Turn on more accessible mode                

                    Turn off more accessible mode                

#                             Get Started Here:                                                                                                                                                                                                

              -                                      Homeowners & Homebuyers                                                                                                                                                                                                                                                         
              -                                      Media                                                                                                                                                                                                                                                         
              -                                      Industry                                                                                                                                                                                                                                                         
              -                                      Government                                                                                                                                                                                                                                                         

                    -  About Us- Leadership & Organization 
- Reports & Plans
- Careers
- Do Business with Us
- Diversity, Equity, and Inclusion
- Equal Employment Opportunity / No FEAR Act
- FOIA & Privacy
- Information Quality
- Budget, Finances, and Performance
- Ombudsman
- Workforce Ombuds
- FHFA Policies 
- Contact Us
Performance and Accountability Report ​
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.
FHFA Values​​​​​                ​​Fairness​​​We value varied perspectives and thoughts and treat others with impartiality.​​​​Accountability​We are responsible for carrying out our work with transparency and professional excellence.​Integrity​We are committed to the highest ethical and professional standards to inspire trust and confidence in our work.​Respect​We treat others with dignity, share information and resources, and collaborate. 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    -  Supervision& Regulation- Fannie Mae & Freddie Mac
- Federal Home Loan Bank System
- Examiner Resources
- Legal Documents & Suspensions
- Rulemaking & Federal Register
- Advisory Bulletins 
- Dodd-Frank Act Stress Tests
- LIBOR Transition
Annual Report to Congress
Read about the agency’s 2022 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Plans and Reports​​​                                    We Want to Hear From You
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.​
 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    -  Conservatorship- History of Fannie Mae & Freddie Mac Conservatorships 
- Senior Preferred Stock Purchase Agreements 
Conservatorship of Fannie Mae       and Freddie Mac​​
As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness. 
Conservatorship ​Performance Goals​
1.  
​​​               
Op​​erate the bu​​sines​s in a safe a​nd sound manner.

​2.​  

​​​​​​​​​​Prom​ote su​​stainable and equitable access to affordable housing.
​
2023 Scorecard​
​​​ 
                    - 
                    - 
                    -  Data & Tools- Data
- Developer
- Tools
- Reports
- FHFA Stats Blog
Downloadable Data ​& Data Reports​​
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.​ 
House Price Index Rele​ase Dates​​​See HPI Release Dates for​ 2023 and 2024​​​ 
                    - 
                    - 
                    - 
                    - 
                    - 
                    -  Policy, Programs & Research- Policy
- Programs
- Meet the Experts
- Research

​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...​
 
                    - 
                    - 
                    - 
                    - 
                    -  Mortgage Translations- Mortgage Translations Home
- Search or Browse Documents
- Glossaries
- COVID-19 Resources
- Borrower Education Materials
- Interpretive Services
- Language Translation Disclosure
- Learn More
- Contact Us
Mortgage Translations
Glossaries

COVID-19 Resources​
 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 
                    - 

                                                                                    LIBOR Transition                                                    Fannie Mae & Freddie MacFederal Home Loan Bank SystemExaminer ResourcesLegal Documents & SuspensionsRulemaking and Federal RegisterAdvisory BulletinsDodd-Frank Act Stress TestsLIBOR TransitionHome / Supervision & Regulation / LIBOR Transition​LIBOR Transition
*Note: Sign up at bottom of the page to subscribe and be notified of updates.*

Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (FHLBanks) all have financial instruments that reference    Intercontinental Exchange London Interbank Offered Rate (ICE LIBOR), the most widely used int​erest rate benchmark in the world.     Since 2017, the Financial Conduct Authority, the United Kingdom-based regulator of LIBOR, has been warning market participants that it will stop compelling panel banks to submit LIBOR quotes beginning in 2022,    which could result in a declaration that LIBOR is no longer representative of market activity. On March 5, 2021, the FCA announced that the publication of 1-week and 2-month US dollar LIBOR will cease after December 31, 2021, and the publication of all other US dollar LIBOR settings will cease or be deemed unrepresentative after June 30, 2023.

FHFA serves as an ex officio non-voting member of the    Alternative Reference Rates Committee (ARRC) established by the Federal Reserve Board and the New York Federal Reserve Bank to facilitate the migration away from LIBOR to the Secured Overnight Financing Rate (SOFR), the rate selected by ARRC as a more robust transactions-based replacement for LIBOR in the U.S.  Fannie Mae, Freddie Mac, and the FHLBanks (through the FHLBank of New York) all serve as members of the ARRC.

FHFA is working with its regulated entities to monitor their exposure to LIBOR as they execute their transition plans away from LIBOR.  The FHFA’s regulated entities (Fannie Mae, Freddie Mac, and the FHLBanks) are now regular issuers of SOFR-indexed debt.
 Steps Taken- FHFA worked with Fannie Mae and Freddie Mac to develop the parameters of a SOFR-based adjustable-rate mortgage (ARM) and to develop more robust “fallback language” for ARMs that describe how a replacement rate would be selected in the event of the cessation of an ARM’s reference rate.  
- Fannie Mae and Freddie Mac have ceased purchasing seasoned LIBOR-based ARMs.  
- Effective January 1, 2020, FHFA has prohibited the Banks from purchasing LIBOR-linked investments with maturities beyond December 31, 2021.
- On May 27, 2020, at the direction of FHFA, Fannie Mae posted a        supplement  and Freddie Mac posted        amendments  to disclosures governing certain legacy LIBOR-indexed collateralized mortgage obligations (CMOs) that did not contemplate a permanent LIBOR cessation. 
- Effective June 30, 2020, the FHLBanks ceased entering into all other LIBOR transactions with maturities that extend beyond December 31, 2021, with only very limited exceptions granted by FHFA.  This date was extended from its original date of March 31, 2020, and this extension did not cover option-embedded products.   
- As of July 2020, both        Fannie Mae  and        Freddie Mac  offered SOFR-indexed CMOs.
- On August 3, 2020,        Fannie Mae  started accepting whole loan and MBS deliveries of single-family adjustable-rate mortgage (ARM) loans indexed to the SOFR.​
- Beginning September 1, 2020,        Fannie Mae  began quoting multifamily ARM loans indexed to SOFR but did not accept delivery on October 1, 2020.        Freddie Mac  began issuing quotes for multifamily SOFR-indexed floating rate loans on September 1, 2020 and purchased its first SOFR-indexed loan at the end of September 2020. 
- Fannie Mae began issuing multifamily and single-family MBS backed by SOFR-indexed ARMs on September 10, 2020 and October 23, 2020, respectively.
- Under the guidance of FHFA, effective October 1, 2020,        Fannie Mae  and        Freddie Mac  ceased issuing new LIBOR-indexed CMOs.
- Freddie Mac announced that it priced its first SOFR linked Single-family CRT offering on October 16, 2020.  The offering size was $1.086 billion for the STACR REMIC 2020-DNA5 offering.        Freddie Mac  announced that it priced its first SOFR linked multifamily CRT offering on January 12, 2021.  The offering size was approximately $276 million. The details of the offering and the pricing for the different tranches are available in        Freddie Mac’s News Release .
- On December 12, 2019,        Freddie Mac  announced that it priced its first multifamily K-Deals (K-F73 Certificates) indexed to SOFR but backed by LIBOR loans, and on December 9, 2020,  it announced  that it priced its first multifamily K-Deals (K-F95 Certificates) indexed to SOFR and backed by SOFR loans.
- On November 9, 2020, Freddie Mac started accepting whole loan and MBS deliveries of single-family adjustable-rate mortgage (ARM) loans indexed to the SOFR.
- On December 31, 2020, Fannie Mae and Freddie Mac ceased purchasing LIBOR-based ARMs.
- On December 31, 2020, Fannie Mae and Freddie Mac ceased issuing LIBOR-based credit risk transfers (CRT).
- On October 19, 2021, Fannie Mae announced that it priced its first SOFR linked Connecticut Avenue Securities offering. The offering size was $1.2 billion. The details of the offering and the pricing of the different tranches are available in the following link.  https://www.fanniemae.com/newsroom/fannie-mae-news/connecticut-avenue-securities-2021-r01-remic-deal
- On May 12, 2022,        Fannie Mae  and        Freddie Mac  announced the cessation of the resecuritization of existing LIBOR-indexed CMOs and MBS into new LIBOR-indexed CMOs and MBS, effective June 30, 2022.  
- On December 22, 2022,        Fannie Mae  and        Freddie Mac  announced their SOFR-based replacement rates for legacy LIBOR products. 
- O​n January 13, 2023,        Fannie Mae  and        Freddie Mac  announced the use of 30-day Average SOFR for many new issuances, aligning with the replacement rates for legacy LIBOR products. 

Fannie Mae and  Freddie Mac have launched LIBOR transition websites that provide key resources for lenders and investors as the Enterprises transition away from LIBOR.

See below for additional information on steps that FHFA and its regulated entities are taking to lower the regulated entities' respective exposures to post-2021 LIBOR products in a safe, sound, and prudent manner.         
News Releases​- ARRC News Release:  ARRC Releases Final Reflections and Announces its Conclusion Following a Successful Transition  (11/30/2023)
-  On May 16, 2023,   Fannie Mae  and   Freddie Mac  announced that they posted fallback information on their LIBOR-indexed securities to the Depository Trust & Clearing Corporation’s (DTCC) Legal Notice System (LENS), in addition to the fallback information provided on their respective Reference Rate Transition websites. 
-  ARRC News Release:  ARRC Formally Recommends Term SOFR  (7/29/2021)  
-  ARRC News Release:  Update on Upcoming Formal Recommendation of Term SOFR  (7/26/2021)  
-  ARRC News Release:  ARRC Endorses MRAC Recommendations for September 21 "RFR First" Move of Interdealer Cross-Currency Swap Market Trading Convention  (7/21/2021)  
-  ARRC News Release:  ARRC Recommends Loan Conventions and Best Practices for Use of Forward-Looking SOFR Term Rate  (7/21/2021)  
-  ARRC News Release:  ARRC Commends the CFTC Market Risk Advisory Committee's Formal Adoption of a Recommendation on Transitioning Interdealer Derivatives Market Trading Conventions to SOFR  (7/13/2021)​  
-  A RRC News  Release:    ARRC Welcomes FHFA Supervisory Letter on Transition Away from LIBOR  (7/1/2021) 
-  ARRC News Release:        ARRC Endorses Decision to Sign New York State LIBOR Legislation into Law  (4/7/2021) 
-  ARRC News Release:   ARRC Announces Refinitiv as Publisher of its Spread Adjustment Rates for Cash Products  (3/17/2021) 
- Financial Conduct Authority (FCA) Release:        FCA announcement on future cessation and loss of representativeness of the LIBOR benchmarks  (3/5/2021)
- Bloomberg Release:        Spread Fixing Event for LIBOR  (3/5/2021)
- ​​​Fannie Mae News Release:  ​Fannie Mae Advances Market Readiness For New Index Rate​ (12/17/2020)
-  Freddie Mac News Release: Freddie Mac Clears Path for New Index Rate​ (12/17/2020)​
-  Fannie Mae News Release:  Fannie Mae Issues Inaugural Multifamily and Single-Family SOFR ARM MBS​  (10/30/2020) ​
-   ​Freddie Mac News Release:  ​Freddie Mac Completes First Single-Family Credit Risk Transfer Offering Indexed to SOFR​  (10/16/2020) 
- ARRC News Release:  ARRC Supports Forthcoming ISDA IBOR Fallbacks Protocol and Encourages Adherence ​ (10/22/2020)​
- Fannie Mae News Release:  New Details on Multifamily SOFR ARMs  (8/11/2020) 
-  Fannie Mae and Freddie Mac Post Credit Risk Transfer Framework  (7/29/2020)
- FHFA News Release:  FHFA Announces New Fannie Mae and Freddie Mac LIBOR Transition Resources; Joint Enterprise LIBOR Transition Playbook and Frequently Asked Questions Now Online  (5/28/2020)
- ARRC News Release:  ARRC Welcomes Fannie Mae and Freddie Mac's LIBOR Transition Playbook****  (5/28/2020)  
-  ARRC News Release:  ARRC Commends Fannie Mae and Freddie Mac's Progress on the First SOFR-Based Consumer Loan Products​  (4/13/2020)​ 
- FHFA News Release:  FHFA Announces Fannie Mae and Freddie Mac Update on LIBOR Transition  (2/5/2020)          -  Fannie Mae Single-Family LIBOR Transition Announcement  (2/5/2020) 
  -  Fannie Mae Multifamily LIBOR Transition Announcement  (2/5/2020) 
  -  Freddie Mac Single-Family LIBOR Transition Announcement  (2/5/2020) 
  -  Freddie Mac Multifamily LIBOR Transition Announcement  (2/5/2020) 
- ARRC News Release:  ARRC Welcomes Federal Housing Finance Agency's Announcement that Fannie Mae and Freddie Mac Will No Longer Accept Adjustable-Rate Mortgages Based on LIBOR by Year-End  (2/5/2020)
- FHFA News Release:        FHFA Instructs FHLBanks to Begin Transitioning Away from LIBOR  (9/27/2019)          - FHFA Supervisory Letter to the FHLBanks:               Planning for LIBOR Phase-Out  (9/27/2019) 
-  Office of Finance News Release:  FHLBanks Surpass $100 Billion in SOFR-linked issuance  (8/21/2019)
- Fannie Mae News Release:  Fannie Mae Pioneers Market's First-Ever Secured Overnight Financing Rate (SOFR) Securities  (7/26/2019)  
- Fannie Mae Announcement:        Purchase of Certain LIBOR Adjustable-Rate Mortgage Loans  (5/27/2019)
- Freddie Mac Bulletin:  Purchase of LIBOR ARMs  (5/17/2019)
-  ARRC News Release:        ARRC releases recommended fallback language for residential adjustable-rate mortgages  (11/15/2019) 
-  Fannie Mae and Freddie Mac announce their intentions to use the fallback language that the ARRC has recommended for newly originated adjustable-rate mortgages (ARMs):           -  Fannie Mae to Use ARRC Recommended Fallback Language for Single-Family ARMs  (11/15/2019) 
  -  Freddie Mac to Use ARRC Recommended Fallback Language for Single-Family Adjustable Rate Mortgages  (11/15/2019) 
- ARRC News Release:  ARRC Welcomes Fannie Mae and Freddie Mac’s Decision to Use ARRC Recommended Fallback Language in New Adjustable Rate Mortgages  (11/15/2019)
Papers- ARRC Paper:  Options for Using SOFR in Adjustable Rate Mortgages  (7/2019) 
Statements-  Statement from FHFA Director Sandra L. Thompson on Enterprise Replacement Rates for Legacy LIBOR-Indexed Products  (12/22/2022) 
-  FHFA Statement in Support of the ARRC's White Paper on Transition to SOFR  (7/11/2019) 
 Testimony-  Testimony: Daniel E. Coates, Senior Associate Director, FHFA, Before House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets *"The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Business Borrowing, and Other Financial Products" *(4/15/2021)  
Other-  ​On December 16, 2022, the Federal Reserve Board issued its final rule implementing the Federal Adjustable Interest Rate (LIBOR) Act. The final rule identifies replacement indexes for covered legacy products, including products that are “FHFA-regulated entity contracts.”  https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-253 
-  On March 15, 2022, Federal Adjustable Interest Rate (LIBOR) Act was signed into law.  The legislation required the Federal Reserve Board to publish  regulations  identifying a Board-selected benchmark replacement that is based on SOFR and provides safe harbor for parties that select Board-recommended replacements for covered LIBOR contracts. 
- FHFA Letter to House Committee on Financial Services and Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets:         FHFA's Views on H.R. 4616 - the Adjustable Interest Rate (LIBOR) Act of 2021  (7/28/2021) 
- FHFA Letter to Federal Home Loan Banks:         Alternative Reference Rate Selection Risk Management  ​(7/1/2021)
- ​FHFA Letter to Federal Home Loan Banks:         International Swaps and Derivatives Association 2020 IBOR Fallbacks Protocol ​​ (10/21/2020)​ 
- CFPB Blog:  ​You might have heard that LIBOR is going away.  Here's what you need to know about LIBOR and adjustable-rate loans (10/17/2019) 
-   ARRC Consultation Regarding More Robust LIBOR Fallback Contract Language for New Closed-End, Residential Adjustable Rate Mortgages  (5/12/2019)
 ​ Co​nta​ct   
Daniel E. Coates, Acting Chief of Staff and Chairman of the FHFA’s Reference Rate Transition Steering CommitteePhone: (202)649-3280  Email:    Daniel.Coates@fhfa.gov;    RRT@fhfa.gov

*Page last updated:  December 6, 2023​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​*
© 2024 Federal Housing Finance Agency                                                                                                                                    Twitter                                                                                                                                                                                            Youtube                                                                                                                                                                                            LinkedIn                                                                                                                                                                                            Facebook                                                                                                                                                                    CareersSitemapAccessibilityOIGFOIA & PrivacyWebsite PrivacyEEO / No FEAR ActUSA.govBudget, Finances, and PerformanceTerms of UsePlain WritingData.govDo Business with UsSecurity PolicyOpen GovernmentRegulations.gov                                Contact Us                                                                                                                                                                                                                                                            Mobile                                                                                                                                                                                                                                                        Want to Subscribe?                                                                                                                                                                                                                            jdoe@email.com                                                                                                                                                                                                
© 2024 Federal Housing Finance Agency