current loan-to-value (LTV) ratio must be greater than 80 percent. </p></li><li><p>The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months. </p></li></ul><p>Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances. Check here to see if your loan is owned by <a href="http&#58;//www.knowyouroptions.com/loanlookup">Fannie Mae </a> or <a href="https&#58;//ww3.freddiemac.com/corporate/?intcmp=LLT-HPimage">Freddie Mac. </a>Fannie Mae and Freddie Mac have helped approximately 2.2 million borrowers refinance their homes since HARP was introduced by FHFA and the U.S. Department of the Treasury in April 2009. </p><p>Attached&#58; Frequently Asked Questions</p><p> <a href="/AboutUs/Reports/Pages/January-2013-Refinance-Report.aspx">January 2013 Refinance Report</a></p><p>&#160;</p><h1 style="text-align&#58;center;"> Frequently Asked Questions </h1><h1 style="text-align&#58;center;">Home Affordable Refinance Program (HARP) </h1><p>&#160;</p> <h2>Extended to 2015 Overview of the Home Affordable Refinance Program (HARP) </h2><p>The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury introduced the Home Affordable Refinance Program (HARP) in early 2009 as part of the Making Home Affordable program. HARP provides borrowers, who may not otherwise qualify for a refinance because of declining home values or reduced access to mortgage insurance, the ability to refinance their mortgage into a lower interest rate and/or more stable mortgage product. </p><h2>Why is FHFA extending the deadline? </h2><p>FHFA determined that extending the program now will provide borrowers additional opportunities to refinance, give clear guidance to lenders, and reduce losses for Fannie Mae, Freddie Mac and taxpayers. </p><h2>How many homeowners have been helped by HARP since its inception? </h2><p>As of January 2013, more than 2.2 million borrowers refinanced through HARP since its inception in April 2009. </p><h2>How many additional homeowners does FHFA estimate will be able to participate in HARP? </h2><p>HARP has been successful thus far, with nearly 2.2 million borrowers participating in the program, and FHFA will soon be implementing a nationwide public relations campaign to educate consumers about HARP. The goal of this campaign is to reach as many eligible borrowers as possible and inform them of the value of refinancing under HARP and to motivate them to explore their options and utilize HARP before the program expires. So while we can’t provide hard estimates, we are hopeful that a substantial number of eligible borrowers will participate in the program going forward. </p><h2>Are there any other changes to HARP? </h2><p>Aside from extending the deadline, FHFA is not announcing any substantive changes to HARP or its eligibility criteria today. </p><h2>Are borrowers whose loans are not owned or guaranteed by Freddie Mac or Fannie Mae eligible? </h2><p>Neither FHFA nor Fannie Mae or Freddie Mac has the legal authority to extend HARP to borrowers whose mortgages are not owned or guaranteed by Fannie Mae or Freddie Mac. </p><h2>Is there a maximum loan-to-value (LTV) ratio for HARP? </h2><p>There is no maximum LTV limit for borrower eligibility. If the borrower refinances under HARP and their new loan is a fixed rate mortgage, there is no maximum LTV. If the borrower refinances and their new loan is an adjustable rate mortgage, their LTV may not be above 105 percent. </p><h2>Is HARP the only refinance program available to borrowers? </h2><p>HARP is only one of several refinancing options available to homeowners and is unique in that it is the only refinance program that enables borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. </p><h2>How can I tell whether companies promising to help borrowers get HARP loans are legitimate? </h2><p>Borrowers do not need to use third-party companies that advertise themselves as &quot;mortgage experts&quot; or &quot;foreclosure specialists&quot; to apply for a HARP loan. Before calling such companies borrowers should talk first with their mortgage lender. </p><h2>Are mortgages on condominiums and investment properties eligible for refinance under HARP? </h2><p>Yes. </p><h2>What do borrowers need to do to take advantage of HARP? </h2><p>The first step for the borrower is to learn if his or her mortgage is owned or guaranteed by Freddie Mac or Fannie Mae. The next step is to contact the borrower’s existing lender or participating lenders offering HARP refinances. Check here to see if your loan is owned by <a href="http&#58;//www.knowyouroptions.com/loanlookup">Fannie Mae</a> or <a href="https&#58;//ww3.freddiemac.com/corporate/?intcmp=LLT-HPimage">Freddie Mac</a>. </p>FHFA directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to December 31, 2015.5/18/2017 6:04:18 PMThe program was set to expire The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March–May, 2009 1631https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Modifications to High LTV Streamlined Refinance Program and Extension of HARP Through December 201821224News Releasetext/html; charset=utf-8 Public-Affairs<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="/PolicyProgramsResearch/Programs/Pages/HARP.aspx">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>2/12/2020 5:04:46 PMHARP Extended Through 2018 To ensure that high LTV borrowers who are eligible for HARP continue More than 143,000 homeowners could still benefit from refinancing through HARP 18332https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Extends Refinance Program by One Year, 201021313News Releasetext/html; charset=utf-8 Public-Affairs<p>Washington, D.C. – Federal Housing Finance Agency Acting Director Ed DeMarco today announced the extension of the Home Affordable Refinance Program, (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2011. The program is a key component of the Administration’s Making Home Affordable Program announced last February. The HARP program expands access to refinancing for qualified individuals and families whose homes have lost value. The program was set to expire on June 10 of this year. </p><p>&quot;FHFA has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market conditions that necessitated the actions taken last year have not materially changed,&quot; said DeMarco. &quot;Accordingly, to support and promote market stability, and to encourage lenders and other mortgage market participants to fully adopt the HARP program, including the implementation of the October 2009 expansion of loan-to-value ratios (LTVs) to 125 percent, FHFA is authorizing the extension of HARP until June 30, 2011.&quot;</p><p>In 2009, Fannie Mae and Freddie Mac purchased or guaranteed more than 4 million refinanced mortgages. Of this total, 190,180 were HARP refinances with LTVs between 80 percent and 125 percent. The HARP began in April 2009 and has grown over the past few months. For more information on Fannie Mae and Freddie Mac refinance activity, see FHFA’s monthly <a href="/AboutUs/reportsplans/Pages/All-Reports.aspx">Foreclosure Prevention &amp; Refinance Report.</a> Additionally, homeowners can visit <a href="http&#58;//www.makinghomeaffordable.gov/pages/default.aspx">www.MakingHomeAffordable.gov</a> for additional information on the program.</p>FHFA announced the extension of the Enterprise-administered Home Affordable Refinance Program (HARP) to June 30, 2011.5/29/2014 10:47:09 PMDirector Ed DeMarco today announced the extension of the Home Affordable Refinance Program, (HARP), a refinancing program administered by 955https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Home Affordable Refinance Program (HARP)21863Fact Sheettext/html; charset=utf-8 Public-Affairs<p> <strong>**updated May 8, 2015 - HARP program extended through 2016. &#160;</strong></p><h2>Program Overview </h2><p>The Federal Housing Finance Agency (FHFA) and the Department of the Treasury introduced HARP in early 2009 as part of the Obama Administration’s Making Home Affordable program. HARP provides borrowers, who may not otherwise qualify for refinancing because of declining home values or reduced access to mortgage insurance, the ability to refinance their mortgages into a lower interest rate and/or more stable mortgage product. </p><h2>Homeowners Helped Since Program Inception </h2><p>As of August 31, 2011, nearly 894,000 borrowers had refinanced through HARP. </p><h2>HARP is only one refinancing option </h2><p>HARP is only one of several refinancing options available to homeowners. Since April 2009 when HARP began, Fannie Mae and Freddie Mac have helped approximately nine million families refinance into a lower cost or more sustainable mortgage product. HARP is unique in that it is the only refinance program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits. <br> <img alt="FM and FRM Refinance Monthly Through Aug/2011" src="/Media/PublicAffairs/PublishingImages/Pages/Home-Affordable-Refinance-Program-(HARP)/FMandFRM_Refinance_Monthly-Through-Aug-2011.png" style="margin&#58;5px;width&#58;768px;" /></p><h2>Borrower Eligibility </h2><ul><li><p>The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. <br>Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to&#58; <br> <a href="http&#58;//www.fanniemae.com/loanlookup/">http&#58;//www.FannieMae.com/loanlookup/</a> &#160;or calling 800-7FANNIE (8 am to 8 pm ET) <br> <a href="https&#58;//ww3.freddiemac.com/corporate/">https&#58;//ww3.FreddieMac.com/corporate/</a> or 800-FREDDIE (8 am to 8 pm ET)</p></li><li><p>The program will continue to be available for loans with LTVs above 80 percent. </p></li><li><p>Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months. </p></li><li><p>Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances. </p></li></ul><p> <strong>**On May 8, 2015, FHFA announced the extension of HARP through 2016.</strong></p><h2>Other Resources </h2><p>&#160;</p><p>see <a href="/PolicyProgramsResearch/Programs/Pages/HARP.aspx">HARP.gov </a>for more details. </p><p> <a href="http&#58;//www.makinghomeaffordable.gov/">www.MakingHomeAffordable.gov</a> &#160;or call 1-888-995-HOPE (4673) <br> <a href="http&#58;//www.knowyouroptions.com/">www.KnowYourOptions.com</a> &#160;or <a href="http&#58;//www.fanniemae.com/homeowners">www.FannieMae.com/homeowners</a> &#160;<br><a href="http&#58;//www.freddiemac.com/avoidforeclosure">www.FreddieMac.com/avoidforeclosure</a>&#160;&#160;<br> </p>2/12/2020 5:36:24 PMHARP is unique in that it is the only refinance program that enables borrowers who owe **On May 8, 2015, FHFA announced the extension of HARP through 2016 3454https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Extends Refinance Program by One Year, 201121225News Releasetext/html; charset=utf-8 Public-Affairs<p>Washington, D.C. – Federal Housing Finance Agency Acting Director Edward J. DeMarco has announced an extension of the Home Affordable Refinance Program (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2012. The program was set to expire on June 30 of this year. In addition, Fannie Mae and Freddie Mac will make the following adjustments to their programs&#58; Freddie Mac will exempt HARP loans from their recently announced price adjustments and Fannie Mae will conform their eligibility date to May 2009. </p><p>The program expands access to refinancing for qualified individuals and families whose homes have lost value. HARP has grown over the past year. Through 2010, Fannie Mae and Freddie Mac purchased or guaranteed more than 6.8 million refinanced mortgages. Of this total, 621,803 were HARP refinances with LTVs between 80 percent and 125 percent. This is up from 190,180 in 2009, when HARP began. </p><p>For more information on Fannie Mae and Freddie Mac refinance activity, see FHFA’s<em> </em> <a href="/AboutUs/Reports/Pages/FHFA-Fourth-Quarter-2010-Foreclosure-Prevention--Refinance-Report-.aspx">Fourth Quarter 2010 Foreclosure Prevention &amp; Refinance Report.</a></p><p>Additionally, homeowners can visit <a href="http&#58;//www.makinghomeaffordable.gov/">www.MakingHomeAffordable.gov</a> for more information on the program.</p>FHFA has announced an extension of the Home Affordable Refinance Program, a refinancing program administered by Fannie Mae and Freddie Mac, to 6/30/12.5/27/2014 7:52:49 PMEdward J. DeMarco has announced an extension of the Home Affordable Refinance Program (HARP), a refinancing program administered by Fannie HARP has grown over the past year 929https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Volume Continues Strong Pace Through February22078News Releasetext/html; charset=utf-8 Public-Affairs<p> Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its February 2013 <em>Refinance Report,</em> which shows that refinance volumes remained high as mortgage rates hovered near historic low levels. More than 463,000 refinances took place in February, with 97,738 completed through the Home Affordable Refinance Program (HARP). This brings the number of total HARP refinances to more than 2.3 million since the program’s inception in April 2009. </p><p> FHFA recently announced it has extended HARP for two more years and will soon launch a nationwide campaign to educate and encourage homeowners to learn about HARP eligibility requirements. HARP was set to expire Dec. 31 of this year. </p><p>Also in the February 2013 report&#58; </p><ul><li style="margin&#58;0px;padding&#58;0px;"><p>Borrowers with loan-to-value (LTV) ratios greater than 105 percent accounted for 45 percent of the volume of HARP loans. </p></li><li style="margin&#58;0px;padding&#58;0px;"><p>The number of completed HARP refinances for deeply underwater borrowers continued to represent a significant portion of total HARP volume. </p></li><li style="margin&#58;0px;padding&#58;0px;"><p>In February, 22 percent of the loans refinanced through HARP had a LTV ratio greater than 125 percent. </p></li><li style="margin&#58;0px;padding&#58;0px;"><p>Through February, underwater borrowers represented 65 percent or more of total HARP volume in Nevada, Arizona and Florida. </p></li><li style="margin&#58;0px;padding&#58;0px;"><p>Also in February, 18 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. </p></li><li style="margin&#58;0px;padding&#58;0px;"><p>The total number of HARP loans by state include&#58; California (329,707), Florida (200,332), Illinois (158,822), Michigan (158,462), and Arizona (117,149).</p></li></ul><p> <a href="/AboutUs/Reports/Pages/February-2013-Refinance-Report.aspx">February 2013 Refinance Report</a></p><p> <a href="/Media/PublicAffairs/Pages/FHFA-Extends-HARP-to-2015.aspx">FHFA announcement&#58; HARP Extended to 2015</a></p>FHFA released its February 2013 Refinance Report, which shows that refinance volumes remained high as mortgage rates hovered near historic low levels.5/19/2014 8:30:05 PMHARP was set to expire Dec. 31 of this year The number of completed HARP refinances for deeply underwater borrowers continued to represent a significant portion of total HARP volume 851https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Prepared Remarks of Melvin L. Watt Director FHFA at Greenlining Institute 22nd Annual Economic Summit22129Speechtext/html; charset=utf-8 Public-Affairs<p style="text-align&#58;center;"><strong>Remarks as Prepared for Delivery</strong></p><p style="text-align&#58;center;"><strong>Melvin L. Watt, Director</strong></p><p style="text-align&#58;center;"><strong>Federal Housing Finance Agency</strong></p><p style="text-align&#58;center;">Greenlining Institute 22<sup>nd</sup> Annual Economic Summit </p><p style="text-align&#58;center;">Los Angeles, CA</p><p style="text-align&#58;center;">May 8, 2015</p><p>​​​​​Thank you for that introduction and good afternoon to everyone. &#160;It’s a real pleasure to be in Los Angeles, both because I get to speak at this important Greenlining Summit and because later I get to hang out with my only grandson.&#160;</p><p>I know that you have a number of important topics on your agenda today related to economic opportunity, and housing finance is certainly among the most critical of economic issues. &#160;The work we do at the Federal Housing Finance Agency (FHFA) focuses on regulating and overseeing Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, which are all entities that play significant roles in our country’s housing finance system. &#160;While none of these entities are lenders, their policies have important impacts on individuals and families looking to buy a house or find an apartment to rent, especially those who continue to face challenges following the recent financial crisis. &#160;</p><p>In our job as regulator of the Federal Home Loan B​ank System and as regulator and conservator of Fannie Mae and Freddie Mac, we are constantly working to balance our statutory obligations to ensure the safety and soundness of our regulated entities and ensure that there is broad liquidity in the housing finance market. &#160;In meeting these obligations, we expect Fannie Mae, Freddie Mac and the Federal Home Loan Banks to support credit access for homeownership and facilitate the financing of affordable rental housing for low- and moderate-income families, and we insist that they do these things in a safe and sound way. &#160;</p><p>I’d like to spend my time today talking about two different, but related, areas of the work we are undertaking to fulfill our statutory missions. &#160;First, I will focus on some of our conservatorship priorities for Fannie Mae and Freddie Mac that affect homeowners and renters. &#160;Second, I will address FHFA’s work to achieve diversity and inclusion in our own shop at FHFA as well as what we are doing to ensure that our regulated entities are taking aggressive steps to do the same.&#160;</p><p>​<strong>Updates on FHFA Conservatorship Priorities for Fannie Mae and Freddie Mac &#160;</strong></p><p>Regarding our recent conservatorship activities with Fannie Mae and Freddie Mac, I should start with our announcements last month about the fees the Enterprises charge to guarantee loans and about the counterparty standards that will be applicable to the Enterprises’ private mortgage insurance company counterparties. &#160;Reaching these decisions was a high FHFA priority that required very careful analysis because both decisions not only impact Fannie Mae and Freddie Mac, but they also impact the broader housing finance market and the costs to borrowers looking to become homeowners. &#160;</p><p>Some of you may recall that the first decision I announced after I became the Director of FHFA (a decision I actually made before being sworn in as Director) was to suspend guarantee fee changes that would have increased these fees in a way that I thought warranted further review. &#160;Since then, after a very deliberative process, we announced our new guarantee fees decision just last month. &#160;We decided to leave the guarantee fees charged by the Enterprises essentially unchanged. &#160;While we made some small adjustments, when taken all together, the overall level of guarantee fees will continue to be comparable to the Enterprises’ current guarantee fee levels. &#160;</p><p>On the counterparty standards for private mortgage insurers, we worked closely with the Enterprises to develop updated and more stringent eligibility requirements for all mortgage insurers looking to do business with Fannie Mae and Freddie Mac. With these updated standards, the Enterprises will have greater confidence that private mortgage insurers will have sufficient financial strength to pay their claims to the Enterprises whether economic times are good or bad. &#160;This is important both to reduce risk to Fannie Mae and Freddie Mac and to permit continued access to credit for borrowers who get lower down payment loans. &#160;These borrowers may not have the funds to make a 20 percent down payment, but options like private mortgage insurance enable creditworthy borrowers to get a mortgage with a lower down payment. &#160;</p><p>In addition to our priorities on the loan origination side, we have also made decisions about the status of modification and refinance programs that are currently scheduled to end on December 31, 2015. &#160;This enables me to announce today that FHFA has decided to extend the Enterprises’ participation in the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) for an additional year, until the end of 2016. &#160;</p><p>Since HAMP and HARP were first launched in 2009, these programs have provided critically important relief for many borrowers by allowing them to lower their monthly payments and, as a result, have prevented many foreclosures. &#160;HAMP provides modifications that allow borrowers significant payment reductions that are tied to their income. &#160;This gives borrowers a more stable, affordable monthly payment and improves performance rates. &#160;The HARP program allows borrowers, including those who are underwater on their mortgage and who are regularly making their mortgage payments, to refinance their loans to take advantage of historically low interest rates.&#160;</p><p>Although the number of new borrowers entering these two programs continues to decline, in part because many eligible borrowers have already taken advantage of them and in part because of recovering house prices, lenders and servicers are continuing to approve new HAMP modifications and HARP refinances. &#160;Extending HAMP and HARP through the end of 2016 will provide real relief for borrowers who continue to face challenges either paying their mortgage or refinancing their loan.&#160;</p><p>In addition to these declining participation rates, HAMP and HARP were never intended to be permanent programs. &#160;As a result, this will be the final extension that FHFA will make for the Enterprises’ participation in HAMP and we anticipate that this will also be the final extension for HARP. &#160;</p><p>FHFA will use the time between now and the end of 2016 to consider how best to build on the lessons of HAMP for 2017 and beyond. &#160;In the meantime, we have determined that it is appropriate to maintain the Enterprises’ streamlined modification program as part of their loss mitigation toolkit. &#160;Because streamlined modifications require less paperwork and are easier for borrowers to use, they have proven to be an important foreclosure prevention tool since they were first offered in March 2013. &#160;</p><p>For HARP, we are also going to use this time to explore possible streamlined refinance solutions for future Enterprise loans.&#160;This evaluation will consider the lessons learned from the HARP program and how those might apply in a non-crisis environment. &#160;In the meantime, we want to encourage the 600,000 plus borrowers nationwide who would still benefit from the HARP program to take advantage of HARP while they still have the opportunity to do so and while interest rates remain low. Approximately 31,000 of these borrowers are right here in California, and we want them to join the nearly 3.3&#160;million borrowers who have already taken advantage of HARP to reduce their monthly payments and obtain some financial relief.&#160;</p><p>I also want to spend a minute talking about the Enterprises’ activities in the multifamily market. &#160;While the Enterprises have a role to play in the broader multifamily finance market, we believe that their most important role is in supporting affordable rental housing and other underserved market areas. &#160;For that reason, when FHFA imposed a $30 billion cap on each Enterprises’ multifamily purchase volume for 2015, we made exceptions to the cap for certain affordable multifamily loan purchases. &#160;</p><p>After taking a fresh look at this issue, FHFA announced yesterday that we are expanding the list of affordable housing categories that are excepted from the overall multifamily cap. &#160;For example, we are putting in place a new exception tied to rental units that are affordable to borrowers earning 60 percent or less of area median income. &#160;Additionally, we are adjusting this income threshold for more expensive housing markets where renters often spend a higher percentage of their incomes on rent. &#160;By responding to continued strong growth in the overall multifamily finance market and making these adjustments, we have sought to achieve two objectives – facilitating ongoing liquidity in the multifamily market and further encouraging the Enterprises’ involvement in affordable rental housing.</p><p>As a result of these changes, we want to reinforce our expectation that the Enterprises should dedicate the necessary time, attention and resources to support this important part of the multifamily market. &#160;The adjustments we have made should also support our ongoing work to develop a final housing goals rule and to re-propose a duty to serve rule for the Enterprises, both of which rules will address affordable multifamily housing, as well as single-family homeownership lending. &#160;FHFA has been working on these matters for a good while and we expect to publish our final housing goals rule and re-propose our duty to serve rule in the coming months.</p><p> <strong style="line-height&#58;1.6;">​FHFA’s Commitment to Diversity and Inclusion&#160;</strong><br></p><p>Now let me turn my attention to FHFA’s diversity and inclusion initiatives, which I know are of particular importance to the Greenlining Institute and to many of you here today. &#160;Under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Housing and Economic Recovery Act of 2008, FHFA was given statutory responsibility for ensuring diversity and inclusion both in our own shop at FHFA and at our regulated entities. &#160;</p><p>Here in Los Angeles, I’d definitely be remiss not to highlight the critical role played by my former colleague on the House Financial Services Committee, Congresswoman Maxine Waters, in shaping the diversity and inclusion provisions in both of these statutes. &#160;Without her, I dare say that there probably would be no Office of Minority and Women Inclusion (OMWI) requirements. &#160;And, FHFA is fully committed to meeting those requirements both at FHFA and at our regulated entities. &#160;</p><p>To further this objective, we have taken a number of steps since I became Director of FHFA. &#160;First, we named a permanent OMWI Director and placed her on our executive management team reporting directly to me. &#160;In establishing the criteria for the person we selected, we insisted on someone who had both OMWI experience and someone who knew housing finance and could understand how to get minorities and women included in the business line activities at the regulated entities. &#160;</p><p>Second, at the beginning of this year, as part of developing our 2015 Scorecard for Fannie Mae and Freddie Mac, we included commitment to diversity and inclusion as one of the overarching criteria we will use to assess Fannie Mae and Freddie Mac’s performance on all Scorecard objectives. &#160;We’re already seeing the impact that this can have on opportunities for minorities and women to be included in the Enterprises’ business transactions. &#160; &#160; &#160; &#160;</p><p>For example, the Enterprises are now making efforts to get minority-, women- and disabled-owned businesses and non-profit organizations involved in their non-performing loan (NPL) sales. &#160;These sales provide a means for the Enterprises to sell severely delinquent loans to new buyers using new servicers who will work aggressively with borrowers to help them avoid foreclosure. &#160;Conducting the right kind of outreach to entities that will maximize borrower engagement and neighborhood-based solutions is a critical component of successfully executing these sales in ways that will help keep more borrowers in their homes and help stabilize neighborhoods. &#160; &#160; &#160;</p><p>Both as part of the 2015 Scorecard and as a result of NPL sale requirements that FHFA announced in March, the Enterprises are taking concrete steps to conduct outreach to educate minority-, women-, and disabled-owned businesses, as well as non-profit stakeholders, about NPL sales opportunities. &#160;Both Enterprises have pages on their websites&#160;<a href="#ft1"><sup id="ref1">[1]</sup></a>​&#160;that prov​ide information about their NPL sales, including ways for interested parties to register for future NPL sale announcements. &#160;The Enterprises are also setting up outreach sessions about the NPL sale process and FHFA’s requirements, and Freddie Mac held its first daylong seminar on this topic last week with over 100 attendees representing a broad range of stakeholders. &#160;As part of this effort, both Enterprises are working to create smaller NPL pools for sale. &#160;We believe this will encourage participation by more non-profit organizations and minority-, women- and disabled-owned businesses. &#160;Freddie Mac recently announced its first small NPL pool in Miami-Dade County, Florida.&#160;</p><p>Fannie Mae and Freddie Mac also, of course, engage in substantial credit risk transfer transactions, and the Enterprises are having success involving minority-, women-, and disabled-owned businesses in some aspects of these capital market transactions and are exploring ways to involve them in other aspects. &#160; &#160; &#160;</p><p>Finally, following the issuance of a proposed minority and women inclusion regulation last year relating to the Federal Home Loan Banks, earlier this week FHFA published the final rule in the Federal Register. &#160;I want to thank the Greenlining Institute for the feedback submitted as part of this process. &#160;This Rule puts in place new reporting requirements for the Federal Home Loan Banks about the makeup of their boards of directors. &#160;The Rule also requires the Federal Home Loan Banks to report and describe the outreach activities they are using to encourage the consideration of diverse candidates for board positions. This additional data collection will allow FHFA to better assess trends in the Federal Home Loan Banks’ board diversity, in addition to facilitating continued dialogue between FHFA and the Federal Home Loan Banks about how best to enhance their board diversity outreach efforts. &#160;</p><p>Our engagements with the Federal Home Loan Banks through our OMWI office are stimulating new conversations and excitement about how we can, working together, break through historical barriers that have existed and facilitate greater minority and women participation in this important segment of our economy. &#160; &#160;</p><p>Moving forward, FHFA is working to build on our recent progress in a systematic way. &#160;Recognizing that minority and women inclusion involves a lot more than collecting and reporting data, FHFA is in the process of finalizing a Strategic Plan for our Office of Minority and Women Inclusion that will chart our roadmap for furthering diversity and inclusion both within FHFA and at our regulated entities. &#160;Through this Strategic Plan, we believe that FHFA can create a model OMWI program. &#160;We know that this is an important part of the economic opportunity conversation you are having here today, and we look forward to ongoing dialogue with the Greenlining Institute and other stakeholders about our efforts. &#160;</p><p>Thank you again for having me with you this afternoon and for giving me the opportunity to discuss the important work we have underway at FHFA.&#160;</p><p> <span style="line-height&#58;22px;"> <sup id="ft1"> <a href="#ref1">[1]</a></sup>&#160;Freddie Mac&#58; </span><span style="line-height&#58;1.6;"> ​ <a href="http&#58;//www.freddiemac.com/npl/">http&#58;//www.freddiemac.com/npl/.</a>&#160;Fannie Mae&#58; <a href="http&#58;//www.fanniemae.com/portal/funding-the-market/npl/index.html">http&#58;//www.fanniemae.com/portal/funding-the-market/npl/index.html​</a></span></p>5/13/2015 5:00:45 PMSince HAMP and HARP were first launched in 2009, these programs have provided critically The HARP program allows borrowers, including those who are underwater on their mortgage 5242https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention, Refinance, and FPM Report - August 201932841application/pdf Report-Documents11/8/2019 2:54:04 PMOver half of these actions have Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program 655https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/Forms/AllItems.aspxpdfFalsepdf
Federal Property Manager's Report – Mar. 19, 201220922application/pdf Report-Documents9/2/2014 7:14:10 PMMarch 19, 2012 The Honorable Tim Johnson Chairman Committee on Banking, Housing, and Urban Affairs United States Senate Washington, DC 20510 Dear Chairman Johnson: I am 222https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/Forms/AllItems.aspxpdfFalsepdf
3Q2019 Foreclosure Prevention, Refinance and Fed Prop Manager's Report 30216application/pdf Report-Documents1/8/2020 4:02:35 PMBorrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program 557https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/Forms/AllItems.aspxpdfFalsepdf

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