FHFA: Agency Instructs Federal Home Loan Banks to Begin Transitioning Away from LIBOR
Today, FHFA sent a letter to the 11 Federal Home Loan Banks instructing them that, as of December 31, 2019, they should stop purchasing investments in assets tied to LIBOR with a contractual maturity beyond December 31, 2021. As of March 31, 2020, the Federal Home Loan Banks should no longer enter into all other LIBOR-based transactions involving advances, debt,…
FHFA: More Than 4.3 Million Homeowners Helped Since Conservatorships
The Federal Housing Finance Agency (FHFA) today released its second quarter 2019 Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 31,757 foreclosure prevention actions in the second quarter of 2019, bringing the total number of foreclosure prevention actions to 4,354,561 since September 2008. The report also shows that 40 percent of loan modifications…
FHFA: End of Mortgage Servicing Rights Financial Pilot Program Announced
The Federal Housing Finance Agency (FHFA) today announced the end of the Mortgage Servicing Rights (MSR) financing pilot program for Fannie Mae and Freddie Mac (the Enterprises). The MSR pilot began in 2018 to provide financing to non-bank servicers as they continue to account for a growing percentage of the Enterprises’ overall servicing portfolio. While…
FHFA: Revised Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac Announced
The Federal Housing Finance Agency (FHFA) today announced a revised cap structure on the multifamily businesses of Fannie Mae and Freddie Mac (the Enterprises). The new multifamily loan purchase caps will be $100 billion for each Enterprise, a combined total of $200 billion in support to the multifamily market, for the five-quarter period Q4 2019…
HUD: Agency Submits Housing Reform Plan to the President
Today, the Department of Housing and Urban Development (HUD) presented President Donald Trump with a plan for reforming the Nation’s housing finance system. Read HUD’s housing finance reform plan. On March 27, 2019, President Trump issued a Memorandum on Federal Housing Finance Reform, directing HUD and the Department of Treasury to craft the housing finance reform…
FFIEC: 2018 HMDA Data on Mortgage Lending Available
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 5,683 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data covering 2018 lending activity that were submitted on…
HUD: FHA Strengthens Mortgage Relief Options to Help Homeowners Impacted by Major Disasters
When disasters strike, homeowners can fall behind in their mortgage payments as they struggle to recover from a major disaster. To help homeowners impacted by major disasters, the Federal Housing Administration (FHA) today announced it is expanding its foreclosure prevention options to allow borrowers in Presidentially Declared Major Disaster Areas (PDMDAs) with delinquent FHA-insured mortgages…
FHFA: Results Announced for Fannie Mae and Freddie Mac Dodd-Frank Stress Tests
The Federal Housing Finance Agency (FHFA) today released a report providing the results of the annual stress tests Fannie Mae and Freddie Mac (the Enterprises) are required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act requires certain financial institutions with more than $10 billion in assets…
HUD: Agency Announces Efforts to Reduce Risk from Cash-Out Refinance Lending
FHA and Ginnie Mae seek to preserve homeowner equity and, boost investor confidence The U.S. Department of Housing and Urban Development (HUD) today announced joint policy actions designed to reduce risk associated with cash-out refinance lending. The changes preserve homeowners’ ability to convert home equity to cash via a government-sponsored mortgage but also improves the…