This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2022 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
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As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
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Operate the business in a safe and sound manner.
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Promote sustainable and equitable access to affordable housing.
2023 Scorecard
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
Source: FHFA
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossaries
COVID-19 Resources
The Federal Housing Finance Agency (FHFA) recognizes that climate change poses a serious threat to the U.S. housing finance system. FHFA's regulated entities – Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System – have an important leadership role to play in addressing this issue. In its supervisory capacity over the regulated entities, as well as its role as conservator of Fannie Mae and Freddie Mac, FHFA has been actively working to ensure that the regulated entities are accounting for the risks associated with climate change and natural disasters while also overseeing the regulated entities' work related to Environmental, Social, and Governance (ESG) broadly.
To this end, FHFA established an internal Climate Change and ESG Steering Committee, consisting of the Agency's leadership, and eight working groups staffed with experts from across the agency on the following areas:
The working groups will work with FHFA's regulated entities, members of the FSOC Climate-Related Financial Risk Committee (CFRC), members of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), members of the Financial Literacy and Education Commission (FLEC), members of the Mitigation Framework Leadership Group (MitFLG), and other stakeholders.
In April 2023, FHFA joined the Mitigation Framework Leadership Group (MitFLG). MitFLG, led by the Federal Emergency Management Agency (FEMA), is focused on strengthening the nation’s disaster resilience by expanding mitigation awareness, coordination, and action.
In July 2022, FHFA joined the Financial Literacy Education Commission (FLEC). FLEC is a national interagency group focused on coordinating financial education efforts throughout the federal government.
On May 11, 2022, FHFA joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). NGFS is an international group comprised of central banks and financial supervisors whose purpose is to help strengthen the global response required to meet the goals of the Paris agreement.
FHFA will host an Economic Summit on climate risk on November 12, 2024. (Fall 2024 Econ Summit Call for Papers)
On October 3, 2023, FHFA hosted an Economic Summit on climate risk. The Summit included three sessions: climate change and insurance; land use regulations, disclosures, and risk modeling; and disaster risk and house prices.
On November 1, 2022, FHFA hosted an Economic Summit on climate risk, with sessions on climate stress testing and academic research on impacts to vulnerable communities.
On March 13, 2024, the FHFA Multifamily team hosted a Multifamily Insurance Symposium. The symposium included sessions on insurance market risks and challenges, insurance and affordability, emerging solutions, and the Enterprises’ and HUD’s perspectives on insurance market challenges.
On November 14 and 15, 2023, the FHFA Single-Family team hosted a Single-Family Insurance Symposium. Day One included sessions on insurance commissioner perspectives, implications of growth in residual insurance markets, insurance industry perspectives, and the homeownership experience. Day Two included sessions on strengthening community resilience and insurability, empowering communities with information, wildfire solutions, building climate resilience across sectors, building codes and standards, and consumer perspectives.
See FHFA’s climate-related performance measures and targets for 2024 within FHFA’s FY 2024 Annual Performance Plan.
See FHFA’s FY23 climate-related activities and plans for FY24 within FHFA’s 2023 Performance and Accountability Report.
See FHFA’s climate-related activities in 2022 within FHFA’s 2022 Annual Report to Congress.
See FHFA’s climate-related performance measures and targets for 2023 within FHFA’s FY 2023 Annual Performance Plan.
See FHFA’s FY22 climate-related activities and plans for FY23 within FHFA’s 2022 Performance and Accountability Report.
See FHFA’s climate-related activities in 2021 within FHFA’s 2021 Annual Report to Congress.
Read about the ongoing work and accomplishments of FHFA’s Climate Change and ESG Working Groups.
In May 2019, FHFA formalized its agency-wide Disaster Response Team (DRT), which had been meeting informally for years prior. The DRT has experience coordinating with the regulated entities, other government agencies, external parties, and internal FHFA stakeholders during natural disasters. It is guided by a natural disaster response and recovery framework developed by FHFA in coordination with its regulated entities to support borrowers and renters affected by natural disasters. This framework incorporates forbearance and workout options for borrowers in areas impacted by natural disasters, tailoring options to their specific circumstances.
For more information on disaster response and assistance: See https://www.fhfa.gov/Homeownersbuyer/MortgageAssistance/Pages/Disaster-Assistance.aspx
Link to Comments – select “Climate and Natural Disaster Risk" in dropdown menu
Link to RFI Synopsis
On March 4, 2021, FHFA held a public listening session on Climate and Natural Disaster Risk Management at the Regulated Entities.
March 4, 2021 Listening Session
March 4, 2021 Agenda
March 4, 2021 Listening Session Transcript
March 4, 2021 Listening Session Presentations
Daniel E. Coates, Executive Sponsor of the Climate Change and ESG Working Groups at FHFA, discussed FHFA and its regulated entities’ actions to address climate change in an interview with The Economist on March 27, 2024.
Daniel E. Coates, Executive Sponsor of the Climate Change and ESG Working Groups at FHFA, delivered closing remarks addressing climate change at the joint GSE Climate Risk Forum held on March 20 and 21, 2024 at the Freddie Mac Headquarters.
Daniel E. Coates, Executive Sponsor of the Climate Change and ESG Working Groups at FHFA, delivered remarks on FHFA and its regulated entities’ actions to address climate-related risk during the Ceres webinar, Charting Progress: Regulator Actions on Climate Financial Risks, on December 18, 2023.
Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, discussed the impact of climate change on the housing finance sector at the Insurance Information Institute (III) Town Hall held on November 30, 2023.
Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, participated in a panel on Climate-Related Risk for Housing Finance at the Financial Services Conference organized by the Consumer Federation of America on November 16, 2023.
Jessica Shui, Climate Change and ESG Branch Manager for the Division of Research and Statistics at FHFA, delivered remarks on FHFA’s progress in advancing climate resiliency at the Financial Literacy and Education Commission Public Meeting held on November 15, 2023.
Jessica Shui, Climate Change and ESG Branch Manager for the Division of Research and Statistics at FHFA, delivered remarks addressing climate risk at CoreLogic’s DC Government Forum held on November 13, 2023.
Sandra L. Thompson, Director of FHFA, delivered remarks addressing climate change at the Financial Stability Oversight Council’s Climate-related Financial Risk Advisory Committee Meeting on October 20, 2023.
Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, delivered remarks on FHFA’s work to address climate change during an interview with National Mortgage Professionals on October 12, 2023.
Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, delivered closing remarks addressing climate change at the joint GSE Climate Risk Forum held on October 10, 2023.
Sandra L. Thompson, Director of FHFA, participated in a climate change Q&A organized by the National Association of Federally Insured Credit Unions (NAFCU) on September 13, 2023.
Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, delivered remarks which also touched upon climate change at the 2023 American Real Estate and Urban Economics Association (AREUEA) National Conference held on June 1, 2023.
Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, participated in a panel discussion on climate risk hosted by CoreLogic on May 10, 2023.
Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, delivered remarks on FHFA’s actions to address climate-related risk during the Ceres webinar, The Climate Risk Scorecard: Assessing U.S. Financial Regulator Action, on December 6, 2022.
Sandra L. Thompson, Director of FHFA, delivered remarks during the Financial Literacy Education Commission (FLEC) Public Meeting on November 17, 2022, which also touched upon climate.
Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, served as the keynote presenter for the September 30, 2022, Climate Adaptation Forum (CAF).
Sandra L. Thompson, Director of FHFA, addressed climate change during the National Association of Federally Insured Credit Unions (NAFCU)’s Congressional Caucus event in September 2022.
Daniel E. Coates, Deputy Director for the Division of Research and Statistics at FHFA, addressed climate change in a podcast on climate change risk organized by the National Association of Federally Insured Credit Unions (NAFCU) in August 2022.
Remarks of Sandra L. Thompson, Director of FHFA, at Financial Stability Oversight Council Principals Meeting on July 28, 2022.
Federal Housing Finance Agency Announces Membership in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) on May 11, 2022.
FHFA Acting Director Sandra L. Thompson's Statement on Climate Change on December 27, 2021.
Prepared Remarks of Sandra L. Thompson, Acting Director of FHFA, at Financial Stability Oversight Council Principals Meeting. on October 21, 2021.
On March 20 and 21, 2024, the Enterprises hosted a joint GSE Climate Risk Forum. The event included panel sessions, presentations, and individual speakers covering topics on the low-carbon transition and housing.
On October 10, 2023, the Enterprises hosted a joint GSE Climate Risk Forum. The event included panel sessions, presentations, and individual speakers covering topics on climate resilience and the housing market.
In June 2023, the Federal Home Loan Banks released an inaugural Corporate Social Responsibility Report highlighting their commitment to robust and prudential risk management and governance in order to continue to meet the demands of their member districts.
The ESG website of the Federal Home Loan Bank of Dallas describes their ESG strategy and includes a link to their 2022 ESG Report, published in April 2023.
Fannie Mae and Freddie Mac's ESG websites describe their ESG strategies and include links to their most recent Sustainability and ESG Reports.
Email: ClimateChange-ESG@fhfa.gov
Anju VajjaExecutive Sponsor of Climate Change and ESG Working Group Chair, Climate Change and ESG Steering Committee
Jessica ShuiProject Coordinator Climate Change and ESG Working Group
Varun JoshiAssistant Project CoordinatorClimate Change and ESG Working Group
Read the bios of additional experts working on climate and ESG.
Page last updated: April 23, 2024
