2022 REPORT TO

CONGRESS

ii Federal Housing Finance Agency

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Report to the Congress 2022 1

KEY MANAGEMENT OFFICIALS

Sandra L. Thompson

Director

Jason Cave

Deputy Director

Division of Conservatorship Oversight 

and Readiness

Karen Chang

Chief of Staff

Debra Chew

Director

Office of Equal Opportunity and Fairness

Daniel E. Coates

Deputy Director

Division of Research and Statistics

Christopher H. Dickerson

Senior Advisor

Dan Fichtler

Senior Advisor for Capital Markets

Samuel Frumkin

Executive Secretary

Andre D. Galeano

Deputy Director

Division of Enterprise Regulation

Clinton Jones

General Counsel

Katrina D. Jones

Chief Operating Officer

Nina Nichols

Deputy Director

Division of Accounting and Financial Standards

Louis Scalza

Acting Director

Office of Minority and Women Inclusion

Joshua Stallings

Deputy Director 

Division of Bank Regulation

Naa Awaa Tagoe

Deputy Director

Division of Housing Mission and Goals

Charles C. Yi

Senior Advisor for Legal Affairs and Policy

FEDERAL HOUSING FINANCE 

OVERSIGHT BOARD

Sandra L. Thompson

Chair

Marcia L. Fudge

Secretary, U.S. Department of Housing and

Urban Development

Gary Gensler

Chair, U.S. Securities and Exchange Commission 

Janet Yellen

Secretary, U.S. Department of Treasury

OFFICE OF THE INSPECTOR 

GENERAL

Brian M. Tomney

Inspector General

FEDERAL HOUSING FINANCE AGENCY
2 Federal Housing Finance Agency

D ear C hairs and R ank ing M em b ers:

I am p l eased t o t ransm it t he F ederal H ousing F inance A gency ’ s ( F H F A ’ s) 2022 R ep ort t o C ongress 

( R ep ort ) . T his R ep ort m eet s t he req uirem ent of t he F ederal H ousing E nt erp rises F inancial S af et y and 

S oundness A ct of 1992 ( S af et y and S oundness A ct ) , as am ended b y t he H ousing and E conom ic R ecov ery 

Act of 2008 ;,ZAͿ͕ that F,FA submit an annual report to ongress describing the actions undertaŬen 

by F,FA to carry out its statutory responsibilities͕ including a description of the financial safety and 

soundness of the entities it regulates͘ 

uring 2022͕ F,FA continued to serve as regulator and conservator of Fannie Mae and Freddie Mac 

( t he E nt erp rises) and as regul at or of t he 11 F ederal H om e Loan B ank s ( F H LB ank s) and t he F H LB ank s’ 

ũoint Kffice of Finance͘ F,FA plays a vital role in supporting eƋuitable and sustainable access to 

mortgage credit nationwide͕ promoting the housing finance system͛s stability and liƋuidity͕ and 

protecting the safety and soundness of the housing finance system through our supervision of Fannie 

Mae͕ Freddie Mac͕ and the Federal ,ome Loan anŬ ^ystem ;together͕ ͞the regulated entities͟Ϳ͘ 

dhe enclosed Zeport summarinjes the findings of the Agency͛s 2022 edžaminations of these entities as 

well as F,FA͛s actions as conservator of Fannie Mae and Freddie Mac during 2022͘ dhe Zeport also 

describes F,FA͛s regulatory activities͕ research͕ and publications issued during the year͘ As reƋuired 

b y H E R A , t his R ep ort al so incl udes t he F ederal H ousing F inance O v ersight B oard’ s assessm ent of t he 

factors listed in ^ection 110ϯ of that Act͘ In April 2022͕ F,FA finalinjed a new ^trategic Wlan for fiscal 

y ears 2022 – 2026 t hat f ocuses t he A gency on securing t he saf et y and soundness of t he regul at ed 

entities͕ fostering housing finance marŬets that promote eƋuitable access to affordable and sustainable 

housing͕ and responsibly stewarding F,FA͛s infrastructure͘ I am proud to report on F,FA͛s progress and 

achiev em ent s ov er t he course of 2022.

hnderpinning all of our worŬ is the understanding that safety and soundness and sustainable access 

to credit worŬ together to strengthen the mutual interests of financial institutions͕ families͕ and 

t he econom y . I ndeed, sust ainab l e access t o credit req uires sust ainab l e l ending st andards. F H F A is 

commiƩed to ensuring the regulated entities fulfill their missions by operating in a safe and sound 

FEDERAL HOUSING FINANCE AGENCY 

OFFICE OF THE DIRECTOR

:une 1ρ͕ 202ϯ

,onorable ^herrod rown 

C hairm an 

ommiƩee on anŬing͕ ,ousing͕ 

and hrban Affairs 

U nit ed S t at es S enat e

W ashingt on, D .C . 20510

,onorable WatricŬ Mc,enry 

C hairm an

ommiƩee on Financial ^ervices

hnited ^tates ,ouse of Zepresentatives 

W ashingt on, D .C . 20515

,onorable dim ^coƩ 

R ank ing M em b er

ommiƩee on anŬing͕ ,ousing͕ 

and hrban Affairs 

U nit ed S t at es S enat e

W ashingt on, D .C . 20510

,onorable Madžine taters 

R ank ing M em b er

ommiƩee on Financial ^ervices 

hnited ^tates ,ouse of Zepresentatives 

W ashingt on, D .C . 20515
Report to the Congress 2022 3

DIRECTOR'S LETTER

manner to serve as a reliable source of liƋuidity for eƋuitable and sustainable housing finance and 

com m unit y inv est m ent . 

dhe regulated entities must be able to fulfill their mission responsibilities throughout the economic 

cycle and serve as a source of strength for housing finance marŬets in times of stress͘ F,FA promotes 

safe and sound operations at the regulated entities through the Agency͛s supervisory program͘ 

F,FA conducts supervision using a risŬͲbased approach to identify edžisting and emerging risŬs to the 

regulated entities͕ to evaluate the overall effectiveness of each regulated entity͛s risŬ management 

systems and controls͕ and to assess compliance with applicable laws and regulation͘

dhe nterprises continue to manage their credit͕ marŬet͕ liƋuidity͕ and operational risŬs͘ redit risŬ 

m anagem ent rem ains a p riorit y f or b ot h E nt erp rises giv en el ev at ed int erest rat es, recent uncert aint y 

in the banŬing sector͕ and challenges for certain sectors in the multifamily industry͘ dhe nterprises 

continue to monitor counterparty risŬs͕ particularly in light of declining earnings among many sellers 

and servicers of nterpriseͲbacŬed loans throughout 2022͘ MarŬet risŬ edžposures are low because of 

shrinŬing retained porƞolios and effective funding and hedging strategies for the singleͲfamily and 

multifamily business lines͘ oth nterprises edžceed F,FA guidance and edžpectations for liƋuidity by 

maintaining a large volume of highͲƋuality liƋuid assets͘ thile both nterprises employ information 

security programs͕ operational risŬs remain elevated given increased edžposure to cybersecurity threats͘ 

In addition͕ with the changing economic environment͕ model risŬ remains elevated in part because 

m any m odel s rel y on dat a generat ed in ot her econom ic env ironm ent s.

A n im p ort ant t ool f or count erp art y risk m anagem ent at t he E nt erp rises is t he use of m inim um 

financial eligibility reƋuirements for approved sellerͬservicers͘ dhese reƋuirements promote safety 

and soundness by strengthening the capacity of sellerͬservicers to meet the financial responsibilities 

associated with originating and servicing mortgages acƋuired by the nterprises͘ 

F,FA and the nterprises have been edžamining the frameworŬ for issues related to sellerͬservicer net 

worth͕ capital͕ and liƋuidity reƋuirements͘ dhis worŬ was further informed by the edžperience of both 

the nterprises and sellerͬservicers in managing challenges that arose as a result of the KsIͲ1ε 

pandemic͘ F,FA has worŬed closely with 'innie Mae throughout this process͕ as many nterprise 

sellerͬservicers are also approved 'innie Mae issuers͘

In August 2022͕ aŌer multiple rounds of public comment͕ F,FA and 'innie Mae ũointly announced 

updates to their respective minimum financial eligibility reƋuirements͘ dhese updates improve upon 

the prior frameworŬ by strengthening sellerͬservicer net worth͕ capital͕ and liƋuidity reƋuirements and 

beƩer tailoring the minimum reƋuirements associated with different types of loans and risŬ edžposures͘ 

Most of the updated reƋuirements for nterprise sellerͬservicers will taŬe effect in late 202ϯ͘

F,FA is continuing to taŬe steps to strengthen the capital positions of the nterprises so that they can 

fulfill their responsibilities throughout the economic cycle͘ F,FA finalinjed important enhancements 

to the nterprise Zegulatory apital FrameworŬ ;ZFͿ in 2022͘ dhese enhancements will help 

protect tadžpayers from the risŬs posed by adverse economic conditions͕ encourage marŬet discipline 

through reƋuired public disclosures͕ and provide F,FA with more information to assess an nterprise͛s 

risk s, cap it al adeq uacy , and cap it al st rat egies t hrough req uired annual cap it al p l ans. F urt herm ore, 

F,FA published an additional notice of proposed rulemaŬing in early 202ϯ that would implement 

targeted enhancements to the ZF to beƩer align the capital reƋuirements to the risŬs posed by the 

nterprises͛ businesses and further align the ZF to the h͘^͘ banŬing frameworŬ͘

As it had been many years since a comprehensive review of the nterprises͛ pricing frameworŬ 

was conducted͕ F,FA launched such a review in 2021͘ dhe obũectives were to maintain support for 

borrowers limited by income or wealth͕ ensure a level playing field for large and small lenders͕ foster 
4 Federal Housing Finance Agency

capital accumulation at the nterprises͕ and achieve commercially viable returns on capital over time͘

dhe Agency tooŬ a series of steps through 2022 and early 202ϯ to achieve these obũectives͘ F,FA 

announced t arget ed f ee increases f or second hom e l oans and high b al ance l oans in J anuary 2022 

and͕ later͕ for cashͲout refinances͘ thile many loans made through ,omeZeady and ,ome Wossible 

;Fannie Mae͛s and Freddie Mac͛s respective Ňagship affordable mortgage programsͿ already had njero 

upfront guarantee fees͕ in Kctober 2022͕ F,FA eliminated upfront fees for additional groups core to 

the nterprises͛ mission͕ such as firstͲtime homebuyers with lower incomes who nonetheless have 

the financial capacity and creditworthiness to sustain a mortgage͘ In :anuary 202ϯ͕ F,FA announced a 

recalibration of the upfront fees for most purchase and rateͲterm refinance loans͘ Following edžtensive 

engagement with a variety of staŬeholders͕ in May 202ϯ͕ F,FA rescinded an upfront fee scheduled to 

taŬe effect later in the year that was based on borrowers͛ debtͲtoͲincome ratios͘ In May 202ϯ͕ F,FA 

also published a reƋuest for input on the nterprises͛ singleͲfamily pricing frameworŬ to gather further 

feedbacŬ regarding the goals and policy priorities F,FA should pursue in its oversight of this frameworŬ͘ 

dogether͕ these steps will bolster safety and soundness͕ beƩer ensure the nterprises fulfill their 

statutory missions͕ and more accurately align pricing with the edžpected financial performance and risŬs 

of t he underl y ing l oans.

F,FA continues to strengthen the core statutory mission programs such as uty to ^erve and the 

housing goals for the nterprises͕ and the Affordable ,ousing Wrogram ;A,WͿ and community 

development programs of the F,LanŬs͘ In ecember 2021͕ F,FA issued a final rule establishing 

new singleͲfamily housing goals for the nterprises for 2022 through 202κ͕ including for the first 

time a subgoal focused on affordable lending in minority census tracts͘ F,FA made further changes 

to the multifamily housing goals in ecember 2022 to ensure that the nterprises support affordable 

multifamily housing throughout the economic cycle͘ dhese programs͕ liŬe all regulated entity activities͕ 

must support access to credit that is both sustainable and affordable͘

In :une 2022͕ F,FA announced the nterprises͛ release of their Ƌuitable ,ousing Finance Wlans͕ which 

identify and address barriers to sustainable housing opportunities and to the advancement of eƋuity 

in housing finance͘ dhe nterprises update these Wlans annually͕ and F,FA reƋuires the nterprises to 

submit annual progress reports on the actions undertaŬen during the prior year to implement their 

Wlans͘ 

More recently͕ in April 202ϯ͕ F,FA proposed codifying in regulation many of the Agency͛s edžisting 

practices and programs regarding fair housing and fair lending oversight of its regulated entities͕ 

including the reƋuirement for the nterprises to maintain Ƌuitable ,ousing Finance Wlans and the 

reƋuirements for the nterprises to collect and report homeownership education͕ housing counseling͕ 

and language preference information from the ^upplemental onsumer Information Form͘

As part of its efforts to strengthen fair lending oversight͕ F,FA adopted an Kperating Wrocedures 

ulletin to govern its fair lending and fair housing compliance edžaminations of the nterprises͕ 

and made available to the public updated fair lending data including aggregate statistics from the 

hniform Appraisal ataset͘ dhe Agency will continue to conduct targeted edžaminations for fair lending 

compliance in close coordination with other federal regulators͘

Zecogninjing the potential benefits of innovation for both access to credit and safety and soundness͕ 

F H F A has inst ruct ed t he E nt erp rises t o st rat egical l y l ev erage t echnol ogy and dat a t o f urt her p rom ot e 

risŬ management͕ efficiency͕ and cost savings in the mortgage process͘ In :uly 2022͕ F,FA announced 

the creation of an Kffice of Financial dechnology to support the Agency͛s efforts to understand 

technologyͲdriven developments in housing finance and the associated risŬs͕ and to analynje responsible 

innovation by F,FA͛s regulated entities and their counterparties͕ thirdͲparty vendors͕ and others in the 

housing finance ecosystem͘
Report to the Congress 2022 5

DIRECTOR'S LETTER

In August 2022͕ F,FA announced the launch of a comprehensive review of the F,LanŬ ^ystem͘ dhe 

p urp ose of t he FHLBank System at 100: Focusing on the Future initiative is to ensure the F,LanŬs 

remain positioned to meet the needs of the communities they serve͘ In addition to soliciting wriƩen 

input from the public͕ the review convened public listening sessions and roundtable discussions across 

the country͘ F,FA will issue a report on this initiative in ^eptember͕ which will include actions the 

Agency plans to taŬe͕ as well as legislative recommendations for consideration by ongress͘ 

In March 202ϯ͕ the F,LanŬs edžperienced significant member advance demand because of banŬing 

sector volatility caused by the failures of ^ilicon salley anŬ and ^ignature anŬ͘ oth institutions 

were active borrowers of the F,LanŬs͕ with balances at yearͲend 2022 of Ψ1ρ billion and Ψ11 billion͕ 

respectively͘ dhe elevated advance demand was consistent with previous financial disruptions ;e͘g͕͘ 

2008 and 2020Ϳ͘ Advance balances subseƋuently declined from peaŬ March 202ϯ levels as banŬing 

sector contagion fears lessened͖ however͕ as of the end of May͕ advance balances remain well above 

t heir l ev el s p rior t o t his st ress ev ent . T he F H LB ank s m aint ained st rong l iq uidit y and l ending cap acit y 

through the sector disruption and did not incur an advance credit loss͘

F,FA has continued to focus on the serious threat that climate risŬ and the resulting climateͲrelated 

disasters pose to the h͘^͘ housing finance system͘ dhis elevated risŬ has led͕ for edžample͕ to the 

withdrawal of insurance coverage in certain climate vulnerable regions͘ there insurance coverage 

remains available͕ the cost of obtaining that coverage oŌen has risen because of the increasing 

f req uency and sev erit y of nat ural disast ers st rik ing t hose areas and t he increased cost of reb uil ding. 

In some cases͕ homeowners have not rebuilt aŌer wildfires due to insufficient insurance coverage to 

finance the higher costs of reconstruction͘ 

As part of its aƩention to climateͲrelated issues͕ in 2022 F,FA established eight AgencyͲwide internal 

worŬing groups and a steering commiƩee to assess the progress of its regulated entities in managing 

climate risŬ͘ F,FA also engaged with public and private sector staŬeholders on climate risŬ͕ while 

participating as a member of edžternal climateͲfocused groups͘ In 2022͕ F,FA ũoined the EetworŬ of 

entral anŬs and ^upervisors for 'reening the Financial ^ystem while continuing its engagement with 

the Financial ^tability Kversight ouncil͛s limateͲZelated Financial ZisŬ ommiƩee͘

dhe Legislative Zecommendations section of this Zeport outlines three potential risŬ areas for which 

necessary actions by F,FA will reƋuire ongressional intervention ʹ F,FA͛s lacŬ of authority to edžamine 

services provided to its regulated entities͕ shortcomings in the nterprises͛ statutory capital definitions͕ 

and the ongoing need to undertaŬe the important worŬ of Ŭey housing finance reforms͘

F H F A ’ s accom p l ishm ent s ov er t he course of 2022, as describ ed in t his R ep ort , st and as a t rib ut e t o t he 

dedication of F,FA͛s hard worŬing employees͘ 'oing forward͕ the Agency will continue to ensure its 

regulated entities fulfill their mission responsibilities while operating in a safe and sound manner͘

^AEZA L͘ d,KMW^KE

D irect or, F ederal H ousing F inance A gency
6 Federal Housing Finance Agency

LIST OF COMMON ABBREVIATIONS AND 

ACRONYMS

AHP ʹ Affordable ,ousing Wrogram

AMA – A cq uired M em b er A sset s

AMI – A rea M edian I ncom e

BANK ACT – F ederal H om e Loan B ank A ct of 

1εϯ2

CDFI – C om m unit y D ev el op m ent F inancial 

Institution

CRT – C redit R isk T ransf er

CSP ʹ ommon ^ecuritinjation Wlaƞorm

CSS ʹ ommon ^ecuritinjation ^olutions͕ LL

D&I – D iv ersit y and I ncl usion

OͳFRE< d – D odd- F rank W al l S t reet 

Zeform and onsumer Wrotection Act of 2010

DTS – D ut y t o S erv e

EEO – E q ual E m p l oy m ent O p p ort unit y

ENTERPRISES – F annie M ae and F reddie M ac

ERCF ʹ nterprise Zegulatory apital FrameworŬ

FANNIE MAE ʹ Federal Eational Mortgage 

Association

F,>E<ΈSΉ – F ederal H om e Loan B ank ( s)

FREDDIE MAC – F ederal H om e Loan M ort gage 

orporation

GAAP ʹ 'enerally Accepted Accounting 

Wrinciples

GINNIE MAE ʹ 'overnment Eational Mortgage 

Association

HERA – H ousing and E conom ic R ecov ery A ct of 

2008

HPI ʹ ,ouse Wrice Indedž

LIBOR ʹ London InterbanŬ Kffered Zate

MBS ʹ MortgageͲacŬed ^ecurities

OF ʹ Kffice of Finance

PSPA ʹ ^enior Wreferred ^tocŬ Wurchase 

A greem ent

REGULATED ENTITIES – F annie M ae, F reddie 

M ac, and t he F H LB ank s

SAFETY AND SOUNDNESS ACT – F ederal 

H ousing E nt erp rises F inancial S af et y and 

S oundness A ct of 1992

SOFR – S ecured O v ernight F inancing R at e

UAD - U nif orm A p p raisal D at aset

UMBS – U nif orm M ort gage- B ack ed S ecurit y

UPB ʹ hnpaid Wrincipal alance

URLA ʹ hniform Zesidential Loan Application
Report to the Congress 2022 7

TABLE OF CONTENTS

TABLE OF CONTENTS

K ey M anagem ent ........................1

irector͛s LeƩer ..........................2

List of ommon Abbreviations 

and A crony m s .............................6

T ab l e of C ont ent s ........................7

S up erv ision and O v ersight ..........8

džamination uthority 

for Regulated ntities ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 9

ReƉorts of nnual džaminations 

of Fannie Mae and Freddie Mac ͘͘͘͘͘͘͘ 10

ReƉorts of nnual džaminations 

for the Federal ,ome >oan anŬs ͘͘͘͘͘ 19

Results of Stress dests hnder 

the odd-FranŬ tall Street Reform 

and onsumer Wrotection ct ͘͘͘͘͘͘͘͘͘͘͘ 35

Mission ctiǀities ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 37

nterƉrise ,ousing 'oals 

and uty to Serǀe͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 38

Federal ,ome >oan anŬ īordaďle 

,ousing and ommunity eǀeloƉment 

ctiǀities ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 47

Fair >ending ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 55

limate hange and nǀironmental͕ 

Social͕ and 'oǀernance (S') ͘͘͘͘͘͘͘͘͘͘ 56

iǀersity and /nclusion ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 57

Regulatory ctiǀities ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 58

C onserv at orship s of 

t he E nt erp rises .........................62

Managing the onserǀatorshiƉs ͘͘͘͘͘͘͘ 63

Other onserǀatorshiƉ ctiǀities ͘͘͘͘͘͘ 77

Zesearch and Wublications ........80

ReƉorts to ongress ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 81

,ouse Wrice /ndedž ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 82

Wuďlic hse ataďases ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 83

Eational Mortgage ataďase 

Wrogram ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 83

hniform ƉƉraisal ataset 

ggregate Statistics ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 83

conomic Summits and 

Research Wuďlications͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 84

F,FA Kperations 

and P erf orm ance .....................86

Werformance and 

Wrogram ssessment ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 87

Financial OƉerations ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 87

F ederal H ousing F inance O v ersight 

B oard A ssessm ent .....................89

Legislative 

Zecommendations ...................95

dhird-Warty Serǀice Wroǀider 

džamination uthority ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 96

nterƉrise Regulatory aƉital ͘͘͘͘͘͘͘͘͘͘͘ 97

,ousing Finance Reform ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ 98

A p p endix : H ist orical 

D at a T ab l es ...............................99

ecemďer ϮϬϮϯ hƉdate͗

Data listed in Table 9. Fannie Mae Statutory Capital, columns: Total Capital, Risk Based Capital 

Requirement and Risk Based Capital Surplus (Deficit) for the four quarters of 2022 is incorrect. 

Correct data can be found in Fannie Mae’s Securities and Exchange Commission Form 10-Q 

and Form 10-K filings for the relevant quarters of 2022.
8 Federal Housing Finance Agency

SUPERVISION AND OVERSIGHT

I n t his C hap t er

džamination uthority 

for Regulated ntities ............................... 9

ReƉorts of nnual džaminations 

of Fannie Mae and Freddie Mac .............. 10

Reports of Annual 

džaminations for the Federal 

Home Loan Banks ................................... 19

Results of Stress Tests Under 

the Dodd-Frank Wall Street Reform 

and onsumer Wrotection ct ................. 35

Mission ctiǀities ................................... 37

Enterprise Housing Goals 

and Duty to Serve ................................... 38

Federal ,ome >oan anŬ īordaďle 

Housing and Community Development 

ctiǀities ................................................ 47

Fair Lending ............................................ 55

Climate Change and Environmental, 

Social, and Governance (ESG) ................ 56

Diversity and Inclusion ........................... 57

Regulatory ctiǀities ............................... 58
Report to the Congress 2022 9

SUPERVISION AND OVERSIGHT

T he F ederal H ousing F inance A gency ( F H F A ) 

was established by the ,ousing and conomic 

R ecov ery A ct of 2008 ( H E R A ) and is resp onsib l e 

for the effective supervision͕ regulation͕ and 

housing mission oversight of the Federal Eational 

Mortgage Association ;Fannie MaeͿ͕ the Federal 

,ome Loan Mortgage orporation ;Freddie 

M ac) , and t he F ederal H om e Loan B ank S y st em , 

which includes the 11 Federal ,ome Loan anŬs 

;F,LanŬsͿ and the Kffice of Finance ;KFͿ͘ dhe 

A gency ’ s m ission is t o ensure t hat F annie M ae 

and F reddie M ac ( t he E nt erp rises) and t he 

F,LanŬs ;together͕ ͞the regulated entities͟Ϳ1

fulfill their mission by operating in a safe and 

sound m anner t o serv e as a rel iab l e source of 

liƋuidity and funding for housing finance and 

com m unit y inv est m ent . S ince 2008, F H F A has 

al so serv ed as conserv at or of F annie M ae and 

F reddie M ac.

EXAMINATION 

AUTHORITY FOR 

REGULATED ENTITIES

^ection 1ϯ1ϳ;aͿ of the Federal ,ousing 

E nt erp rises F inancial S af et y and S oundness A ct 

of 1992 ( S af et y and S oundness A ct ) , as am ended, 

12 h͘^͘͘ Α κρ1ϳ;aͿ͕ reƋuires F,FA to conduct 

annual onͲsite edžaminations of the nterprises 

and the F,LanŬs͘ džamination of the F,LanŬs 

is also performed pursuant to section 20 of 

t he F ederal H om e Loan B ank A ct ( B ank A ct ) , as 

amended͕ 12 h͘^͘͘ Α 1κκ0͘ dhe F,LanŬ ^ystem 

incl udes t he 11 F H LB ank s and t he O F , a j oint 

office of the F,LanŬs͘

For each regulated entity͕ F,FA prepares an 

annual report of edžamination͕ which identifies 

weaŬnesses and assigns edžamination ratings͘ 

F,FA communicates deficiencies and violations 

1 TŚĞ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ;OFͿ ĂŶĚ CŽŵŵŽŶ SĞĐƵƌŝƟnjĂƟŽŶ SŽůƵƟŽŶƐ͕ LLC ;CSSͿ ĂƌĞ ŶŽƚ ƐĞƉĂƌĂƚĞ ͞ƌĞŐƵůĂƚĞĚ ĞŶƟƟĞƐ͟ ĂƐ ƚŚĞ ƚĞƌŵ ŝƐ 

ĚĞĮŶĞĚ ďLJ ƐƚĂƚƵƚĞ ;see ϭ2 U͘S͘C͘ Α κρ02;20ͿͿ͘ RĂƚŚĞƌ͕ OF ŝƐ ƉĂƌƚ ŽĨ ƚŚĞ FHLĂŶŬ SLJƐƚĞŵ͕ ĂŶĚ CSS ŝƐ ĂŶ ĂĸůŝĂƚĞ ŽĨ ƚŚĞ EŶƚĞƌƉƌŝƐĞƐ͘ 

HŽǁĞǀĞƌ͕ ĨŽƌ ĐŽŶǀĞŶŝĞŶĐĞ͕ ƌĞĨĞƌĞŶĐĞƐ ƚŽ ƚŚĞ ͞ƌĞŐƵůĂƚĞĚ ĞŶƟƟĞƐ͟ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ ƐŚŽƵůĚ ďĞ ƌĞĂĚ ƚŽ ĂůƐŽ ĂƉƉůLJ ƚŽ ƚŚĞ OF ĂŶĚ CSS͕ 

unless otherwise noted.

2 UŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ƐƉĞĐŝĮĞĚ͕ Ăůů ĚĂƚĞƐ ŝŶ ƚŚŝƐ ƌĞƉŽƌƚ ƌĞĨĞƌ ƚŽ 2022͘

at regulated entities as adverse findings͘ dhe 

2022 reports of edžamination were delivered 

t o t he direct ors and m anagem ent of t he 

E nt erp rises in A p ril and t o t he F H LB ank s 

p eriodical l y t hroughout t he y ear b ased on F H F A ’ s 

edžamination schedule͘

ScoƉe of džamination

F H F A conduct s sup erv ision using a risk - b ased 

approach to identify edžisting and emerging 

risŬs to the regulated entities͕ to evaluate the 

overall effectiveness of each regulated entity͛s 

risk m anagem ent sy st em s and cont rol s, and t o 

assess compliance with laws and regulations 

applicable to the regulated entity͘ In 2022͕2

F,FA͛s edžamination activities included targeted 

risŬͲbased edžaminations and ongoing monitoring͕ 

including assessing the remediation of previously 

issued MaƩers ZeƋuiring AƩention ;MZAsͿ͘ F,FA 

al so assessed t he resp onses of t he regul at ed 

entities͛ boards of directors and management 

to deficiencies and weaŬnesses identified by the 

regulated entities͛ internal audit departments 

and edžternal auditors͘

Rating System

Wursuant to F,FA͛s Advisory ulletin A 2012Ͳ 

0ϯ͕ FHFA Examination Rating System, F H F A 

applies the ͞AML^K͟ rating system to report 

its supervisory views͘ dhe AML^K frameworŬ 

includes ratings for͗

1. the overall condition of the regulated 

entity ;the composite ratingͿ͕ and

2. seven individual component ratings for 

financial condition and risŬ management͗ 

Cap it al ; Asset q ual it y ; Managem ent ; 

Earnings; Liq uidit y ; Sensitivity to marŬet 

risk ; and Operational risŬ͘
10 Federal Housing Finance Agency

Supervision of Fannie Mae and Freddie Mac

F,FA͛s ivision of nterprise Zegulation ;ZͿ 

is responsible for carrying out edžaminations 

and ongoing sup erv ision of t he E nt erp rises. 

Z edžaminations are led by an džaminerͲinͲ

harge ;IͿ and conducted by edžamination 

teams supported by subũect maƩer edžperts͘ 

Z conducts both targeted edžaminations and 

ongoing monitoring͕ which assess the safety 

and soundness of each nterprise͕ as well as 

compliance with regulations͘ In 2022͕ Z 

conducted targeted edžaminations covering͗

• credit͕ counterparty͕ model͕ information 

technology͕ operational͕ and marŬet risŬs͕

• gov ernance, and

• com p l iance. 

Following completion of edžamination activity͕ 

Z communicates any adverse edžamination 

findings in writing to the nterprise͘ For MZAs͕ 

which reƋuire corrective action from the 

E nt erp rise, D E R ob t ains a com m it m ent , incl uding 

a corrective action plan͕ from the nterprise to 

remediate the findings͘ Following edžecution of 

the remediation plan͕ the nterprise͛s internal 

audit function or an independent third party 

validates the completion of remediation͕ 

and Z reviews corrective action through 

edžamination activities͘

F,FA issues a report of edžamination ;ZKͿ that 

docum ent s and com m unicat es it s sup erv isory 

findings and conclusions for the edžamination 

year͘ dhe ZK reŇects F,FA͛s view of the 

regulated entity͛s financial condition͕ its risŬ 

profile͕ and the adeƋuacy of its risŬ management 

practices͘ dhe ZK includes the composite and 

AML^K ratings assigned by Z͘ dhe annual 

R O E is signed b y t he E I C and issued t o t he 

E nt erp rise’ s b oard of direct ors.

REPORTS OF ANNUAL 

EXAMINATIONS OF 

FANNIE MAE AND 

FREDDIE MAC

Financial Overview of the Enterprises

dhe nterprises͛ financial performance͕ as 

m easured b y earnings and m ort gage p urchase 

activities in 2022͕ was down yearͲoverͲyear͘ 

I n 2021, b ot h E nt erp rises had record high 

earnings boosted by high refinance volumes 

spurred by low mortgage rates͕ the reversal of 

p rov isions f or l oan l osses b ecause of im p rov ed 

macroeconomic conditions͕ and significant home 

price appreciation͘ ,igher interest rates in 2022 

significantly affected nterprise performance͕ 

depressing home purchase and refinance 

activity and slowing or reversing house price 

appreciation͘

Figure 1 shows how origination volume declined 

at both nterprises when interest rates rose in 

2022.
Report to the Congress 2022 11

SUPERVISION AND OVERSIGHT

Figure ϭ͗ nterƉrises Single-Family cƋuisitions ǀs /nterest Rate nǀironment

Figure 1 shows how origination volume declined at both nterprises when interest rates rose in 2022͘ 

Fannie Mae

I n 2022, F annie M ae rep ort ed b ot h annual net 

income and comprehensive income of Ψ12͘ε 

billion͕ down materially from Ψ22͘2 billion and 

Ψ22͘1 billion͕ respectively͕ in 2021͘ Fannie Mae 

recorded a Ψ11͘κ billion yearͲoverͲyear reduction 

in earnings b ecause of a rev ersal in p rov isioning 

for loan losses from a recorded benefit in 2021 

to an edžpense in 2022͘ Kther factors contributing 

t o t he decl ine in incom e incl ude inv est m ent 

losses that resulted in an overall Ψ1͘ς billion 

negative effect on earnings and a decrease in 

net int erest incom e f rom t he guarant ee b ook of 

business of Ψ2͘0 billion due to lower refinance 

volumes͘ ,igher guarantee fees on newly 

acƋuired mortgages partially offset the decrease͘

F annie M ae’ s t ot al asset s increased 1.8 p ercent 

com p ared t o 6.0 p ercent a y ear earl ier. F annie 

Mae͛s total mortgage porƞolio grew ϯ͘ε percent 

to Ψκ͘1 trillion͕ driven by new acƋuisitions 

outpacing liƋuidations primarily due to the 

fall off in refinance activity͘ ^ingleͲfamily ;^FͿ 

m ort gages rem ained at 89.2 p ercent of t he t ot al 

guarantee booŬ͕ even though ^F conventional 

acƋuisition volume decreased ρκ͘ς percent to 

Ψς1ρ billion͘ Fannie Mae͛s multifamily ;MFͿ 

guarantee porƞolio grew ρ͘ϯ percent͕ while its 

new acƋuisition volume remained relatively Ňat 

yearͲoverͲyear at Ψςε͘2 billion͘ 

Fannie Mae͛s total mortgage porƞolio historical 

b al ances as m easured b y unp aid p rincip al 

balances ;hWͿ are shown in Figure 2 below͕ 

which include mortgages͕ mortgageͲrelated 

securities held as investments͕ and mortgages 

pooled into mortgageͲbacŬed securities ;M^Ϳ͘
12 Federal Housing Finance Agency

Figure Ϯ͗ Fannie Mae Mortgage Worƞolio 'roǁth ϮϬϬρ-ϮϬϮϮ

Freddie Mac 

F reddie M ac rep ort ed annual net incom e of 

Ψε͘ϯ billion and comprehensive income of Ψε͘0 

billion in 2022͕ compared͕ respectively͕ to Ψ12͘1 

billion and Ψ11͘ς billion in 2021͘ Freddie Mac͛s 

reduction in net income was driven by lower 

m ark - t o- m ark et gains and a higher p rov ision 

f or credit l osses. Lik e F annie M ae, F reddie M ac 

recorded a p rov ision in 2022 com p ared t o a 

benefit in 2021͕ resulting in a Ψ2͘ε billion yearͲ

overͲyear reduction to earnings͘ ,owever͕ net 

interest income from the guarantee porƞolio 

increased Ψ1͘0 billion because of higher 

guarantee fees on new acƋuisitions͘

F reddie M ac’ s t ot al asset s increased 6.0 p ercent 

in 2022͕ slower than 1ρ͘0 percent growth in 

the prior year͕ primarily because of slower 

growth of the guarantee porƞolio͘ In 2022͕ 

Freddie Mac͛s total mortgage porƞolio increased 

approdžimately ς͘ρ percent as acƋuisitions 

edžceeded paydowns͘ ^F mortgages remained at 

8ϳ͘κ percent of the total mortgage porƞolio͘ In 

2022͕ Freddie Mac͛s ^F acƋuisition volume was 

Ψρκ1 billion͕ a ρρ͘ς percent decrease yearͲoverͲ

year͘ Eew MF business volume was Ψϳϯ billion in 

2022 compared to Ψϳ0 billion in 2021͘ dhe MF 

mortgage porƞolio grew ϯ͘κ percent in 2022 to 

Ψκ2ε billion as acƋuisitions were partially offset 

by paydowns͘

Freddie Mac͛s total mortgage porƞolio historical 

balances by hW are shown in Figure ϯ͕ which 

include mortgages͕ mortgageͲrelated securities 

hel d as inv est m ent s, and m ort gages p ool ed int o 

M B S .

Note: The Total Mortgage Portfolio will not tie to the disclosures in Forms 10-K and 10-Q as it presents 

security balances (UPB of MBS, credit enhancements and mortgage retained portfolio), while Forms 

10-K and 10-Q present the loan balances underlying those securities. 
Report to the Congress 2022 13

SUPERVISION AND OVERSIGHT

CSS Overview

ommon ^ecuritinjation ^olutions͕ LL ;^^Ϳ͕ 

ũointly and eƋually owned by the nterprises͕ 

uses the ommon ^ecuritinjation Wlaƞorm ;^WͿ 

to administer the nterprises͛ porƞolios of M^ 

and f or t he issuance of t he U nif orm M ort gage-

acŬed ^ecurity ;hM^Ϳ͘ Kperating the ^W 

involves storing͕ processing͕ and transmiƫng 

l arge v ol um es of dat a, as C S S act s as an agent f or 

t he E nt erp rises t o f acil it at e issuance of S F M B S 

and related disclosures͕ as well as to administer 

the securities postͲissuance͘ ^pecifically͕ ^^ 

records securities with registrars ;e͘g͕͘ Federal 

Zeserve anŬ of Eew zorŬͿ͕ supports and 

facilitates security seƩlement activities͕ validates 

seƩlements͕ and provides confirmation bacŬ to 

t he req uest or.

^^ administers a Ψς͘κ trillion bond porƞolio 

of S F m ort gages and is current l y t he l argest 

issuing agent and adm inist rat or of M B S , hol ding 

approdžimately ϳρ percent of total marŬet share͘ 

In 2022͕ ^^ issued͕ on average͕ approdžimately 

Ψ200 billion of hM^ monthly on behalf of the 

nterprises and provided security administration 

to over ϯ0 million mortgages in M^͘

F,FA conducts the same edžamination process 

f or C S S as it conduct s f or t he E nt erp rises. F H F A 

issues an ZK that assigns edžamination ratings 

and communicates the principal edžamination 

conclusions and findings for the edžamination 

cycle͘ dhe composite rating of ^^ is based 

primarily on an evaluation of two components of 

the AML^K rating frameworŬ ;Management 

and Kperational risŬͿ because͕ as a whollyͲ

owned ũoint venture of the nterprises͕ the other 

components of the frameworŬ do not apply to 

C S S .

Oǀerǀieǁ of nnual džamination Results 

Capital

oth nterprises remain critically 

undercapitalinjed with limited ability to absorb 

more than potential nominal losses from their 

respective business activities without reliance 

upon the ^enior Wreferred ^tocŬ Wurchase 

Figure ϯ͗ nterƉrises Single-Family cƋuisitions ǀs /nterest Rate nǀironment

Note: The Total Mortgage Portfolio will not tie to the disclosures in Forms 10-K and 10-Q as it presents 

security balances (UPB of MBS, credit enhancements and mortgage retained portfolio), while Forms 

10-K and 10-Q present the loan balances underlying those securities.
14 Federal Housing Finance Agency

Agreements ;W^WAsͿ with the h͘^͘ epartment 

of t he T reasury , as am ended. T hrough t hese 

agreements͕ the dreasury epartment continues 

t o p rov ide cap it al sup p ort t o t he E nt erp rises, 

allowing them to fulfill their statutory missions͘ 

dhe amended W^WAs allow each nterprise to 

retain all its earnings͘ ,owever͕ dreasury͛s 

liƋuidation preference increases in concert with 

any growth in an nterprise͛s net worth͘ thile 

the additional net worth reduces the liŬelihood 

of a dreasury draw͕ it is not eƋuivalent to 

unencumbered net worth as dreasury͛s claims on 

E nt erp rise asset s ret ain a p riorit y senior t o t hat 

of ot her p ref erred and com m on sharehol ders.

Asset Quality

then reviewing asset Ƌuality͕ F,FA edžaminers 

evaluate the Ƌuantity of edžisting and potential 

credit risŬ associated with loan and investment 

porƞolios͕ as well as management͛s ability to 

identify͕ measure͕ monitor͕ and control credit 

risŬ͘ In 2022͕ the nterprises generally edžhibited 

f av orab l e t rends in credit risk associat ed 

with loan and investment porƞolios and in 

management͛s ability to identify͕ measure͕ 

monitor͕ and control credit risŬ͘ In addition͕ 

both nterprises edžperienced reduced levels of 

adversely classified assets͕ serious delinƋuencies͕ 

and real estate owned ;ZKͿ properties͘

ach nterprise͛s acƋuisition volumes remained 

st rong f or 2022 f or t he S F and M F l oan 

porƞolios͕ although rising interest rates slowed 

acƋuisition volumes significantly͘ ^F credit 

risk m et rics hav e im p rov ed since t he p rior 

y ear as serious del inq uency rat es decreased. 

tithin the ^F business͕ the diminishing effects 

of KsIͲ1ε͕ significant porƞolio turnover͕ 

successful modification programs͕ and the Zd 

program all led to notable reduction in overall 

credit risŬ͘ ,owever͕ the rise in interest rates 

significantly shiŌed the nterprises͛ mortgage 

acƋuisitions from relatively lowͲrisŬ refinance 

loans to purchase loans whose aƩributes͕ such 

as generally higher loanͲtoͲvalue ratios and lower 

credit scores͕ are associated with higher credit 

risk .

dhe nterprises͛ overall edžposure to counterparty 

risk rem ained st ab l e b ecause of ongoing 

management of counterparty activities͘ dhe 

nterprises monitor the financial performance 

of nonbanŬ mortgage company sellerͬservicers͕ 

which continue to gain marŬet share͕ account for 

the maũority of acƋuisitions͕ and provide monthly 

servicing activities for millions of Americans͘

dhe nterprises͛ multifamily porƞolios grew in 

2022͕ within limits set by F,FA as conservator͘ 

ZisŬ management of multifamily credit edžposures 

was generally satisfactory͕ although senior living 

facilities remain a significant concern as higher 

operating edžpenses͕ vacancies͕ and interest rates 

negatively affect their financial performance͘

Management

F,FA edžaminers assess the effectiveness of 

efforts by an nterprise to identify͕ measure͕ 

monitor͕ and control the risŬs of its activities 

and t o ev al uat e t he saf et y and soundness of it s 

operations͘ In addition͕ edžaminers evaluate an 

nterprise͛s compliance with applicable laws and 

regulations͘

F annie M ae’ s b oard and senior m anagem ent 

gov ernance needs im p rov em ent in m odel 

risŬ oversight͕ design͕ implementation͕ and 

p erf orm ance t rack ing. F annie M ae’ s ent erp rise 

risk m anagem ent ( E R M ) p rogram needs t o 

mature further͘ In addition͕ Fannie Mae must 

enhance it s div ersit y and incl usion ( D & I ) rel at ed 

procurement policies͕ procedures͕ and practices 

to ensure compliance with the Minority and 

tomen Inclusion ;MtIͿ Zule͘ ^till͕ Fannie Mae 

has edžecuted strategic obũectives and generally 

addressed issues identified by F,FA͘

F reddie M ac’ s b oard and senior m anagem ent 

continue to advance and strengthen its ZM 

program͘ thile progress was noted in several 

areas͕ Freddie Mac continues to worŬ on 

opportunities to strengthen its ability to identify͕ 

monitor͕ and control risŬs associated with sellerͬ

servicer oversight͕ information technology 

and data risŬ management͕ and antiͲmoney 
Report to the Congress 2022 15

SUPERVISION AND OVERSIGHT

l aundering com p l iance. F reddie M ac m ust 

enhance its ZM policies͕ risŬ tadžonomy͕ and 

st andards t o incl ude D & I risk s and ensure t hat 

ΘI Wolicy and Wrocurement of Wroducts and 

^ervices Wolicy comply with the MtI Zule͘

T he b oard of m anagers and senior m anagem ent 

at ^^ have satisfactory performance͕ oversight͕ 

and risŬ management practices͘ ^^ continues 

t o st rengt hen corp orat e gov ernance and risk 

management processes͘ In addition͕ ^^ is in 

compliance with relevant laws and regulations͕ 

and adheres t o regul at ory guidance.

Earnings, Liquidity, and Sensitivity to 

Market Risk 

then reviewing nterprise earnings͕ F,FA 

edžaminers consider the Ƌuantity͕ trend͕ 

sust ainab il it y , and q ual it y of earnings ( e.g., 

t he adeq uacy of p rov isions f or l oan l osses and 

other valuation allowance accountsͿ͘ Zeview 

of l iq uidit y incl udes assessing t he current l ev el 

and prospective sources of liƋuidity compared 

to funding needs͕ as well as the adeƋuacy of 

funds management practices relative to the 

nterprise͛s sinje͕ compledžity͕ and risŬ profile͘ 

džamination of sensitivity to marŬet risŬ includes 

assessing the ability of management to identify͕ 

measure͕ monitor͕ and control edžposure 

t o m ark et risk giv en t he E nt erp rise’ s siz e, 

compledžity͕ and risŬ profile͘ dhis worŬ entails 

assessing t he E nt erp rise’ s adherence t o risk 

l im it s set b y it s b oard of direct ors f or a v ariet y 

of risk m et rics rel at ed t o l iq uidit y , m ark et , and 

ot her risk s.

F annie M ae rep ort ed t ot al com p rehensiv e 

income of Ψ12͘ε billion͕ a decrease of Ψε͘2 billion 

f rom 2021. F annie M ae’ s earnings rem ain t oo 

low to build capital to the nterprise Zegulatory 

apital FrameworŬ͛s ;ZF͛sͿ minimum 

req uirem ent s in t he near f ut ure.

Fannie Mae continues to maintain a conservative 

liƋuidity position of more than Ψε0 billion in 

high- q ual it y short - t erm l iq uid asset s and rel iab l e 

sources of f unding, on accep t ab l e t erm s, t o m eet 

current and anticipated liƋuidity needs͘ MarŬet 

risŬ metrics are within boardͲapproved limits 

showing reductions in marŬet value sensitivity 

since the prior year͘ Fannie Mae has continued 

transitioning away from the use of the London 

InterbanŬ Kffered Zate ;LIKZͿ͘

F reddie M ac rep ort ed com p rehensiv e incom e 

of Ψε͘0 billion͕ which is down relative to the 

2021 comprehensive income of Ψ11͘ς billion͘ 

Lik e F annie M ae, F reddie M ac’ s earnings are not 

sufficient to build capital to the ZF͛s minimum 

req uirem ent s in t he near f ut ure.

Freddie Mac has a liƋuidity porƞolio of highͲ 

Ƌuality shortͲterm assets in edžcess of Ψ100 

b il l ion and rel iab l e access t o v aried sources of 

f unds, on accep t ab l e t erm s, t o m eet current 

and anticipated funding needs͘ Freddie Mac 

maintained all marŬet risŬ edžposures within 

est ab l ished b oard l im it s t hroughout t he y ear. 

Freddie Mac management tooŬ actions to 

further reduce sensitivity to marŬet risŬ from 

the prior year͘ Freddie Mac continued to focus 

on measuring and managing the changing midž of 

edžposures and transitioning away from the use of 

LI B O R .

Operational Risk

then assessing operational risŬ management͕ 

F,FA edžaminers consider edžposures to loss 

f rom inadeq uat e or f ail ed int ernal p rocesses 

and sy st em s, incl uding int ernal cont rol s and 

information technology͘

Fannie Mae improved its operational resilience 

and m ade p rogress in st rengt hening int ernal 

information security controls͘ Migration of 

information technology assets to a cloud 

environment continued as planned͘ dhe 

nterprise͛s edžposure to information security risŬ 

persists because of internal and edžternal factors͕ 

and notable opportunities for improvement in 

the cybersecurity area edžist͘

F reddie M ac has m ade p rogress in reducing 

operational risŬ in the areas of payment systems 
16 Federal Housing Finance Agency

inf rast ruct ure and issue m anagem ent . F reddie 

Mac continues to worŬ on maƩers related 

to information security͕ business resiliency͕ 

dat a m anagem ent , m odel risk , and issue 

m anagem ent .

^^ continued improving operational efficiency 

b y reducing rel iance on m anual cont rol s. T he 

b oard of m anagers receiv es ap p rop riat e and 

transparent information on operational risŬ͘ 

Kversight and edžecution of risŬ management 

practices͕ information technology͕ information 

securit y , b usiness resil iency , and t hird- p art y 

relationships are consistent with supervisory 

edžpectations͘ 

CORE MISSION OF 

THE FEDERAL HOME 

LOAN BANKS

In 2022͕ F,FA continued its supervision 

and ov ersight t o ensure t hat t he F H LB ank s 

remain focused on their core mission͕ which 

is t o p rov ide t o t heir m em b ers and housing 

associat es3

 financial products and services͕ 

incl uding b ut not l im it ed t o adv ances ( i.e., 

l oans) , t hat assist and enhance m em b ers’ and 

housing associates͛ financing of housing serving 

consum ers at al l incom e l ev el s and com m unit y 

l ending. H ist orical l y , short - and l ong- t erm 

adv ances t o m em b ers and housing associat es 

hav e b een t he p rincip al m ission asset of t he 

F,LanŬs͕ primarily collateralinjed by residential 

m ort gage l oans, com m ercial real est at e l oans, 

and government and agency securities͘ F,FA͛s 

ore Mission Activities regulation establishes the 

F,LanŬ activities that Ƌualify as core mission 

activities͕ including mortgage loans that are 

el igib l e as A cq uired M em b er A sset s ( A M A ) .4

3 HŽƵƐŝŶŐ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ĚĞĮŶĞĚ ƚŽ ŝŶĐůƵĚĞ ĞůŝŐŝďůĞ ƐƚĂƚĞ ĂŶĚ ůŽĐĂů ŚŽƵƐŝŶŐ ĮŶĂŶĐĞ ĂŐĞŶĐŝĞƐ͘ HŽƵƐŝŶŐ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ŶŽƚ FHLĂŶŬ 

ŵĞŵďĞƌƐ͕ ďƵƚ FHLĂŶŬƐ ŵĂLJ ŽīĞƌ ƚŚĞŵ ĂĚǀĂŶĐĞ ƉƌŽĚƵĐƚƐ ĞdžĐĞƉƚ CIP ĂĚǀĂŶĐĞƐ͘ SĞĞ ϭ2 U͘S͘C͘ Α ϭκϯ0ď͖ ϭ2 CFR ƉĂƌƚ ϭ2ςκ͘

4 See 12 CFR part 1265.

5 See 12 CFR 1239.14.

6 See F,>anŬ ore Mission chieǀement͕ dǀisory ulletin  ϮϬϭρ-Ϭρ, and F,>anŬ >iƋuidity 'uidance͕ dǀisory ulletin  ϮϬϭΘ-Ϭϳ.

7 Ibid.

T o ensure t hat t he F H LB ank s op erat e in a 

manner consistent with their core mission͕ F,FA 

req uires each F H LB ank ’ s b oard of direct ors 

to adopt͕ maintain͕ and periodically review 

a st rat egic b usiness p l an t hat describ es “ . . . 

how the significant business activities of the 

regulated entity will achieve its mission and 

public purposes͘͟5

 F H F A p rov ides t he F H LB ank s 

with guidance in developing their strategic 

plans with respect to core mission͕ including a 

description of the measure F,FA uses to assesses 

t he F H LB ank s’ core m ission achiev em ent .6

F H F A m easures each F H LB ank ’ s core m ission 

achievement by calculating the ratio of its 

p rim ary m ission asset s ( adv ances p l us A M A ) t o 

its outstanding consolidated obligations͕ less h͘^͘ 

dreasury obligations that Ƌualify as ͞high Ƌuality 

liƋuid assets͘͟7

F H F A cal cul at es each F H LB ank ’ s core m ission 

ratio using annual average par values͕ as 

rep ort ed b y t he F H LB ank s. F H F A assesses each 

F H LB ank ’ s core m ission achiev em ent annual l y 

and prefers for F,LanŬs͛ calculated ratios to 

edžceed ϳ0 percent͘ F,FA edžpects any F,LanŬ 

with a ratio marŬedly below ϳ0 percent to 

incl ude in it s b usiness p l an a t horough st rat egy 

f or increasing it s m ission f ocus.

T he F H LB ank S y st em had a 2022 core m ission 

achievement ratio of ϳκ͘1 percent͕ up from ϳ0͘ϯ 

percent in 2021͘ In addition͕ nine individual 

F,LanŬs had a core mission achievement ratio 

that edžceeded ϳ0 percent͕ four more F,LanŬs 

than in 2021͘ dhe remaining two F,LanŬs had 

ratios ũust below ϳ0 percent͕ at ςε͘8 percent and 

ςε͘ς percent͘ 'enerally͕ larger advance porƞolios 

drove core mission achievement ratios higher at 

10 of t he 11 F H LB ank s f rom 2021 t o 2022.
Report to the Congress 2022 17

SUPERVISION AND OVERSIGHT

FHLBANK SYSTEM AT 

100: FOCUSING ON 

THE FUTURE

reated by ongress in 1εϯ2 to support liƋuidity 

in t he m ort gage m ark et , t he F H LB ank S y st em 

continues to play a critical role today͕ especially 

for smaller member institutions and during 

times of marŬet stress͘ dhe F,LanŬs also 

have programs to support lowͲincome housing 

and com m unit y dev el op m ent , incl uding t he 

Affordable ,ousing Wrogram͕ the ommunity 

Investment Wrogram͕ and the ommunity 

Investment ash Advance Wrogram͘

T he rol e of t he S y st em has ev ol v ed since it s 

origin at the direction of ongress and in 

resp onse t o changes in t he m ort gage and 

financial marŬets͘ ,owever͕ it has been decades 

since a comprehensive review of the ^ystem was 

com p l et ed. A s a resul t , in A ugust 2022, F H F A 

announced t he FHLBank System at 100: Focusing 

on the Future initiative to ensure the F,LanŬs 

remain well positioned to meet the needs of 

their members and the communities they serve͘ 

F,FA launched the initiative with a public 

listening session͕ followed by regional roundtable 

discussions cov ering a v ariet y of t op ics, incl uding 

issues of local importance as well as more 

foundational Ƌuestions about the ^ystem͛s 

mission͕ purpose͕ and organinjation͘ F,FA also 

held a wrapͲup public listening session and 

accepted wriƩen comments during the public 

inp ut p hases.

F,FA edžpects to issue a report by ^eptember 

ϯ0͕ 202ϯ͕ summarinjing the feedbacŬ received͕ 

identifying actions the Agency plans to taŬe͕ and 

outlining any recommendations for consideration 

b y C ongress. 

The mission of the Federal Home Loan 

Bank System includes providing, in a safe, 

sound, and equitable manner, liquidity to 

memďer institutions including for housing 

Įnance͕ and suƉƉort for aīordaďle housing 

and community development.

FHFA seeks to improve member access

to liquidity, and to increase support

for affordable housing and community

development.
18 Federal Housing Finance Agency

FHLBank System at 100: Focusing on the 

Future 

Key Feedback

^ummarinjed staŬeholder feedbacŬ that will 

inform F,FA͛s actions and recommendations 

incl udes:

• T he saf et y and soundness of t he F H LB ank 

S y st em rem ains cent ral l y im p ort ant 

and should be a consideration with 

any p rop osed changes in m em b ership , 

st ruct ure, or p roduct s. 

• W hil e t he F H LB ank S y st em ’ s regional 

st ruct ure has enab l ed t he F H LB ank s t o b e 

resp onsiv e t o t heir m em b ers in sup p ort 

of t he uniq ue needs of each dist rict ’ s 

communities͕ continued consolidation in 

the financial system raises Ƌuestions about 

t he l ongev it y of t he current st ruct ure.

• T he F H LB ank S y st em has b een a st ab l e and 

rel iab l e source of l iq uidit y f or it s m em b ers. 

dhis is particularly true for communityͲ

based organinjations with limited access to 

capital marŬets͘ dhis was demonstrated in 

March 202ϯ͕ as the F,LanŬs provided a 

record v ol um e of adv ances t o ensure t heir 

members had access to critical liƋuidity in 

an uncert ain m ark et . 

• dhe F,LanŬs could beƩer support 

the affordable housing and community 

dev el op m ent asp ect s of t heir m ission, 

especially in underserved and financially 

vulnerable communities͘ dhe F,LanŬs 

shoul d consider p il ot and v ol unt ary 

p rogram s t o address t he unm et needs 

in the communities they serve͕ with 

support for new programs coupled with 

appropriate risŬ mitigation͘

• T he F H LB ank S y st em shoul d not b e 

considered t he l ender of l ast resort b y 

m em b ers or t he b ank ing sy st em . 

• Member access to the ^ystem͛s lowͲcost 

f unding shoul d b e al igned t o dem onst rab l e 

sup p ort f or housing and com m unit y 

dev el op m ent . 

• F,LanŬ board and edžecutive 

compensation should tie to mission 

performance achievement and reŇect the 

p ub l ic p urp ose of t he S y st em .

• Additional worŬ is needed to increase 

awareness and edžtend the reach of the 

F,LanŬs͘ Many potential members 

and st ak ehol ders ( e.g., C D F I s, housing 

associations͕ communityͲbased 

organinjationsͿ that would benefit from 

access t o t he F H LB ank S y st em and it s 

programs and products may be unaware of 

the breadth of these offerings͘ 

FHLBANK SYSTEM 

OVERVIEt

Financial ondition

F,LanŬ total assets were Ψ1͕2κϳ͘κ billion on 

ecember ϯ1͕ 2022͕ up from Ψϳ2ϯ͘κ billion 

at y ear- end 2021. T he F H LB ank s rep ort ed 

2022 aggregate net income of Ψϯ͘2 billion͕ up 

Ψ1͘κ billion from 2021͘ dhe F,LanŬs remain 

well capitalinjed and hold the highest retained 

earnings b al ance in t heir hist ory .

Aggregate asset levels increased substantially in 

2022, driv en b y sev eral asset cl asses. A dv ances 

increased Ψκςϳ͘8 billion͕ or 1ϯϯ͘2 percent͕ yearͲ

ov er- y ear, as adv ance dem and im p rov ed. C ash 

and investments increased Ψρ2͘2 billion͕ or 1ς͘ϳ 

percent͕ while mortgage loan porƞolios stayed 

relatively Ňat increasing Ψρρς million͕ or 1͘0 

percent͕ as new purchases were largely offset by 

paydowns during the year͘ 

A t y ear- end, t he F H LB ank s hel d 65.7 p ercent of 

t ot al asset s as adv ances, 29.2 p ercent as cash 

and investments͕ and κ͘ρ percent as mortgage 

l oans.
Report to the Congress 2022 19

SUPERVISION AND OVERSIGHT

A dv ances are p rim aril y col l at eral iz ed b y 

residential mortgage loans͕ commercial real 

est at e l oans, and gov ernm ent and agency 

securities͘ ommunity Financial Institutions may 

p l edge sm al l b usiness, sm al l f arm , sm al l agrib usiness, and com m unit y dev el op m ent l oans as 

col l at eral f or adv ances.8

A l l 11 F H LB ank s rep ort ed increases in adv ances 

in 2022 with aggregate advance growth of 

Ψκςϳ͘8 billion driven by increased member 

liƋuidity needs͘ Wrior to the 2022 growth͕ the 

F,LanŬ ^ystem edžperienced four consecutive 

years with lower yearͲend balances following sidž 

years of growth that ended in 201ϳ͘

T he F H LB ank s op erat e b ot h on- b al ance sheet 

and offͲbalance sheet programs through which 

m em b ers can sel l m ort gage l oans. U nder 

the F,LanŬs͛ AMA programs͕ participating 

Θ AƐ ĚĞĮŶĞĚ ŝŶ ƚŚĞ ĂŶŬ AĐƚ͕ ƚŚĞ ƚĞƌŵ CŽŵŵƵŶŝƚLJ FŝŶĂŶĐŝĂů IŶƐƟƚƵƟŽŶ ;CFIͿ ŵĞĂŶƐ Ă ŵĞŵďĞƌ͕ ƚŚĞ ĚĞƉŽƐŝƚƐ ŽĨ ǁŚŝĐŚ ĂƌĞ ŝŶƐƵƌĞĚ 

ƵŶĚĞƌ ƚŚĞ FĞĚĞƌĂů DĞƉŽƐŝƚ IŶƐƵƌĂŶĐĞ AĐƚ͕ ƚŚĂƚ ŚĂƐ ĂǀĞƌĂŐĞ ƚŽƚĂů ĂƐƐĞƚƐ ŽǀĞƌ ƚŚĞ ůĂƐƚ ƚŚƌĞĞ LJĞĂƌƐ Ăƚ Žƌ ďĞůŽǁ ĂŶ ĞƐƚĂďůŝƐŚĞĚ 

ƚŚƌĞƐŚŽůĚ͘ FŽƌ ĐĂůĞŶĚĂƌ LJĞĂƌ 2022͕ ƚŚĞ CFI ĂƐƐĞƚ ƚŚƌĞƐŚŽůĚ ǁĂƐ Ψϭ͘ϯ2ϯ ďŝůůŝŽŶ͘ TŚĞ ƚŚƌĞƐŚŽůĚ ĨŽƌ 202ϯ ŝƐ Ψϭ͘κϭϳ ďŝůůŝŽŶ͘ FHLĂŶŬ 

ŵĞŵďĞƌƐ ƚŚĂƚ ĂƌĞ CFIƐ ŵĂLJ ƉůĞĚŐĞ ƐŵĂůů ďƵƐŝŶĞƐƐ ůŽĂŶƐ͕ ƐŵĂůů ĨĂƌŵ ůŽĂŶƐ͕ ƐŵĂůů ĂŐƌŝͲďƵƐŝŶĞƐƐ ůŽĂŶƐ͕ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ĚĞǀĞůŽƉŵĞŶƚ 

ůŽĂŶƐ͕ Ăůů ŽĨ ǁŚŝĐŚ ŵĂLJ ďĞ ĨƵůůLJ ƐĞĐƵƌĞĚ ďLJ ĐŽůůĂƚĞƌĂů ŽƚŚĞƌ ƚŚĂŶ ƌĞĂů ĞƐƚĂƚĞ͕ ĂŶĚ ƐĞĐƵƌŝƟĞƐ ƌĞƉƌĞƐĞŶƟŶŐ Ă ǁŚŽůĞ ŝŶƚĞƌĞƐƚ ŝŶ ƐƵĐŚ 

loans.

F H LB ank s acq uire and hol d ( on t heir b al ance 

sheet s) conf orm ing l oans and l oans guarant eed 

or insured b y a dep art m ent or agency of t he 

U .S . gov ernm ent . T he A M A p rogram s are 

st ruct ured such t hat t he F H LB ank m anages a 

loan͛s interest rate risŬ͕ while the participating 

member manages a substantial portion of the 

risŬs associated with originating the mortgage 

loan͕ including a significant portion of the credit 

risŬ͘ dhrough the three edžisting AMA programs͕ 

Mortgage Wartnership Finance ;MWFͿ͕ Mortgage 

Wurchase Wrogram ;MWWͿ͕ and Mortgage Asset 

Wrogram ;MAWͿ͕ F,LanŬs offer various products 

to members with differing credit risŬͲsharing 

st ruct ures.

dhe F,LanŬs held Ψρς͘1 billion of mortgage 

l oans on t heir b al ance sheet s as of D ecem b er 

ϯ1͕ 2022͕ up from Ψρρ͘ς billion at yearͲend 2021͘ 

T his change resul t ed f rom m ort gage p urchases 

Figure κ͗ ,istorical Worƞolio of the F,>anŬ System
20 Federal Housing Finance Agency

of Ψ8͘ρ billion and mortgage principal payments 

of Ψϳ͘ϳ billion͘9

hnder the offͲbalance sheet programs in 

operation through 2022͕ members of F,LanŬs 

sell mortgages to the F,LanŬ of hicago͕ which 

eit her concurrent l y sel l s t he l oan t o F annie M ae 

;MWF ytraͿ or pools the loans into securities 

guaranteed by the 'overnment Eational 

Mortgage Association ;MWF 'overnment 

MortgageͲacŬed ^ecurities ;M^ͿͿ͘ In 2022͕ 

F,LanŬ members delivered Ψ1͘κ billion of 

mortgage loans under MWF ytra through 

t he F H LB ank s t o F annie M ae. M em b ers al so 

delivered Ψ2ϯϳ million of mortgage loans to the 

F,LanŬ of hicago to securitinje through the 

MWF 'overnment M^ program͘

dhe aggregate investment porƞolio of the 

F H LB ank s consist ed of 56.5 p ercent cash and 

liƋuidity͕ ϯϳ͘8 percent M^͕ and ρ͘8 percent 

ot her inv est m ent s ( p rincip al l y agency deb t 

securities and for the F,LanŬ of hicago͕ 

f ederal l y - b ack ed st udent l oan asset - b ack ed 

securitiesͿ͘ dhe F,LanŬs held Ψ1ϯϳ͘ς billion 

of M^͕ primarily consisting of M^ securitinjed 

b y F reddie M ac and F annie M ae. A t y ear- end 

2022͕ the F,LanŬs held Ψ20ρ͘ϳ billion of cash 

and l iq uidit y inv est m ent s.10 T he F H LB ank s are 

also significant participants in the federal funds 

m ark et .

dhe F,LanŬs͛ standby leƩers of credit porƞolio 

increased Ψ18͘ϯ billion over 2022 to Ψ1ςε͘κ 

billion at yearͲend͘ ^tandby leƩers of credit are 

oŌen used by members to secure public unit 

deposits͘ If drawn on͕ a member may taŬe out 

an advance to cover its obligation to repay the 

funds to the F,LanŬ͖ however͕ F,LanŬ standby 

leƩers of credit are rarely drawn on͘

9 DŽƌƚŐĂŐĞ ƉƵƌĐŚĂƐĞƐ ŝŶĐůƵĚĞ ƉƌĞŵŝƵŵƐ ĂŶĚ ĚŝƐĐŽƵŶƚƐ͘ AƐ Ă ƌĞƐƵůƚ͕ ƚŚŝƐ ĂŵŽƵŶƚ ǁŝůů ŶŽƚ ĂůŝŐŶ ǁŝƚŚ ƚŚĞ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ ŽĨ 

ŶĞǁ ŵŽƌƚŐĂŐĞ ĂĐƋƵŝƐŝƟŽŶƐ͘

10 TŚŝƐ ŵĞĂƐƵƌĞ ŝŶĐůƵĚĞƐ TƌĞĂƐƵƌLJ ƐĞĐƵƌŝƟĞƐ͘

onsolidated obligations totaled Ψ1͕1ς1͘ρ billion 

and consisted of Ψςερ͘ρ billion of bonds ;ρε͘ε 

percentͿ and Ψκςς͘0 billion of discount notes 

;κ0͘1 percentͿ͘ ^hortͲterm funding by par value 

;funding with a remaining maturity of less than 

one y ear) m ade up 71.5 p ercent of consol idat ed 

obligations at yearͲend 2022͘

Eet income was Ψϯ͘2 billion in 2022͕ and all 

F,LanŬs were profitable͘ Eet income increased 

Ψ1͘κ billion yearͲoverͲyear due to higher levels 

of earning assets that drove a Ψ1͘ϯ billion 

increase in net int erest incom e ( F igure 5) . I n 

addition͕ nonͲinterest income increased by Ψ2ϯκ 

million͕ partially offset by nonͲinterest edžpense 

increasing Ψκ1 million yearͲoverͲyear͘ 
Report to the Congress 2022 21

SUPERVISION AND OVERSIGHT

dhe aggregate return on assets ratio was 0͘ϯϯ 

percent in 2022͕ up from 0͘2ϯ percent in 2021͘ 

dhe aggregate return on eƋuity ratio was ρ͘ς1 

percent͕ up from ϯ͘ρς percent͘ ontinued 

profitability allowed the F,LanŬs to build 

ret ained earnings in 2022. A ggregat e ret ained 

earnings totaled Ψ2κ͘ς billion͕ or 2͘0 percent of 

assets͕ at the end of 2022͕ up Ψ1͘8 billion from 

Ψ22͘8 billion͕ or ϯ͘1 percent of assets͕ the prior 

year͘ Asset growth outpaced retained earnings 

growth͕ lowering the retained earnings to assets 

ratio͘ ,owever͕ by comparison͕ at yearͲend 2008͕ 

during t he housing crisis, t he F H LB ank s hel d onl y 

Ψϯ͘0 billion of aggregate retained earnings͕ which 

rep resent ed j ust 0.2 p ercent of asset s ( F igure 6) .

Figure 5: Annual FHLBank Net Interest Income and Net Income
22 Federal Housing Finance Agency

As of ecember ϯ1͕ 2022͕ aggregate regulatory 

capital consisted of Ψκκ͘ϳ billion capital stocŬ͕ of 

which Ψ0͘ϳ billion was mandatorily redeemable 

capital stocŬ ;MZ^Ϳ͕ and Ψ2κ͘ς billion in 

ret ained earnings.11

Comparisons

dhe sinje and composition of F,LanŬ assets 

v aries across t he S y st em . I ndiv idual F H LB ank s 

ranged from total assets of Ψς2͘ε billion to 

Ψ1ςκ͘2 billion as of ecember ϯ1͕ 2022͘ dhe ratio 

of adv ances t o asset s ranged f rom 50.7 p ercent 

to ϳϯ͘ε percent͘ dhe ratio of mortgage loans to 

assets was κ͘ρ percent overall͕ ranging between 

0.1 p ercent t o 11.0 p ercent . T he m ark et v al ue 

to par value of capital stocŬ ratio was above 100 

p ercent at each F H LB ank . 

11 ĂŶŬƐ ƌĞĐůĂƐƐŝĨLJ ĐĂƉŝƚĂů ƐƚŽĐŬ ƐƵďũĞĐƚ ƚŽ ƌĞĚĞŵƉƟŽŶ ĨƌŽŵ ĐĂƉŝƚĂů ƐƚŽĐŬ ƚŽ ŵĂŶĚĂƚŽƌŝůLJ ƌĞĚĞĞŵĂďůĞ ĐĂƉŝƚĂů ƐƚŽĐŬ ;Ă ůŝĂďŝůŝƚLJͿ ŐĞŶĞƌĂůůLJ 

ĂŌĞƌ Ă ŵĞŵďĞƌ ĞdžĞƌĐŝƐĞƐ Ă ǁƌŝƩĞŶ ƌĞĚĞŵƉƟŽŶ ƌĞƋƵĞƐƚ͕ ŐŝǀĞƐ ŶŽƟĐĞ ŽĨ ŝŶƚĞŶƚ ƚŽ ǁŝƚŚĚƌĂǁ ĨƌŽŵ ŵĞŵďĞƌƐŚŝƉ͕ Žƌ ĂƩĂŝŶƐ ŶŽŶͲ

ŵĞŵďĞƌ ƐƚĂƚƵƐ ďLJ ŵĞƌŐĞƌ Žƌ ĂĐƋƵŝƐŝƟŽŶ͕ ƌĞůŽĐĂƟŽŶ͕ ĐŚĂƌƚĞƌ ƚĞƌŵŝŶĂƟŽŶ͕ Žƌ ŝŶǀŽůƵŶƚĂƌLJ ƚĞƌŵŝŶĂƟŽŶ ĨƌŽŵ ŵĞŵďĞƌƐŚŝƉ͘

Figure 6: Retained Earnings of the FHLBanks
Report to the Congress 2022 23

SUPERVISION AND OVERSIGHT

Figure ϳ͗ F,>anŬ Selected alance Sheet /tems and Ratios

Balance 

Sheet ($ 

Billions)

SYSa BOS NYK PIT ATL CIN IND CHI DSM DAL TOP SFR

dotal Assets Ͳ Ψ 1͕2κϳ͘ϯςκ 62.898 1ρϳ͘ϯε1 ες͘1κ1 151.622 108.610 ϳ2͘28κ 12ς͘8ρϯ 1ςκ͘1ςε 11κ͘ϯκε ϳ1͘εεϯ 121.056 

A dv ances - % 

of A sset s 65.7% 66.1% ϳϯ͘ϯ% 71.6% ϳ2͘ϯ% 61.7% 50.7% ρ2͘ϯ% 67.7% ς0͘ϯ% 61.5% ϳϯ͘ε%

% of A dv ances 

with remaining 

m at urit y < 1 

y ear

ςκ͘0% 58.7% 71.0% κ1͘κ% 70.8% ϳς͘κ% ϯ8͘ε% ρκ͘ρ% ρκ͘8% 69.2% 71.2% 78.8%

M ort gages - % 

of A sset s κ͘ρ% κ͘κ% 1͘ϯ% κ͘8% 0.1% 6.6% 10.6% 8.0% 5.1% ϯ͘8% 11.0% 0.7%

C ash & 

I nv est m ent s - % 

of A sset s

29.2% 28.5% 2κ͘8% 2ϯ͘0% 27.1% ϯ1͘0% ϯϳ͘ϳ% ϯε͘2% 26.5% ϯρ͘ρ% 26.8% 25.0%

M B S 

I nv est m ent s 

- % of 

A sset s

11.0% 11.6% 9.6% 6.9% 1ϯ͘ε% 1ρ͘ϯ% 1κ͘ϯ% 1ϯ͘0% 8.7% 10.5% 9.7% 9.0%

M B S t o 

regul at ory 

capital ratio

2.11 2.2 1.75 1͘ϯκ 2͘ϳκ 2.56 2.92 2.75 1.69 2.17 1͘εκ 1͘κ8

Liq uidit y - % 

of A sset s 16.5% 15.8% 1κ͘ϯ% 1κ͘ϯ% 12.2% 1κ͘2% 20.8% 22.0% 1ς͘ϯ% 22.1% 16.5% 15.7%

C onsol idat ed 

Kbligations Ͳ Ψ 1͕1ς1͘ρϯς ρ8͘ρκ1 1κϳ͘2ε1 90.217 1κ1͘ρ0ε 100͘ϯρε 67.270 11ϳ͘ςκϳ 1ρϯ͘ρ0ϳ 106.217 67.281 111.697 

iscount Eotes 

- % of C O s κ0͘1% κς͘1% κ2͘0% ϯϳ͘κ% 28.1% κ0͘ρ% κ0͘ϳ% 50.6% κρ͘1% κϯ͘ς% ϯς͘8% ϯ2͘2%

% of Ks with 

rem aining 

m at urit y < 1 

y ear

71.5% 62.9% 68.9% 70.8% 71.0% 88͘κ% ρκ͘0% 58.7% 81.1% 66.7% 68.9% 8ϯ͘ρ%

R egul at ory C ap it al 

Zatio 5.55% ρ͘εϯ% ρ͘ϯε% 5.19% 5.07% 6.05% ρ͘2ϯ% 6.15% ρ͘κ1% 5.09% 5.22% ς͘κ1%

R et ained E arnings 

Ͳ Ψ 2κ͘ρρς 1.691 2.096 1͘ρϯς 2͘28ϯ 1͘κ01 1.286 κ͘ρςκ 2.618 1͘8ϯκ 1͘2ρϯ ϯ͘εεϯ 

MarŬet salue 

of E q uit y as of a 

Wercent of apital 

S t ock

1ρϯ% 171% 1ϯρ% 1ϯϳ% 1ϯϳ% 119% 1ϯ8% 251% 1ϯϳ% 1ρκ% 155% 205%

a

 EdžĐůƵĚĞƐ ŝŶƚĞƌďĂŶŬ ĂĚũƵƐƚŵĞŶƚƐ ĂŶĚ ĞůŝŵŝŶĂƟŽŶƐ ŽŶ Ă ĐŽŵďŝŶĞĚ ďĂƐŝƐ
24 Federal Housing Finance Agency

Membership

A t t he end of 2022, t he F H LB ank s had a t ot al 

of ς͕κε8 members͕ down from ς͕ρϳς in 2021͕ 

p rim aril y due t o m em b er m ergers. M em b ership 

at indiv idual F H LB ank s ranged f rom 281 t o 

1, 258 m em b ers. T he aggregat e m em b ership 

consisted of ϯ͕ϳ11 commercial banŬs͕ 1͕ρϳ0 

credit unions͕ ρ82 savings associations͕ ρςρ 

insurance com p anies, and 70 non- dep osit ory 

community development financial institutions 

;FIsͿ͘ Approdžimately ρς͘κ percent of F,LanŬ 

members were borrowers͘ At each of the 

F,LanŬs of Eew zorŬ͕ WiƩsburgh͕ incinnati͕ 

and S an F rancisco, m ore t han 70 p ercent of t ot al 

advances were aƩributable to the F,LanŬ͛s ten 

largest borrowers͘ ^ystemͲwide͕ the increase 

in advances in 2022 significantly affected the 

composition of advances by member type͘ 

C om m ercial b ank s account ed f or 58.9 p ercent of 

m em b er adv ances at t he end of 2022, up f rom 

ϯκ͘ς percent of advances at the end of 2021͘ 

C onv ersel y , insurance com p anies decreased t o 

1ς͘ε percent from ϯκ͘8 percent of total advances 

over the same time period͘

Figure Θ͗ Selected /ncome Statement /tems and Ratio

Balance 

Sheet ($ 

Millions)

SYSa BOS NYK PIT ATL CIN IND CHI DSM DAL TOP SFR

Eet Income Ͳ Ψ ϯ͕1ς8 18κ κ1ϳ 227 18κ 252 177 κ1ρ κϯ0 ϯ1ϳ 2κ1 ϯ2κ 

R et urn on A sset s 0͘ϯϯ% 0͘ϯϳ% 0͘ϯκ% 0͘ϯρ% 0.16% 0.25% 0.28% 0͘ϯ8% 0͘ϯ8% 0͘κ0% 0͘ϯε% 0͘ϯϳ%

R et urn on E q uit y 5.61% ς͘κϳ% 6.12% ς͘ϯϯ% ϯ͘18% κ͘ϳ8% ρ͘0ϯ% ρ͘εκ% ς͘ϯϯ% 6.69% ϳ͘κϳ% κ͘ςϳ%

Eet Interest Income 

;EIIͿ Ͳ Ψ 5, 122 282 ςϯκ ϯρ2 ϯ2ϳ κ8ϳ 291 676 679 κ80 ϯς2 552 

Eet Interest ^pread 0͘κ0% 0͘κ2% 0͘ϯ8% 0͘κϯ% 0.16% 0͘ϯϳ% 0͘ϯς% 0͘κς% 0͘κ8% 0͘κρ% 0͘κ8% 0.50%

zield on 

A dv ances 2͘ϯς% 2͘κε% 2͘ϯ1% 2.71% 2͘ϯ1% 2͘ϯ2% 2.12% 2.16% 2͘ςϯ% 2͘ϯϯ% 2.17% 2͘ϯ8%

zield on 

I nv est m ent s 2.22% 2͘κϯ% 2͘0κ% 2.18% 1.90% 2.08% 2͘1κ% 2͘κρ% 2.15% 2͘κ1% 2.22% 2͘ρκ%

zield of 

M ort gage 

Loans

2.90% 2͘εκ% ϯ͘01% 2.90% 5.17% 2.75% 2.69% 2.85% ϯ͘00% ϯ͘00% 2.85% 5.22%

C ost of F unds 

on C O s 1͘εκ% 2.09% 1.86% 2.12% 2.02% 1.89% 1͘8κ% 1.85% 2͘0κ% 1.95% 1.79% 1.98%

Kperating džpenses 

to EII 2κ͘κ% 2ϯ͘ϳ% 26.8% 2κ͘ρ% ϯκ͘ρ% 15.6% ϯ0͘ε% ϯ2͘ς% 18.7% 18.1% 17.5% 2ϳ͘ϯ%

a

 EdžĐůƵĚĞƐ ŝŶƚĞƌďĂŶŬ ĂĚũƵƐƚŵĞŶƚƐ ĂŶĚ ĞůŝŵŝŶĂƟŽŶƐ ŽŶ Ă ĐŽŵďŝŶĞĚ ďĂƐŝƐ

Financial performance was not uniform across 

t he F H LB ank s in 2022, b ut it rem ained adeq uat e. 

Eet income ranged from Ψ1ϳς͘ϳ million to 

Ψκϯ0͘2 million͕ while return on assets ratios 

ranged from 0͘1ς percent to 0͘κ0 percent͘ At 

the aggregate level͕ F,LanŬ operating edžpenses 

made up 2κ͘κ percent of net interest income͘
Report to the Congress 2022 25

SUPERVISION AND OVERSIGHT

RATING COMPONENT 

OVERVIEt

Capital ʹ apital management practices were 

satisfactory at all of the F,LanŬs in 2022͘ thile 

l ev el s of b ot h cap it al st ock and ret ained earnings 

grew over the year͕ the ^ystem regulatory 

capital ratio declined to ρ͘ρρ percent at yearͲend 

2022 from ς͘ςϳ percent a year prior͕ still well 

above the κ͘00 percent regulatory minimum͘ 

dhe decline was driven by growth in advances 

outpacing capital growth͕ reversing the KsIͲ1ε 

rel at ed t rend f rom 2020 and 2021 and b ringing 

regulatory capital ratio levels bacŬ to preͲ

p andem ic l ev el s.

T he F H LB ank s al l had general l y adeq uat e l ev el s 

of capital͕ including retained earnings͕ relative 

to their risŬ profiles͘ ,owever͕ edžaminers 

identified areas for improvement at several 

F H LB ank s incl uding enhancing credit risk - b ased 

capital methodology and its documentation 

to beƩer align with regulatory reƋuirements͕ 

improving capital system implementation of 

member activity stocŬ purchase reƋuirements͕ 

and incorporating certain additional risŬs when 

reviewing the retained earnings sufficiency 

frameworŬ in 202ϯ͘

Asset Quality ʹ Asset Ƌuality was rated 

satisfactory at all the F,LanŬs in 2022͘ ,owever͕ 

edžaminers identified areas for improvement in 

risŬ management practices at the F,LanŬs͕ 

incl uding im p rov ing m em b er credit m odel 

p erf orm ance m onit oring; im p rov ing R ep o 

investment frameworŬ͖ addressing deficiencies 

in collateral verification review͕ collateral 

st ress t est and haircut m et hodol ogies, and 

collateral lien practices͖ improving controls to 

prevent edžcessive unsecured credit edžposure͖ 

im p rov ing m et hodol ogies f or l ender risk 

account s; st rengt hening t he insurance com p any 

member credit rating frameworŬ͖ improving 

standby leƩers of credit due diligence practices͖ 

and addressing weaŬnesses in AMA pricing͕ 

modeling͕ and monitoring practices͘

In general͕ advances are lowͲrisŬ loans͕ but 

they are subũect to concentration risŬ͘ ,owever͕ 

in 2022͕ the concentration of advances to 

sub sidiaries of l arge b ank hol ding com p anies 

fell slightly to their lowest levels since 2010͕ 

relative to other borrowers in the ^ystem͘ In 

2021͕ the five largest borrowers at the holding 

company level ;Eew zorŬ ommunity ancorp 

Inc͕͘ Metropolitan Life Insurance ompany͕ :͘W͘ 

M organ C hase & C o., M idl and F inancial C o., 

and dIAAͿ represented Ψς0͘1 billion or 1ϳ͘2 

p ercent of aggregat e adv ances. I n 2022, t he 

five largest aggregate borrowers at the holding 

company level ;tells Fargo Θ ompany͕ WE 

Financial ^ervices 'roup Inc͕͘ druist Financial 

orporation ;formerly Θd orporationͿ͕ Eew 

zorŬ ommunity ancorp͕ Inc͕͘ and h͘^͘ ancorpͿ 

accounted for Ψ1ϯε͘κ billion of advances͕ but ũust 

1ς͘ε percent of aggregate advances͕ the lowest 

level since 2010 and the sidžth straight year 

that advance concentration among the top five 

borrowers has declined͘ ;Figure 10Ϳ

Figure 9: FHLBank Membership

SYS BOS NYK PIT ATL CIN IND CHI DSM DAL TOP SFR

T ot al M em b ers ς͕κε8 κ2ρ ϯ2ς 281 797 616 ϯκς 671 1, 258 779 669 ϯϯ0

C om m ercial B ank s ϯ͕ϳ11 50 10ϯ 129 κϯϯ ϯϯϳ 1κ2 κϯκ 88κ ρϯρ ρϯ0 1ϯκ

C redit U nions 1, 570 159 106 ςϯ 2κ0 1κκ 1ϯ1 102 257 125 88 155

S av ing A ssociat e 2εκ 2ϯ 29 17 ϯ8 57 17 26 ϯ2 26 21 8

S av ings B ank 288 115 ϯϯ ϯ2 1κ 16 6 ϯρ 10 27 0 0

I nsurance C om p anies 565 ϳκ κς ϯ8 59 55 κς 67 69 59 26 26

EonͲdepository FIs 70 κ 9 2 1ϯ 7 κ 7 6 7 κ 7

den Largest orrowers 

- % of A dv ances 56.6% ϳκ͘8% 8ϯ͘ε% ς8͘κ% 75.7% 56.6% 58.6% 58.1% 52.1% 59.6% 70.9%
26 Federal Housing Finance Agency

 Figure 10: Top 5 Holding Companies with Advances Outstanding

Source: FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ SLJƐƚĞŵ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ĂŶŶƵĂů CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚ ĨŽƌ ĞĂĐŚ LJĞĂƌ ůŝƐƚĞĚ͘ 

dhe holding companies with the most advances 

out st anding t o t heir sub sidiaries hav e changed 

over time͘ h͘^͘ ancorp became a top five 

borrower for the first time͕ though it had 

previously been a top ten borrower in 201ε͘ 

^ince 2010͕ anŬ of America orporation͕ 

apital Kne͕ itigroup Inc͕͘ ,udson ity 

ancorp͕ ^antander anorp͕ :W Morgan 

hase Θ ompany͕ Metlife Inc͕͘ WE Financial 

^ervices 'roup͕ Ally Financial͕ druist Financial 

orporation͕ Eew zorŬ ommunity ancorp Inc͕͘ 

W el l s F argo & C om p any , F irst R ep ub l ic B ank , 

Midland Financial 'roup͕ and h͘^͘ ancorp have 

been among the top five borrowers at the end of 

t he y ear.

Management ʹ džamination conclusions 

regarding management were satisfactory at 

all F,LanŬs in 2022͘ ,owever͕ edžaminers 

identified areas of concern including suspicious 

activity report filing procedures͕ insurance 

company membership frameworŬ͕ activity stocŬ 

calculations͕ withdrawn membership stocŬ 

redemption͕ reporting of boardͲestablished risŬ 

l im it s and k ey risk indicat or ov ersight , m odel 

risŬ management practices͕ and remediation 

frameworŬ for F,FA edžamination findings͘

Earnings ʹ In 2022͕ earnings were satisfactory at 

al l b ut one F H LB ank . W hil e earnings and earnings 

Ƌuality generally continue to be satisfactory at 

most F,LanŬs͕ edžaminers identified puƩable 

advance pricing practices as an area of concern 

at one F H LB ank and recom m ended t hat 

another F,LanŬ enhance its overall financial 

performance reporting͘

Liquidity ʹ LiƋuidity risŬ management was 

satisfactory at all F,LanŬs in 2022͘ džaminers 

identified isolated opportunities for the 

F,LanŬs to strengthen their liƋuidity reporting 

and m easurem ent sy st em s, incl uding im p rov ing 

beƩer reviews of report data submiƩed to F,FA 

and enhancing tabletop training edžercises͘

Sensitiǀity to MarŬet RisŬ – O v eral l , t he 

F H LB ank s had m oderat e l ev el s of m ark et risk 

edžposure͘ MarŬet risŬ management was well 

controlled or satisfactory at all but one F,LanŬ 

in 2022, and m ort gage asset s ap p eared t o 

rem ain t he great est source of m ark et risk . 
Report to the Congress 2022 27

SUPERVISION AND OVERSIGHT

,owever͕ edžaminers identified marŬet risŬͲ

rel at ed enhancem ent s sev eral F H LB ank s coul d 

maŬe to their model validation reviews͕ oversight 

of m aj or m odel changes, m ort gage p rep ay m ent 

m odel ing, m odel b enchm ark ing, m odel 

documentation͕ AMA pricing methodology and 

documentation͕ and stress testing͘

OƉerational RisŬ ʹ In 2022͕ operational risŬ was 

generally satisfactory at all but one F,LanŬ͘ 

Across the ^ystem͕ operational risŬ levels 

rem ained m oderat el y el ev at ed b ecause of t he 

adoption and implementation of edžpanded 

teleworŬ and worŬͲfromͲhome policies as well 

as ongoing information technology initiatives at 

many F,LanŬs͘ Across the F,LanŬs͕ edžaminers 

identified areas that edžhibited or could edžhibit 

unacceptable operational risŬs in information 

securit y m anagem ent , b usiness resil iency , 

documentation of operational testing͕ internal 

sy st em cont rol s, user access m anagem ent , 

thirdͲparty management and oversight͕ networŬ 

securit y , v ul nerab il it y m anagem ent , and 

information security staffing͘ ^everal F,LanŬs 

continue to evolve their information security 

and cybersecurity controls to address edžisting 

and potential risŬs by improving soŌware 

securit y p at ching, hardening access, enhancing 

user access management͕ and increasing staff 

awareness and training related to increasingly 

sophisticated social engineering tactics͘

District 1: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

Boston

At the time of its :uly 2022 edžamination͕ 

the overall condition and operations of the 

F,LanŬ of oston were satisfactory͘ oard 

and m anagem ent ov ersight of t he F H LB ank 

was satisfactory͘ Advance volume growth since 

the last edžamination contributed to stronger 

earnings͕ with higher net interest income and net 

income͘ dhe F,LanŬ͛s overall financial condition 

and performance remained satisfactory while it 

maintained a preferred advances and AMA ratio͘ 

dhe F,LanŬ͛s liƋuidity position and composition 

rem ain st rong, and it s ret ained earnings l ev el 

is strong relative to risŬ͘ Wrimary edžamination 

concerns related to deficiencies in the F,LanŬ͛s 

cloud computing resiliency and risŬ governance͕ 

data classification and protection͕ the insurance 

company member application process͕ and 

m odel risk m anagem ent . O v ersight and 

edžecution of the A,W was satisfactory͘

District 2: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

NĞǁ YŽƌŬ

At the time of its edžamination in April 2022͕ the 

overall condition and operations of the F,LanŬ 

of Eew zorŬ were satisfactory͘ oard and senior 

m anagem ent ov ersight of t he F H LB ank rem ained 

satisfactory͕ strong liƋuidity ensured member 

access to funding͕ and marŬet risŬ edžposure was 

consist ent l y neut ral . C ore m ission achiev em ent 
28 Federal Housing Finance Agency

remained strong͘ Financial performance was 

satisfactory͕ and profitability trended higher 

during the second half of the year͘ Wrincipal 

concerns from the edžamination centered on 

affordable housing and community investment 

activities͕ and administration of the 2021 A,W 

'eneral Fund in particular͘ Additional concerns 

incl uded m odel risk m anagem ent gov ernance; 

Mortgage Asset Wrogram monitoring͕ reporting͕ 

and documentation͖ and credit risŬͲbased capital 

calculation practices͘ 

District 3: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

PŝƩƐďƵƌŐŚ

At the time of its edžamination in :uly 2022͕ the 

overall condition and operations of the F,LanŬ 

of WiƩsburgh were satisfactory͘ Kversight of 

operations by the board and senior management 

was adeƋuate͘ dhe F,LanŬ had strong capital 

and liƋuidity positions͕ satisfactory earnings͕ 

and acceptable operational risŬ͘ ^ensitivity to 

marŬet risŬ was moderate and asset Ƌuality 

was satisfactory͘ Wrimary edžamination concerns 

rel at ed t o t he F H LB ank ’ s insurance com p any 

membership application standards and practices͕ 

acq uired m ort gages p ricing m et hodol ogy and 

risŬ modeling practices͕ securities collateral 

haircut methodology͕ and collateral verification 

reviews͘ Kversight and edžecution of the A,W was 

satisfactory͘

District 4: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

Atlanta

At the time of the edžamination in :anuary 

2022͕ the overall condition and operations 

of the F,LanŬ of Atlanta were satisfactory͘ 

T he F H LB ank had sound cap it al and l iq uidit y 

positions͖ however͕ earnings needed 

improvement͘ Asset Ƌuality was strong with low 

credit risk . O v ersight b y t he b oard of direct ors 

and management was satisfactory͘ Wrimary 

edžamination concerns related to reliance on 

aging t echnol ogy , regul at ory com p l iance, risk 

modeling governance and practices͕ and the 

pricing of compledž advances͘ Kversight and 

edžecution of the A,W was satisfactory͘

District 5: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

CŝŶĐŝŶŶĂƟ

At the time of the :anuary 2022 edžamination͕ the 

overall condition and operations of the F,LanŬ 

of incinnati were satisfactory͘ dhe F,LanŬ͛s 

financial condition was satisfactory͕ evidenced 

by strong liƋuidity͕ adeƋuate capitalinjation͕ 

sufficient earnings͕ and satisfactory asset Ƌuality͘ 

oard and senior management oversight was 

satisfactory͕ as were marŬet and operational risŬ 

levels͘ Wrimary edžamination concerns related to 

the F,LanŬ͛s A,W administration͕ Mortgage 

Wurchase Wrogram credit enhancement and 

pricing practices͕ operating incident analysis͕ and 

vulnerability and penetration testing͘

District 6: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

Indianapolis

At the time of its edžamination in Kctober 2022͕ 

the overall condition and operations of the 

F,LanŬ of Indianapolis were satisfactory͘ dhe 

F,LanŬ had sufficient capital and earnings͖ 

satisfactory interest rate risŬ͕ credit risŬ and 

operational risŬ profiles͖ and a strong liƋuidity 

position͘ Kversight by the board and senior 

management was effective͘ Wrimary edžamination 

concerns rel at ed t o unsecured credit cont rol s, 

model risŬ management͕ soŌware management͕ 

and p ricing f or one of t he B ank ’ s adv ance 

products͘ Kversight and edžecution of the A,W 

was satisfactory͘

District 7: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

Chicago

At the time of its 2022 edžamination in :uly͕ the 

overall condition and operations of the F,LanŬ 

of hicago were satisfactory͘ ^trong capital 

and earnings profiles supported moderate risŬ 

levels throughout anŬ operations͘ In its role 

as the Mortgage Wartnership Finance ;MWFͿ 

p rov ider, t he F H LB ank adeq uat el y m anaged 

the MWF program and collaborated with 

participating F,LanŬs͘ Wrimary edžamination 

concerns related to A,W administration͕ member 

accountability within community investment 

p rogram s p rogram s, insurance com p any m em b er 
Report to the Congress 2022 29

SUPERVISION AND OVERSIGHT

standards and credit ratings͕ credit risŬͲbased 

capital calculations͕ information security͕ disaster 

recov ery st rat egies, and m ort gage p rep ay m ent 

m odel ing.

District 8: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

Des Moines

At the time of its edžamination in Kctober 2022͕ 

the overall condition͕ and operations of the 

F,LanŬ of es Moines were satisfactory͘ 

apital management and sensitivity to marŬet 

risŬ practices were satisfactory͘ Asset Ƌuality 

was satisfactory with low credit risŬ͘ arnings 

performance and liƋuidity were strong and 

supported the overall sound financial condition 

of t he B ank . B oard and m anagem ent ov ersight 

remained overall effective͖ however͕ operational 

risŬ management warranted improvement͘ 

Wrimary edžamination concerns related to an 

elevated operational risŬ level͕ credit risŬͲbased 

capital calculation͕ regulatory compliance 

management͕ municipal securities collateral 

p rocesses, and credit and m ark et m odel risk 

management practices͘ Kversight and edžecution 

of the A,W was satisfactory͘ 

District 9: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

Dallas

At the time of the Kctober 2022 annual 

edžamination͕ the overall condition and 

operations of the F,LanŬ of allas remained 

satisfactory͘ dhe board and senior management 

effectively managed potential risŬs to the 

institution and remediated findings from the 

previous edžamination͘ dhe F,LanŬ͛s capital 

position remained satisfactory͖ earnings and 

capital positions were strong͘ Although credit 

and marŬet risŬs were appropriately identified 

and controlled͕ the edžamination noted 

operational weaŬnesses regarding member stocŬ 

purchase reƋuirements͕ risŬ identification related 

to standby leƩers of credit͕ and addressing 

potential cloud computing risŬs͘ Kversight and 

edžecution of the A,W remained satisfactory͘

District 10: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

TŽƉĞŬĂ

At the time of its edžamination in April 2022͕ the 

overall condition and operations of the F,LanŬ 

of dopeŬa were satisfactory͘ dhe F,LanŬ had 

satisfactory earnings and capital positions that 

were sufficient to support operations and pay a 

reasonab l e div idend t o m em b ers. T he F H LB ank ’ s 

liƋuidity position was strong͘ ^ensitivity to 

marŬet risŬ practices reŇected ongoing significant 

concern with the accuracy of management͛s 

marŬet risŬ measurement and the sufficiency 

of the F,LanŬ͛s efforts to address previous 

concerns͘ dhe F,LanŬ edžhibited satisfactory 

credit and operational risŬ oversight͘ In addition 

to concerns with the F,LanŬ͛s marŬet risŬ 

modeling practices͕ principal edžamination 

concerns related to identified deficiencies in 

secured and unsecured credit risk m anagem ent 

practices and potential concerns related to the 

effects of the global pandemic͘ Kversight and 

edžecution of the A,W was satisfactory͘

District 11: TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ ŽĨ 

San Francisco

At the time of its edžamination in :anuary 2022͕ 

the overall condition and operations of the 

F,LanŬ of ^an Francisco were satisfactory͘ dhe 

F,LanŬ͛s financial condition was satisfactory͕ 

evidenced by satisfactory earnings and strong 

capitalinjation and liƋuidity͘ ^ensitivity to marŬet 

risŬ oversight was effective͘ Asset Ƌuality and 

operational risŬ levels were satisfactory͕ and 

board and senior management oversight was 

effective͘ Wrimary edžamination concerns related 

to insurance company membership application 

standards and practices and thirdͲparty 

oversight͘ džecution and oversight of the A,W 

was satisfactory͘

Oĸce of Finance

At the time of its edžamination in April 2022͕ 

the overall condition and operations of the 

KF were satisfactory͘ Kversight by the board 

and senior management was satisfactory͕ and 
30 Federal Housing Finance Agency

operational risŬ edžposure was acceptable͘ 

Wrimary edžamination concerns related to thirdͲ

party relationship management͕ information 

t echnol ogy ov ersight , and disast er recov ery 

p rep aredness.

F,>anŬ irectors͛ omƉensation and 

Expenses

T he F H LB ank s are gov erned b y b oards of 

directors͕ which range in sinje from 1κ to 22 

direct ors. T he B ank A ct req uires t he m aj orit y 

of F H LB ank b oard m em b ers t o b e m em b er 

directors ;meaning͕ officers or directors of 

member institutionsͿ and at least κ0 percent to 

b e indep endent direct ors. I ndep endent direct ors 

must reside in the district of the F,LanŬ where 

t hey serv e as a b oard m em b er and cannot 

be officers of a F,LanŬ or directors͕ officers͕ 

or em p l oy ees of a m em b er of t he F H LB ank 

where they serve͘ dhe KF͛s board comprises 

five independent directors and all 11 F,LanŬ 

p resident s. T he F H LB ank p resident s do not 

receive compensation for their service on the KF 

b oard.

In 2010͕ F,FA implemented section 1202 of 

t he H ousing and E conom ic R ecov ery A ct of 

2008 ;,ZAͿ͕ which repealed statutory caps 

on the annual compensation that could be 

paid to F,LanŬ directors͘ dhis change allowed 

each F H LB ank t o p ay it s direct ors reasonab l e 

compensation for their services and edžpenses͕ 

subũect to F,FA͛s approval͘ ^ince that time͕ 

the average annual compensation for F,LanŬ 

directors has increased from Ψκρ͕000 in 2010 

to Ψ111͕ϳ08 in 2022͘ thile F,FA must annually 

review the proposed compensation for the 

direct ors t o det erm ine t hat it is reasonab l e, F H F A 

does not have edžpress statutory authority to set 

director compensation for the F,LanŬs͘

F H F A adm inist ers it s ov ersight of B ank direct or 

compensation in accordance with applicable 

regulations͘ ach of the 11 F,LanŬs and the KF 

provides F,FA with its irector ompensation 

Wolicy ;WolicyͿ͕ which establishes the madžimum 

compensation for each director͕ the criteria for 

each director to receive that compensation͕ 

and the timing of payments for the upcoming 

year͘ F,FA reviews each Wolicy to assess the 

reasonableness of the proposed madžimum 

compensation considering thirdͲparty marŬet 

dat a and t o ensure t hat it incl udes a p rov ision 

for reducing compensation of any director who 

does not aƩend a sufficient number of meetings 

or fails to be a contributing board member͘ For 

2022͕ each F,LanŬ and the KF submiƩed to 

F,FA reports of aƩendance and compensation 

p aid t o t heir direct ors. T he F H LB ank s and t he O F 

reduced director compensation in accordance 

with their 2022 policies͘ Figure 11 shows the 

approved madžimum compensation amounts 

available in 2022 for the listed board positions at 

each F H LB ank and t he O F .
Report to the Congress 2022 31

SUPERVISION AND OVERSIGHT

Figure ϭϭ͗ ϮϬϮϮ nnual Madžimum omƉensation for F,>anŬ irectors

Federal Home Loan Bank Chair Vice 

Chair

Audit 

ommiƩee 

Chair

Other 

ommiƩee 

Chairs

Directors

A t l ant a Ψ 1κ0͕000 Ψ 120͕000 Ψ 11ρ͕000 Ψ 110͕000 Ψ 100͕000 

B ost on Ψ 1ϯϳ͕ρ00 Ψ 11ϳ͕ρ00 Ψ 11ϳ͕ρ00 Ψ 11ϳ͕ρ00 Ψ 10ϳ͕ρ00 

C hicago Ψ 1ρ0͕000 Ψ 1ϯρ͕000 Ψ 1ϯρ͕000 Ψ 122͕000 Ψ 110͕000 

incinnati Ψ 1κρ͕000 Ψ 12ρ͕ρ00 Ψ 12ρ͕ρ00 Ψ 122͕ρ00 Ψ 110͕000 

D al l asa Ψ 1κκ͕ρ00 Ψ 1ϯ0͕000 Ψ 12ς͕000 Ψ 121͕ρ00 Ψ 111͕000 

D es M oines Ψ 1κς͕000 Ψ 1ϯρ͕000 Ψ 1ϯ0͕000 Ψ 12ρ͕000 Ψ 112͕000 

I ndianap ol is Ψ 1κ2͕000 Ψ 12ς͕ρ00 Ψ 12ρ͕ρ00 Ψ 122͕ρ00 Ψ 112͕000 

Eew zorŬ Ψ 1ρ2͕ρ00 Ψ 1ϯ2͕ρ00 Ψ 1ϯ0͕000 Ψ 1ϯ0͕000 Ψ 120͕000 

Kffice of Financeb, c Ψ 1κ2͕ρ00 EͬA Ψ 122͕ρ00 Ψ 11ϳ͕ρ00 Ψ 110͕000 

WiƩsburgh Ψ 1κ2͕ρ00 Ψ 122͕ρ00 Ψ 122͕ρ00 Ψ 122͕ρ00 Ψ 112͕ρ00 

S an F rancisco Ψ 1ρ0͕000 Ψ 1ϯς͕ρ00 Ψ 1ϯ2͕ρ00 Ψ 1ϯ0͕000 Ψ 12ϯ͕000 

T op ek a Ψ 1κ2͕ρ00 Ψ 122͕ρ00 Ψ 122͕ρ00 Ψ 122͕ρ00 Ψ 112͕ρ00 

A v erage Ψ 1κκ͕ρ8ϯ Ψ 12ϳ͕ρε1 Ψ 12ρ͕ϯϳρ Ψ 121͕ερ8 Ψ 111͕ϳ08 

M edian Ψ 1κϯ͕ρ00 Ψ 12ς͕ρ00 Ψ 12ρ͕ρ00 Ψ 122͕ρ00 Ψ 111͕ρ00 

a ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ͕ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ ĂŶĚ 

ƵŶŐƵĂƌĂŶƚĞĞĚ ƐƵďŽƌĚŝŶĂƚĞĚ ǁŚŽůĞ ůŽĂŶ ƐĞĐƵƌŝƟĞƐ͘ IŶĐůƵĚĞƐ ŝƐƐƵĂŶĐĞ ŽĨ ŽƚŚĞƌ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ŐƵĂƌĂŶƚĞĞƐ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ŶŽƚ ŝŶ 

ƚŚĞ ĨŽƌŵ ŽĨ Ă ƐĞĐƵƌŝƚLJ͘ 

ď

 IŶĐůƵĚĞƐ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ͕ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚ ĐŽŶĚƵŝƚƐ ;REDICƐͿ͕ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ͕ ĂŶĚ 

ŽƚŚĞƌ ƐĞĐƵƌŝƟnjĂƟŽŶ ƉƌŽĚƵĐƚƐ͘ FƌŽŵ 2002 ƚŚƌŽƵŐŚ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ŝŶĐůƵĚĞƐ FƌĞĚĚŝĞ DĂĐ REDICƐ ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ 

ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ DĂĞ DS͘ ĞĨŽƌĞ 2002͕ ĞdžĐůƵĚĞƐ FƌĞĚĚŝĞ DĂĐ REDICƐ ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ DĂĞ DS͘ 

AŵŽƵŶƚƐ ĂƌĞ ŶŽƚ ŝŶĐůƵĚĞĚ ŝŶ ƚŽƚĂů DS ŝƐƐƵĂŶĐĞƐ ŝĨ ƚŚĞ ĂĐƟǀŝƚLJ ƌĞƉƌĞƐĞŶƚƐ Ă ƌĞƐĞĐƵƌŝƟnjĂƟŽŶ ŽĨ FƌĞĚĚŝĞ DĂĐ DS͘

c IŶĐůƵĚĞƐ ĂĐƟǀŝƚLJ ƌĞůĂƚĞĚ ƚŽ ŵƵůƟĐůĂƐƐ ƐĞĐƵƌŝƟĞƐ͕ ƉƌŝŵĂƌŝůLJ REDICƐ͕ ďƵƚ ĞdžĐůƵĚĞƐ ƌĞƐĞĐƵƌŝƟnjĂƟŽŶƐ ŽĨ DS ŝŶƚŽ ƐŝŶŐůĞͲĐůĂƐƐ ƐĞĐƵƌŝƟĞƐ͘ 

AŵŽƵŶƚƐ ĂƌĞ ŶŽƚ ŝŶĐůƵĚĞĚ ŝŶ ƚŽƚĂů DS ŝƐƐƵĂŶĐĞƐ ŝĨ ƚŚĞ ĂĐƟǀŝƚLJ ƌĞƉƌĞƐĞŶƚƐ Ă ƌĞƐĞĐƵƌŝƟnjĂƟŽŶ ŽĨ FƌĞĚĚŝĞ DĂĐ DS͘

Included in director compensation are payments 

for certain edžpenses incurred by a director͛s 

sp ouse or guest . S p ouse and guest p ay m ent s 

include travel edžpenses reimbursed to the 

director and the cost per aƩendee of group 

events offered to directors and their guests in 

conũunction with a meeting͘ F,FA also reviews 

these edžpenses for reasonableness͘ Figure 12 

contains information on F,LanŬ directors͛ 

compensation in 2022 and its component parts͗ 

compensation paid in cash͕ compensation 

def erred, and am ount s p aid f or sp ouse and guest 

edžpenses͘
32 Federal Housing Finance Agency

Figure ϭϮ͗ F,>anŬ irector omƉensation for ϮϬϮϮ

Federal Home 

Loan Bank

Director 

omƉensation 

Paid in Cash

Director 

Deferred 

omƉensation

Spouse/ Guest 

Expenses

Total Director 

omƉensation Waid 

(Cash + Deferred 

+ Spouse/Guest 

Expenses)

Average Total Average Total Average Total Average Total

A t l ant aa Ψ8ε͕21κ Ψ1͕2κε͕000 Ψ18͕ςεκ Ψ2ς1͕ϳ1κ Ψϯ͕κ2ϳ Ψκϳ͕εϳϯ Ψ111͕ϯϯρ Ψ1͕ρρ8͕ς8ϳ

B ost onb Ψρ1͕ϯρκ Ψϳϳ0͕ϯ1ϳ Ψςϯ͕0ε0 Ψεκς͕ϯρ0 Ψ0 Ψ0 Ψ11κ͕κκκ Ψ1͕ϳ1ς͕ςςϳ

C hicagoc Ψ10ϯ͕881 Ψ1͕8ςε͕8ςς Ψ11͕ϯκϳ Ψ20κ͕2ρ0 Ψρςς Ψ10͕1ες Ψ11ρ͕ϳερ Ψ2͕08κ͕ϯ12

incinnati Ψ11ς͕82κ Ψ1͕ε8ς͕000 Ψ0 Ψ0 Ψϳε1 Ψ1ϯ͕κρρ Ψ11ϳ͕ς1ρ Ψ1͕εεε͕κρρ

D al l as Ψεε͕ϳςρ Ψ1͕ςες͕000 Ψ18͕ρρε Ψϯ1ρ͕ρ00 Ψϳς0 Ψ12͕ε1ϳ Ψ11ε͕08ϯ Ψ2͕02κ͕κ1ϳ

D es M oinesd Ψ100͕8κ8 Ψ2͕218͕ςρ0 Ψ18͕κκϯ Ψκ0ρ͕ϳρ0 Ψϳκ Ψ1͕ςϯϯ Ψ11ε͕ϯςρ Ψ2͕ς2ς͕0ϯϯ

I ndianap ol ise Ψ100͕κ8ρ Ψ1͕ϳ08͕2ρ0 Ψ10͕80ε Ψ18ϯ͕ϳρ0 Ψκ2ϯ Ψϳ͕1εϯ Ψ111͕ϳ1ϳ Ψ1͕8εε͕1εϯ

Eew zorŬf Ψ12ϳ͕ρ00 Ψ2͕2ερ͕000 Ψ0 Ψ0 Ψρρρ Ψε͕εε1 Ψ128͕0ρρ Ψ2͕ϯ0κ͕εε1

Kffice of Financeg Ψ121͕ρ00 Ψς0ϳ͕ρ00 Ψ0 Ψ0 Ψ0 Ψ0 Ψ121͕ρ00 Ψς0ϳ͕ρ00

WiƩsburgh Ψες͕881 Ψ1͕ρρ0͕0ερ Ψ22͕2εϯ Ψϯρς͕ς8ρ Ψ0 Ψ0 Ψ11ε͕1ϳκ Ψ1͕ε0ς͕ϳ80

S an F ranciscoh Ψ80͕8ϳ1 Ψ1͕21ϯ͕0ςκ Ψκε͕κςϳ Ψϳκ2͕000 Ψϯ1ϳ Ψκ͕ϳρ0 Ψ1ϯ0͕ςρκ Ψ1͕ερε͕81κ

T op ek a Ψερ͕ρες Ψ1͕ς2ρ͕12ρ Ψ22͕1εε Ψϯϳϳ͕ϯϳρ Ψ2͕2ϯϯ Ψϯϳ͕ερρ Ψ120͕02ϳ Ψ2͕0κ0͕κρρ

Total (all directors) $1,184,719 $18,788,867 $234,900 $3,793,375 $9,146 $146,061 $1,428,765 $22,728,303

Average $98,727 $1,565,739 $19,575 $316,115 $762 $12,172 $119,064 $1,894,025

Median $100,125 $1,660,563 $18,501 $288,607 $489 $8,592 $119,129 $1,979,634

a

 TŚĞ AƚůĂŶƚĂ ďŽĂƌĚ ĞůĞĐƚĞĚ Ă ĚŝƌĞĐƚŽƌ ƚŽ Įůů Ă ǀĂĐĂŶĐLJ ŽŶ ϯͬϯͬ2022͘

ď

 ŽƐƚŽŶ ŚĂĚ Ă ĚŝƌĞĐƚŽƌ ƌĞƐŝŐŶ ŽŶ ϭ0ͬϯϭͬ2022͘

c CŚŝĐĂŐŽ ŚĂĚ Ă ĚŝƌĞĐƚŽƌ ƌĞƐŝŐŶ ŽŶ ςͬϯ0ͬ2022͘

d

 TŚĞ DĞƐ DŽŝŶĞƐ ďŽĂƌĚ ĞůĞĐƚĞĚ Ă ĚŝƌĞĐƚŽƌ ƚŽ Įůů Ă ǀĂĐĂŶĐLJ ŽŶ ϭͬϭεͬ2022͘

e

 Indianapolis had three directors resign in 2022.

f NĞǁ YŽƌŬ ŚĂĚ Ă ĚŝƌĞĐƚŽƌ ƌĞƐŝŐŶ ŽŶ κͬϳͬ2022͘

g

 TŚĞ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ŚĂĚ Ă ĚŝƌĞĐƚŽƌΖƐ ƚĞƌŵ ĞdžƉŝƌĞ ŽŶ ϳͬ20ͬ2022 ĂŶĚ Ă ŶĞǁ ĚŝƌĞĐƚŽƌ ĞůĞĐƚĞĚ ƚŚĞ ƐĂŵĞ ĚĂLJ͘

h SĂŶ FƌĂŶĐŝƐĐŽ ŚĂĚ Ă ĚŝƌĞĐƚŽƌ ƌĞƐŝŐŶ ŽŶ ςͬϯ0ͬ2022 ĂŶĚ Ă ƌĞƉůĂĐĞŵĞŶƚ ĞůĞĐƚĞĚ ŽŶ ϳͬ2Θͬ2022͘

In addition to information about director 

compensation͕ the F,LanŬs and the KF are 

req uired each y ear t o sub m it t o F H F A f or 

review edžpenses incurred by the boards of 

directors͕ which are either paid directly by 

t he F H LB ank or reim b ursed t o t he direct ors. 

Figure 1ϯ summarinjes this information͘ oard 

džpenses AƩributable to irectors includes all 

travelͲrelated edžpenses for which the directors 

are reimbursed͕ including transportation͕ 

lodging͕ and food͘ irector draining džpenses 

includes the costs of edžternal speaŬers at 

board meetings͕ board member aƩendance at 

training conferences͕ and educational materials͘ 

Kther irector džpenses includes the costs of 

aƩendance at F,LanŬͲrelated events͕ such as 

annual member meetings͕ chair and vice chair 

meetings͕ and ouncil of F,LanŬs meetings͘ 

'roup džpenses includes costs not directly 

aƩributable to individuals͕ such as food and 

beverages at meetings͕ audioͲvisual services͕ and 

meeting space rentals͘
Report to the Congress 2022 33

SUPERVISION AND OVERSIGHT

Figure 13: FHLBank Directors’ Expenses in 2022

Federal Home 

Loan Bank

Board Expenses 

Ʃriďutaďle to 

Directors

Director 

Training 

Expenses

Other Director 

Expenses (if any) Group Expenses

Average Total Average Total Average Total Average Total

A t l ant a $16, 067 $224, 942 $4, 124 $57, 739 $655 $9, 172 $4, 321 $60, 493

B ost on $3, 470 $52, 055 $0 $0 $747 $11, 198 $2, 088 $31, 324

C hicago $9, 161 $164, 894 $1, 312 $23, 609 $549 $9, 886 $6, 839 $123, 107

incinnati $7, 369 $125, 270 $676 $11, 499 $151 $2, 566 $700 $11, 901

D al l as $4, 696 $79, 833 $1, 330 $22, 616 $794 $13, 492 $4, 553 $77, 393

D es M oines $9, 035 $198, 778 $1, 286 $28, 285 $569 $12, 523 $2, 520 $55, 432

I ndianap ol is $3, 567 $60, 642 $2, 599 $44, 184 $796 $13, 536 $5, 820 $98, 940

N ew Y ork $6, 569 $118, 245 $810 $14, 586 $330 $5, 948 $3, 209 $57, 757

Kffice of Financea $7, 889 $39, 444 $2, 007 $10, 034 $1, 062 $5, 308 $7, 858 $125, 725

WiƩsburgh $4, 350 $69, 606 $3, 661 $58, 568 $5, 629 $90, 072 $5, 789 $92, 630

^an Francisco $8, 459 $126, 886 $3, 057 $45, 856 $2, 312 $34, 678 $6, 086 $91, 289

T op ek a $9, 368 $159, 250 $1, 162 $19, 753 $588 $9, 997 $4, 453 $75, 696

Total (all directors) $90,001 $1,419,844 $22,024 $336,729 $14,182 $218,375 $54,235 $901,687

Average $7,500 $118,320 $1,835 $28,061 $1,182 $18,198 $4,520 $75,141

Median $7,629 $121,757 $1,321 $23,112 $701 $10,598 $4,503 $76,545

a

 GƌŽƵƉ ĞdžƉĞŶƐĞƐ ĨŽƌ ƚŚĞ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ĐŽǀĞƌƐ ƚŚĞ ĨƵůů ďŽĂƌĚ ŝŶĐůƵĚŝŶŐ ƚŚĞ ϭϭ FHLĂŶŬ PƌĞƐŝĚĞŶƚƐ͘
34 Federal Housing Finance Agency

Figure 1κ summarinjes the average and total costs of the directors of each F,LanŬ and the KF as the 

sum of compensation and edžpenses͘

Figure 14: FHLBank Directors’ Total Cost for 2022

Federal Home 

Loan Bank

Total Director 

omƉensation Waid

(Cash + Deferred + 

Spouse/Guest Expenses)

Total Director 

Expenses 

(All expenses 

including board 

expenses, training, 

group and other 

expenses)

Total Director Cost 

(dotal omƉensation н 

Total Expenses)

Average Total Average Total Average Total

A t l ant aa Ψ111͕ϯϯρ Ψ1͕ρρ8͕ς8ϳ Ψ2ρ͕1ς8 Ψϯρ2͕ϯκρ Ψ1ϯς͕ρ02 Ψ1͕ε11͕0ϯ2

B ost onb Ψ11κ͕κκκ Ψ1͕ϳ1ς͕ςςϳ Ψς͕ϯ0ρ Ψεκ͕ρϳϳ Ψ120͕ϳρ0 Ψ1͕811͕2κκ

C hicagoc Ψ11ρ͕ϳερ Ψ2͕08κ͕ϯ12 Ψ1ϳ͕8ς1 Ψϯ21͕κεϳ Ψ1ϯϯ͕ςρς Ψ2͕κ0ρ͕80ε

incinnati Ψ11ϳ͕ς1ρ Ψ1͕εεε͕κρρ Ψ8͕8ες Ψ1ρ1͕2ϯς Ψ12ς͕ρ11 Ψ2͕1ρ0͕ςε0

D al l as Ψ11ε͕08ϯ Ψ2͕02κ͕κ1ϳ Ψ11͕ϯϳϯ Ψ1εϯ͕ϯϯϯ Ψ1ϯ0͕κρς Ψ2͕21ϳ͕ϳρ0

D es M oinesd Ψ11ε͕ϯςρ Ψ2͕ς2ς͕0ϯϯ Ψ1ϯ͕κ10 Ψ2ερ͕01ϳ Ψ1ϯ2͕ϳϳρ Ψ2͕ε21͕0ρ1

I ndianap ol ise Ψ111͕ϳ1ϳ Ψ1͕8εε͕1εϯ Ψ12͕ϳ82 Ψ21ϳ͕ϯ02 Ψ12κ͕ρ00 Ψ2͕11ς͕κερ

Eew zorŬf Ψ128͕0ρρ Ψ2͕ϯ0κ͕εε1 Ψ10͕ε1ε Ψ1ες͕ρϯρ Ψ1ϯ8͕εϳκ Ψ2͕ρ01͕ρ2ς

Kffice of Financeg, h Ψ121͕ρ00 Ψς0ϳ͕ρ00 Ψ18͕81ρ Ψ180͕ρ11 Ψ1κ0͕ϯ1ρ Ψϳ88͕011

WiƩsburgh Ψ11ε͕1ϳκ Ψ1͕ε0ς͕ϳ80 Ψ1ε͕κϯ0 Ψϯ10͕8ϳς Ψ1ϯ8͕ς0κ Ψ2͕21ϳ͕ςρς

S an F ranciscoi Ψ1ϯ0͕ςρκ Ψ1͕ερε͕81κ Ψ1ε͕ε1κ Ψ2ε8͕ϳ0ε Ψ1ρ0͕ρς8 Ψ2͕2ρ8͕ρ2ϯ

T op ek a Ψ120͕02ϳ Ψ2͕0κ0͕κρρ Ψ1ρ͕ρϳ0 Ψ2ςκ͕ςεϳ Ψ1ϯρ͕ρεϳ Ψ2͕ϯ0ρ͕1ρ2

Total (all directors) $1,428,765 $22,728,303 $180,442 $2,876,635 $1,609,207 $25,604,938

Average $119,064 $1,894,025 $15,037 $239,720 $134,101 $2,133,745

Median $119,129 $1,979,634 $14,490 $240,999 $134,627 $2,217,703

a

 TŚĞ AƚůĂŶƚĂ ďŽĂƌĚ ĞůĞĐƚĞĚ Ă ĚŝƌĞĐƚŽƌ ƚŽ Įůů Ă ǀĂĐĂŶĐLJ ŽŶ ϯͬϯͬ2022͘

ď

 ŽƐƚŽŶ ŚĂĚ Ă ĚŝƌĞĐƚŽƌ ƌĞƐŝŐŶ ŽŶ ϭ0ͬϯϭͬ2022͘

c CŚŝĐĂŐŽ ŚĂĚ Ă ĚŝƌĞĐƚŽƌ ƌĞƐŝŐŶ ŽŶ ςͬϯ0ͬ2022͘

d

 TŚĞ DĞƐ DŽŝŶĞƐ ďŽĂƌĚ ĞůĞĐƚĞĚ Ă ĚŝƌĞĐƚŽƌ ƚŽ Įůů Ă ǀĂĐĂŶĐLJ ŽŶ ϭͬϭεͬ2022͘

e

 Indianapolis had three directors resign in 2022.

f NĞǁ YŽƌŬ ŚĂĚ Ă ĚŝƌĞĐƚŽƌ ƌĞƐŝŐŶ ŽŶ κͬϳͬ2022͘

g

 GƌŽƵƉ ĞdžƉĞŶƐĞƐ ĨŽƌ ƚŚĞ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ĂƌĞ ĚŝǀŝĚĞĚ ďLJ ƚŚĞ ĨƵůů ϭς ďŽĂƌĚ ŵĞŵďĞƌƐ ƌĂƚŚĞƌ ƚŚĂŶ ũƵƐƚ ƚŚĞ ρ ŝŶĚĞƉĞŶĚĞŶƚ ĚŝƌĞĐƚŽƌƐ͘

h TŚĞ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ŚĂĚ Ă ĚŝƌĞĐƚŽƌΖƐ ƚĞƌŵ ĞdžƉŝƌĞ ŽŶ ϳͬ20ͬ2022 ĂŶĚ Ă ŶĞǁ ĚŝƌĞĐƚŽƌ ĞůĞĐƚĞĚ ƚŚĞ ƐĂŵĞ ĚĂLJ͘ 

i

 SĂŶ FƌĂŶĐŝƐĐŽ ŚĂĚ Ă ĚŝƌĞĐƚŽƌ ƌĞƐŝŐŶ ŽŶ ςͬϯ0ͬ2022 ĂŶĚ Ă ƌĞƉůĂĐĞŵĞŶƚ ĞůĞĐƚĞĚ ŽŶ ϳͬ2Θͬ2022͘
Report to the Congress 2022 35

SUPERVISION AND OVERSIGHT

RESULTS OF STRESS 

TESTS UNDER THE 

DODDͳFRAN< tALL 

STREET REFORM AND 

CONSUMER 

PROTECTION ACT

Summary

^ection 1ςρ;iͿ;2Ϳ of the oddͲFranŬ tall ^treet 

Zeform and onsumer Wrotection Act of 2010 

;oddͲFranŬ ActͿ͕ as amended by section κ01 

of the conomic 'rowth͕ Zegulatory Zelief͕ 

and onsumer Wrotection Act͕ reƋuires certain 

financial companies with total consolidated 

assets of more than Ψ2ρ0 billion͕ and which 

are regulated by a primary federal financial 

regul at ory agency , t o conduct annual st ress t est s 

to determine whether the companies have the 

cap it al necessary t o ab sorb l osses as a resul t of 

severely adverse economic conditions͘ dhese 

statutory changes͕ which became effective on 

March 2κ͕ 2020͕ reƋuire the nterprises to 

conduct st ress t est s on an annual b asis due t o 

their total consolidated asset amounts͕ function 

in t he m ort gage m ark et , siz e of t heir ret ained 

porƞolios͕ and their share of the mortgage 

securitinjation marŬet͘ ecause no F,LanŬ 

m eet s t he t ot al consol idat ed asset t hreshol d of 

Ψ2ρ0 billion͕ none of them are subũect to the 

st ress t est req uirem ent s of t he st at ut e. D oddFranŬ Act stress testing is a forwardͲlooŬing 

edžercise that assesses the impact on capital 

levels that would result from a global marŬet 

shock and nine q uart ers of adv erse econom ic 

conditions͘

T he 2022 D odd- F rank A ct st ress t est s conduct ed 

by the nterprises were based on their porƞolios 

as of ecember ϯ1͕ 2021͘ dhe stress tests 

covered two distinct scenarios͕ each over the 

nine- q uart er p eriod f rom J anuary 1, 2022, 

through March ϯ1͕ 202κ͘

F irst , t he B asel ine scenario m odel s an 

environment of economic edžpansion in the 

hnited ^tates͕ under which average nominal 

house prices increase gradually by about ϯ 

p ercent p er y ear t hroughout t he scenario. T he 

unem p l oy m ent rat e decl ines m odest l y t hrough 

t he nine- q uart er scenario. M ort gage int erest 

rates increase moderately in line with longͲterm 

T reasury y iel ds.
36 Federal Housing Finance Agency

S econd, t he S ev erel y A dv erse scenario m odel s 

an env ironm ent m ark ed b y a sev ere gl ob al 

recession͕ under which house prices and 

com m ercial real est at e p rices in t he U nit ed 

^tates decline approdžimately 28 percent and ϯρ 

percent͕ respectively͘ dhe unemployment rate 

increases significantly from κ͘2 percent at the 

b eginning of t he scenario p eriod t o a p eak of 

10 percent in the third Ƌuarter of 202ϯ͘ ^hortͲ

t erm int erest rat es rem ain near z ero t hrough 

t he scenario p eriod. Long- t erm int erest rat es f al l 

to a trough of 0͘ϳρ percent in the first Ƌuarter 

of 2022, rem ain at t hat l ev el t hrough t he t hird 

q uart er of 2022, and t hen gradual l y increase t o 

1.5 p ercent b y t he end of t he scenario p eriod. 

Mortgage interest rates fall in the first Ƌuarter͕ 

increase in t he sub seq uent f our q uart ers of t he 

scenario p eriod, and t hen f al l gradual l y .

F H F A general l y al igns t he st ress t est scenario 

variables and assumptions with those used by 

the oard of 'overnors of the Federal Zeserve 

S y st em ( F ederal R eserv e B oard) in it s annual 

D odd- F rank A ct st ress t est s. Lik e t he st ress 

testing assumptions used by the Federal Zeserve 

B oard f or t he S ev erel y A dv erse scenario, F H F A 

req uires t he E nt erp rises t o ap p l y a gl ob al m ark et 

shocŬ to securities and other assets held at fair 

v al ue.

F H F A req uires t he E nt erp rises t o incorp orat e 

a count erp art y def aul t scenario com p onent 

int o t he S ev erel y A dv erse scenario. T his 

additional component reƋuires each nterprise 

to estimate the potential losses and effects on 

capital associated with the instantaneous and 

unedžpected default of its largest counterparty 

across one of the following͗ secured and 

unsecured lending͕ securities lending͕ 

rep urchase and rev erse rep urchase agreem ent s, 

and derivative edžposures͖ credit risŬ transfer 

reinsurance counterparties͖ nonbanŬ servicers͖ 

singl e- f am il y m ort gage insurance p rov iders; or 

providers of multifamily credit enhancements͘
Report to the Congress 2022 37

SUPERVISION AND OVERSIGHT

2022 Results for the Severely Adverse 

Scenario

F,FA͕ acting in its capacity as conservator͕ 

p ub l ished t he resul t s of t he S ev erel y A dv erse 

scenario st ress t est s of t he E nt erp rises on A ugust 

11, 2022. I n t he S ev erel y A dv erse scenario, each 

E nt erp rise p roj ect s t ot al com p rehensiv e incom e 

without establishing a valuation allowance on 

deferred tadž assets and total comprehensive 

losses with establishing a valuation allowance on 

deferred tadž assets͘ As shown in Figure 1ρ͕

F annie M ae p roj ect s t ot al com p rehensiv e incom e 

of Ψ1ϯ͘2 billion ;without allowanceͿ and losses 

of Ψ1͘ϯ billion ;with allowanceͿ͕ and Freddie Mac 

proũects total comprehensive income of Ψς͘2 

billion ;without allowanceͿ and Ψ1͘8 billion ;with 

allowanceͿ͘ dhe largest contributor to losses at 

both nterprises was the provision for credit 

losses͕ followed by the global marŬet shocŬ 

impact on trading securities and availableͲforͲ

sale securities͘

Figure ϭρ͗ Seǀerely dǀerse Scenario Wroũections - umulatiǀe omƉrehensiǀe /ncome (>osses)

MISSION ACTIVITIES

T hroughout 2022, t he E nt erp rises and F H LB ank s 

completed a variety of mission activities that 

supported the financing of affordable housing 

for homeowners and renters across the country͕ 

as sum m ariz ed in F H F A ’ s 2022 H ousing M ission 

R ep ort .12 espite challenging marŬet conditions͕ 

the regulated entities were able to complete 

statutory as well as nonͲstatutory activities while 

operating in a safe and sound manner͘ 

In support of homeowners͕ the nterprises 

continued to refine methods for assessing 

borrower income͕ such as including accessory 

dwelling unit rental income and positive rental 

payment history reporting͘ In addition͕ the 

nterprises acƋuired 2ρ0͕000 loans that Ƌualified 

for the new singleͲfamily minority census tracts 

housing subgoal and κε͕000 singleͲfamily loans 

12 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬďouthsͬReƉortsͬReƉortocumentsͬF,F-ϮϬϮϮ-Mission-ReƉort͘Ɖdf. 

t hat m et t he t arget s of t he D ut y t o S erv e ( D T S ) 

p rogram .

T he E nt erp rises al so p rov ided sup p ort t o rent ers 

by financing 8κ0͕000 housing goalͲeligible units 

affordable to lowͲincome renters and 2ρ0͕000 

housing goalͲeligible units affordable to very lowͲ

incom e rent ers. I n 2022, 68 p ercent of F annie 

M ae’ s and 69 p ercent of F reddie M ac’ s t ot al 

multifamily volume͕ respectively͕ were classified 

as m ission- driv en.

do support the development of affordable 

housing sup p l y , F H F A p erm it s t he E nt erp rises 

to invest in the LowͲIncome ,ousing dadž redit 

( LI H T C ) m ark et as eq uit y inv est ors. M ore t han 

Ψ2 billion of the nterprises͛ LI,d investments 

were made in targeted transactions that either 

sup p ort housing in D ut y t o S erv e- designat ed 

rural areas or meet other affordable housing 

obũectives defined by F,FA͘
38 Federal Housing Finance Agency

In 2022͕ the F,LanŬs continued to support 

mission programs in lowͲincome housing and 

targeted economic development͕ supporting 

over 2ρ͕000 units under the Affordable ,ousing 

Wrogram and over 1ρ͕000 units under the 

ommunity Investment Wrogram ;IWͿ͘ 

T he F H LB ank s in 2022 al so p rov ided nearl y 

Ψϯ͘2 billion in IW housing advances and over 

Ψ1͘κ billion in targeted economic development 

adv ances under t he C om m unit y I nv est m ent C ash 

Advances ;IAͿ program͘ More than Ψ1͘ς billion 

of IW advances supported rural proũects͘

ENTERPRISE HOUSING 

GOALS AND DUTY TO 

SERVE

Housing Goals

T he F ederal H ousing E nt erp rises F inancial 

S af et y and S oundness A ct of 1992 ( S af et y and 

S oundness A ct ) req uires F H F A t o est ab l ish annual 

housing goal s f or E nt erp rise p urchases of b ot h 

singleͲfamily and multifamily mortgages͘

I n 2022, F H F A ev al uat ed t he m ort gages 

p urchased b y t he E nt erp rises in 2021 b ased on 

the following housing goals͘1ϯ

1. Low-income home purchase goal: H om e 

p urchase m ort gages on singl e- f am il y , 

ownerͲoccupied properties for families 

with incomes no greater than 80 percent 

of area m edian incom e ( A M I ) .

2. Very low-income home purchase goal:

H om e p urchase m ort gages on singl efamily͕ ownerͲoccupied properties for 

families with incomes no greater than ρ0 

p ercent of A M I .

13 See ϭ2 CFR ƉĂƌƚ ϭ2Θ2 ;202ϭͿ͘

14 LŽǁͲŝŶĐŽŵĞ ĐĞŶƐƵƐ ƚƌĂĐƚƐ ĂƌĞ ĚĞĮŶĞĚ ĨŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚĞ ŚŽƵƐŝŶŐ ŐŽĂůƐ ĂƐ ĐĞŶƐƵƐ ƚƌĂĐƚƐ ǁŚĞƌĞ ƚŚĞ ŵĞĚŝĂŶ ŝŶĐŽŵĞ ŝƐ ŶŽ ŐƌĞĂƚĞƌ ƚŚĂŶ 

80 percent of AMI.

15 DŝŶŽƌŝƚLJ ĐĞŶƐƵƐ ƚƌĂĐƚƐ ĂƌĞ ĚĞĮŶĞĚ ĨŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚĞ ŚŽƵƐŝŶŐ ŐŽĂůƐ ĂƐ ĐĞŶƐƵƐ ƚƌĂĐƚƐ ƚŚĂƚ ŚĂǀĞ Ă ŵŝŶŽƌŝƚLJ ƉŽƉƵůĂƟŽŶ ŽĨ Ăƚ ůĞĂƐƚ ϯ0 

ƉĞƌĐĞŶƚ ĂŶĚ Ă ƚƌĂĐƚ ŵĞĚŝĂŶ ŝŶĐŽŵĞ ŽĨ ůĞƐƐ ƚŚĂŶ ϭ00 ƉĞƌĐĞŶƚ ŽĨ ADI͘

3. Low-income areas home purchase goal: 

H om e p urchase m ort gages on singl efamily͕ ownerͲoccupied properties that 

meet the criteria of the lowͲincome areas 

hom e p urchase sub goal , or t hat are f or 

families with incomes no greater than 100 

percent of AMI who live in designated 

disast er areas.

4. Low- income areas home purchase 

subgoal: ( i) H om e p urchase m ort gages on 

singleͲfamily͕ ownerͲoccupied properties 

f or f am il ies ( regardl ess of incom e) in 

lowͲincome census tracts͕1κ and ( ii) hom e 

p urchase m ort gages on singl e- f am il y , 

ownerͲoccupied properties for families 

with incomes no greater than 100 percent 

of A M I , in m inorit y census t ract s.15

5. >oǁ-income reĮnance goal͗ Zefinance 

mortgages on singleͲfamily͕ ownerͲ

occupied properties for families with 

incom es no great er t han 80 p ercent of 

A M I .

6. >oǁ-income multifamily goal͗ R ent al 

units in multifamily properties that are 

affordable to families with incomes no 

great er t han 80 p ercent of A M I .

7. sery loǁ-income multifamily suďgoal͗ 

Zental units in multifamily properties that 

are affordable to families with incomes no 

great er t han 50 p ercent of A M I .

8. Small multifamily loǁ-income suďgoal͗ 

Zental units in multifamily properties with 

ρ to ρ0 units that are affordable to families 

with incomes no greater than 80 percent 

of A M I . 
Report to the Congress 2022 39

SUPERVISION AND OVERSIGHT

In determining whether an nterprise has met a 

singl e- f am il y housing goal , F H F A com p ares t he 

p ercent age of it s t ot al m ort gage p urchases t hat 

m eet t he goal t o a b enchm ark l ev el , est ab l ished 

in advance by F,FA regulation͕ and a marŬet 

level determined retrospectively using ,ome 

M ort gage D iscl osure A ct ( H M D A ) dat a. A n 

E nt erp rise m eet s t he goal if it s p erf orm ance 

meets or edžceeds either of those levels͘ F,FA 

evaluates whether an nterprise has met a 

multifamily housing goal by comparing the 

number of units in properties secured by a 

m ort gage p urchased b y an E nt erp rise t hat m eet 

t he goal t o t he b enchm ark l ev el f or t he goal t hat 

is established in advance by F,FA regulation͘

F igure 16( A ) sum m ariz es E nt erp rise housing 

goal s p erf orm ance in 2021. E nt erp rise 2021 

performance figures are derived from F,FA͛s 

anal y sis of l oan- l ev el dat a p rov ided b y t he 

E nt erp rises in 2022. I n O ct ob er 2022, F H F A 

finalinjed its determinations of nterprise 

p erf orm ance in 2021.

F H F A det erm ined t hat b ot h F annie M ae and 

F reddie M ac m et al l of t he singl e- f am il y housing 

goal s in 2021, as each E nt erp rise’ s p erf orm ance 

surp assed t he b enchm ark l ev el f or each goal . 

F H F A al so det erm ined t hat b ot h E nt erp rises 

met all of the multifamily goals in 2021͕ as 

each E nt erp rise’ s p erf orm ance surp assed t he 

b enchm ark l ev el f or each goal .

Figure 16(A): 2021 Enterprise Housing Goals Performance

Enterprise Housing Goals Performance for 2021

Category Benchmarks Marketa Oĸcial Werformanceb F,F 'oals etermination

Single-Family Goals

LowͲincome home purchase 

goal 2κ% 26.7%

F annie M ae: 28.7% F annie M ae: M et

Freddie Mac͗ 2ϳ͘κ% F reddie M ac: M et

sery lowͲincome home 

p urchase goal 6% 6.8%

Fannie Mae͗ ϳ͘κ% F annie M ae: M et

Freddie Mac͗ ς͘ϯ% F reddie M ac: M et

LowͲincome areas home 

p urchase sub goal 1κ% 19.1%

Fannie Mae͗ 20͘ϯ% F annie M ae: M et

F reddie M ac: 18.0% F reddie M ac: M et

LowͲincome areas home 

p urchase goal 18% 22.9%

Fannie Mae͗ 2κ͘ρ% F annie M ae: M et

F reddie M ac: 21.8% F reddie M ac: M et

LowͲincome refinance goal 21% 26.1%

F annie M ae: 26.2% F annie M ae: M et

Freddie Mac͗ 2κ͘8% F reddie M ac: M et

Multifamily 'oals (units)

LowͲincome multifamily goal ϯ1ρ͕000 EA 

Fannie Mae͗ ϯ8κ͕κ88 F annie M ae: M et

Freddie Mac͗ ϯϳϯ͕22ρ F reddie M ac: M et

sery lowͲincome multifamily 

sub goal 60, 000 EA

Fannie Mae͗ 8ϯ͕κρε F annie M ae: M et

Freddie Mac͗ 8ϳ͕8ρκ F reddie M ac: M et

^mall multifamily property 

lowͲincome subgoal 10, 000 EA 

Fannie Mae͗ 1κ͕κ0ε F annie M ae: M et

Freddie Mac͗ ϯ1͕ε1ϯ F reddie M ac: M et

Source: Federal Housing Finance Agency, Fannie Mae, Freddie Mac.

a GŽĂůͲƋƵĂůŝĨLJŝŶŐ ƐŚĂƌĞƐ ŽĨ ƐŝŶŐůĞͲĨĂŵŝůLJ ŚŽŵĞ ƉƵƌĐŚĂƐĞ Žƌ ƌĞĮŶĂŶĐĞ ĐŽŶǀĞŶƟŽŶĂů ĐŽŶĨŽƌŵŝŶŐ ŵŽƌƚŐĂŐĞƐ ŽƌŝŐŝŶĂƚĞĚ ŝŶ ƚŚĞ ƉƌŝŵĂƌLJ 

ŵŽƌƚŐĂŐĞ ŵĂƌŬĞƚ͕ ďĂƐĞĚ ŽŶ FHFA ĂŶĂůLJƐŝƐ ŽĨ 202ϭ HDDA ĚĂƚĂ͘ 

ď

 OĸĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ 202ϭ ĂƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ FHFA͕ ďĂƐĞĚ ŽŶ ĂŶĂůLJƐŝƐ ŽĨ EŶƚĞƌƉƌŝƐĞ ůŽĂŶͲůĞǀĞů ĚĂƚĂ͘
40 Federal Housing Finance Agency

In ecember 2021͕ F,FA published a final rule 

est ab l ishing b enchm ark l ev el s f or each of t he 

singl e- f am il y housing goal s and sub goal s f or 

2022Ͳ202κ͘ dhe final rule included two new 

singl e- f am il y sub goal s t o rep l ace t he p rev ious 

lowͲincome areas subgoal͘ dhe new minority 

census t ract s sub goal is designed t o f ocus on 

purchasing mortgages for lowͲ and moderateͲ

income borrowers in communities of color͘16

T he sub goal encourages t he E nt erp rises t o 

develop business strategies aimed specifically at 

meeting homeownership needs in communities 

of color and reŇects F,FA͛s commitment to 

improvingaccess to credit in these communities͘ 

16 TŚĞ ŵŝŶŽƌŝƚLJ ĐĞŶƐƵƐ ƚƌĂĐƚƐ ƐƵďŐŽĂů ŝŶĐůƵĚĞƐ ŚŽŵĞ ƉƵƌĐŚĂƐĞ ŵŽƌƚŐĂŐĞƐ ŽŶ ƐŝŶŐůĞͲĨĂŵŝůLJ͕ ŽǁŶĞƌͲŽĐĐƵƉŝĞĚ ƉƌŽƉĞƌƟĞƐ ƚŽ ďŽƌƌŽǁĞƌƐ 

ǁŝƚŚ ŝŶĐŽŵĞƐ ŶŽ ŐƌĞĂƚĞƌ ƚŚĂŶ ϭ00 ƉĞƌĐĞŶƚ ŽĨ ADI͕ ŝŶ ŵŝŶŽƌŝƚLJ ĐĞŶƐƵƐ ƚƌĂĐƚƐ͘

17 TŚĞ ůŽǁͲŝŶĐŽŵĞ ĐĞŶƐƵƐ ƚƌĂĐƚƐ ƐƵďŐŽĂů ŝŶĐůƵĚĞƐ ;ŝͿ ŚŽŵĞ ƉƵƌĐŚĂƐĞ ŵŽƌƚŐĂŐĞƐ ŽŶ ƐŝŶŐůĞͲĨĂŵŝůLJ͕ ŽǁŶĞƌͲŽĐĐƵƉŝĞĚ ƉƌŽƉĞƌƟĞƐ ƚŽ 

ďŽƌƌŽǁĞƌƐ ;ƌĞŐĂƌĚůĞƐƐ ŽĨ ŝŶĐŽŵĞͿ ŝŶ ůŽǁͲŝŶĐŽŵĞ ĐĞŶƐƵƐ ƚƌĂĐƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ŵŝŶŽƌŝƚLJ ĐĞŶƐƵƐ ƚƌĂĐƚƐ͖ ĂŶĚ ;ŝŝͿ ŚŽŵĞ ƉƵƌĐŚĂƐĞ ŵŽƌƚŐĂŐĞƐ 

ŽŶ ƐŝŶŐůĞͲĨĂŵŝůLJ͕ ŽǁŶĞƌͲŽĐĐƵƉŝĞĚ ƉƌŽƉĞƌƟĞƐ ƚŽ ďŽƌƌŽǁĞƌƐ ǁŝƚŚ ŝŶĐŽŵĞƐ ŐƌĞĂƚĞƌ ƚŚĂŶ ϭ00 ƉĞƌĐĞŶƚ ŽĨ ADI ŝŶ ůŽǁͲŝŶĐŽŵĞ ĐĞŶƐƵƐ 

ƚƌĂĐƚƐ ƚŚĂƚ ĂƌĞ ĂůƐŽ ŵŝŶŽƌŝƚLJ ĐĞŶƐƵƐ ƚƌĂĐƚƐ͘

dhe new lowͲincome census tracts subgoal 

continues to target loans in lowͲincome areas͘17

F H F A ’ s assessm ent of t he E nt erp rises’ 2022 

housing goal s p erf orm ance is current l y 

underway͘ Figure 1ς;Ϳ shows the goal levels and 

preliminary performance figures for 2022 based 

on information released in March 202ϯ in each 

nterprise͛s Annual ,ousing Activities Zeport and 

Annual Mortgage Zeport͘ Later in 202ϯ͕ F,FA will 

maŬe final determinations on the nterprises͛ 

housing goal s p erf orm ance and m ark et l ev el s f or 

2022.
Report to the Congress 2022 41

SUPERVISION AND OVERSIGHT

Figure 16(B): 2022 Enterprise Housing Goals Performance (Preliminary)

 Enterprise Housing Goals Performance for 2022

Category Benchmark Reported Performancea

Single-Family Goals

LowͲincome home purchase goal 28%

Fannie Mae͗ 2ϳ͘κ%

F reddie M ac: 29.0%

sery lowͲincome home purchase goal 7%

F annie M ae: 6.9%

F reddie M ac: 7.1%

LowͲincome areas home purchase goal 20% 

F annie M ae: 29.6%

F reddie M ac: 28.7%

M inorit y census t ract s sub goal 10%

Fannie Mae͗ 1ϯ͘ρ%

F reddie M ac: 12.8%

LowͲincome census tracts subgoal κ%

Fannie Mae͗ ε͘ϯ%

F reddie M ac: 9.1%

LowͲincome refinance goal 26%

Fannie Mae͗ ϯκ͘ϳ%

Freddie Mac͗ ϯϳ͘1%

Multifamily 'oals (units)

LowͲincome multifamily goal κ1ρ͕000

Fannie Mae͗ κ1ε͕ϯς1

Freddie Mac͗ κ20͕10ς

sery lowͲincome multifamily subgoal 88, 000

F annie M ae: 127, 905

Freddie Mac͗ 12ϳ͕ϳϯϯ

^mall multifamily property lowͲincome subgoal 

F annie M ae: 17, 000 Fannie Mae͗ 21͕κϯς

Freddie Mac͗ 2ϯ͕000 Freddie Mac͗ 2ϳ͕10ϯ

Source: Federal Housing Finance Agency, Fannie Mae, Freddie Mac. 

a

 PĞƌĨŽƌŵĂŶĐĞ ĂƐ ƌĞƉŽƌƚĞĚ ďLJ ƚŚĞ EŶƚĞƌƉƌŝƐĞƐ ŝŶ ƚŚĞŝƌ DĂƌĐŚ 202ϯ AŶŶƵĂů HŽƵƐŝŶŐ AĐƟǀŝƟĞƐ RĞƉŽƌƚƐ͘ OĸĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ Ăůů ŐŽĂůƐ 

ŝŶ 2022 ǁŝůů ďĞ ĚĞƚĞƌŵŝŶĞĚ ďLJ FHFA ĂŌĞƌ ĂŶĂůLJƐŝƐ ŽĨ EŶƚĞƌƉƌŝƐĞ ůŽĂŶͲůĞǀĞů ĚĂƚĂ ŝƐ ĐŽŵƉůĞƚĞĚ͘

dhe ecember 2021 final rule established 

multifamily housing goals for 2022 only͘ In 

2022͕ F,FA engaged in noticeͲandͲcomment 

rulemaŬing to establish new multifamily 

b enchm ark l ev el s f or t he E nt erp rises cov ering 

202ϯͲ202κ͘ F,FA published a proposed rule on 

August 18͕ 2022͕ and a final rule on ecember 

2ϯ͕ 2022͘ dhe final rule includes for the first 

time a new percentageͲbased methodology for 

measuring the multifamily housing goals͘ dhe 

new percentageͲbased benchmarŬs for the 

nterprise multifamily housing goals will help 

ensure that the nterprises continue to support 

affordable multifamily housing in a variety of 

marŬet conditions͘

I n 2022, F H F A req uired F reddie M ac t o 

st rengt hen t he housing p l an t hat F reddie M ac 

originally submiƩed in response to its failure to 

meet the singleͲfamily lowͲincome refinance goal 

in 2020. B ecause F reddie M ac’ s p erf orm ance on 

the lowͲincome refinance goal fell short of the 

b enchm ark l ev el and t he m ark et p erf orm ance 

in 2020, F H F A req uired F reddie M ac t o sub m it 

a housing plan outlining the steps it would taŬe 

to beƩer address the needs of lowͲincome 

borrowers who would benefit from refinancing 

in t he f ut ure. F H F A f orm al l y ap p rov ed F reddie 

Mac͛s revised housing plan in February 202ϯ͘ 
42 Federal Housing Finance Agency

Duty to Serve

T he S af et y and S oundness A ct p rov ides 

t hat t he E nt erp rises hav e a “ dut y t o serv e 

underserved marŬets͘͟ dhe statute specifies 

t hat t he E nt erp rises " shal l p rov ide l eadership 

t o t he m ark et in dev el op ing l oan p roduct s and 

Ňedžible underwriting guidelines͟ to improve 

the distribution and availability of mortgage 

financing in a safe and sound manner and ͞to 

f acil it at e a secondary m ark et f or m ort gages f or 

very lowͲ͕ lowͲ͕ and moderateͲincome families 

with respect to the following underserved 

marŬets͗͟ manufactured housing͕ affordable 

housing preservation͕ and rural housing͘18 T he 

st at ut e direct s F H F A t o ev al uat e each E nt erp rise’ s 

compliance with this duty to serve and to 

evaluate and rate the edžtent of such compliance 

on an annual b asis. 

In ecember 201ς͕ F,FA issued a final rule 

implementing the duty to serve ;d^Ϳ statutory 

req uirem ent s.19 dhe regulation reƋuires each 

E nt erp rise t o dev el op an U nderserv ed M ark et s 

Wlan ;WlanͿ detailing the obũectives and activities 

t o b e undert ak en b y t he E nt erp rise t o m eet 

its d^ obligations over a threeͲyear period͘ 

dhe regulation establishes a process for F,FA 

to review and issue a EonͲKbũection for each 

underserved marŬet in the Wlan͕ pursuant to 

EonͲKbũection standards set forth in separate 

F,FA valuation 'uidance͕ once F,FA is satisfied 

t hat al l of it s com m ent s hav e b een addressed. 

dhe regulation also establishes a frameworŬ 

f or F H F A t o ev al uat e and rat e t he E nt erp rises’ 

com p l iance ( f urt her dev el op ed in t he F H F A 

valuation 'uidanceͿ͕ lists specific activities 

eligible for d^ credit͕ and allows the nterprises 

to propose additional activities that F,FA will 

consider for d^ credit eligibility͘ dhe regulation 

does not mandate any specific activities͘ Instead͕ 

18 See 12 U.S.C. § 4565.

19 Θϭ FR ες2κ2 ;DĞĐ͘ 2ε͕ 20ϭςͿ͕ ĐŽĚŝĮĞĚ Ăƚ ϭ2 CFR ƉĂƌƚ ϭ2Θ2͕ SƵďƉĂƌƚ C͘

20 FHFA ƉƌŽǀŝĚĞĚ ŶŽƟĐĞ ƚŽ ĞĂĐŚ EŶƚĞƌƉƌŝƐĞ ƚŚĂƚ ƚŚĞ ĞīĞĐƟǀĞ ĚĂƚĞ ĨŽƌ ƚŚĞ ǀĞƌƐŝŽŶƐ ŽĨ ƚŚĞ 2022Ͳ202κ PůĂŶƐ ƚŚĂƚ ƵůƟŵĂƚĞůLJ ƐĂƟƐĮĞĚ ƚŚĞ 

ƐƚĂŶĚĂƌĚƐ ĨŽƌ NŽŶͲOďũĞĐƟŽŶ ǁŽƵůĚ ďĞ :ĂŶƵĂƌLJ ϭ͕ 2022͕ ƌĞŐĂƌĚůĞƐƐ ŽĨ ǁŚĞŶ ƚŚĞ NŽŶͲOďũĞĐƟŽŶƐ ǁĞƌĞ ŝƐƐƵĞĚ͘ 

it reƋuires the nterprises to develop their own 

Wlans to beƩer serve households in the three 

underserv ed m ark et s. 

F,FA͛s process for evaluating and rating the 

E nt erp rises’ D T S p erf orm ance consist s of 

three parts͘ First͕ F,FA conducts a Ƌuantitative 

assessment to determine whether each 

nterprise achieved the obũectives in its Wlan͘ 

^econd͕ F,FA conducts a Ƌualitative assessment 

of each nterprise͛s impact on affordable 

housing in t he underserv ed m ark et s. T hird, 

F,FA evaluates edžtra creditͲeligible activities 

undert ak en b y each E nt erp rise. 

2022-2024 Duty to Serve Plans

Kn May ϯ͕ 2021͕ both nterprises submiƩed 

their proposed 2022Ͳ202κ Wlans to F,FA͘ AŌer 

submiƫng several rounds of draŌ revised Wlans 

and receiving from F,FA wriƩen feedbacŬ to 

inform revisions to specific proposed activities 

and obũectives in each submission͕ Fannie 

Mae and Freddie Mac received EonͲKbũection 

determinations for each marŬet in these Wlans on 

A p ril 26, 2022.20

ϮϬϮϮ-ϮϬϮκ Wlan ModiĮcations 

hnder F,FA͛s valuation 'uidance͕ an nterprise 

may reƋuest to modify obũectives in its Wlan at 

any time for any year of the Wlan͘ dhe valuation 

'uidance provides͕ however͕ that modifications 

that would change current year targets should 

not be submiƩed on a routine basis and should 

onl y occur in resp onse t o sp ecial circum st ances 

b ey ond an E nt erp rise’ s cont rol t hat m at erial l y 

alter its ability to edžecute an obũective through 

the actions in its Wlan͕ or to strengthen an 

E nt erp rise’ s com m it m ent t o an underserv ed 

marŬet͕ such as maŬing a target more ambitious͕ 
Report to the Congress 2022 43

SUPERVISION AND OVERSIGHT

broadening the scope of an activity͕ or adding a 

new baseline to an obũective͘21

dhe d^ regulation provides that all modification 

reƋuests are subũect to F,FA EonͲKbũection͕ and 

that F,FA may seeŬ public input on modification 

req uest s if t he A gency “ det erm ines t hat p ub l ic 

input would assist its consideration of the 

proposed modifications͘͟22 O n S ep t em b er 15, 

2022͕ the nterprises submiƩed a combined 1ϯ 

modification reƋuests͘ Fannie Mae͛s proposals 

included modifications to five edžisting obũectives 

and the addition of two new obũectives͘ Freddie 

Mac͛s proposals included modifications to sidž 

edžisting obũectives͘ 

Kn Eovember κ͕ 2022͕ F,FA posted a ϯ0Ͳday 

ZeƋuest for Input ;ZFIͿ on its website seeŬing 

feedbacŬ on the nterprises͛ most significant 

modification proposals͘ dhe ZFI included five 

proposed modifications from Fannie Mae and all 

sidž proposed modifications from Freddie Mac͘2ϯ

F H F A receiv ed sev en com m ent s t hat p rov ided 

feedbacŬ on the proposed modifications and 

broader feedbacŬ on the nterprises͛ Wlans͘ 

AŌer reviewing all of the modification reƋuests 

and the comments received͕ F,FA issued EonͲ

Kbũection determinations for all three marŬets of 

each nterprise͛s modified Wlan on :anuary 1ϯ͕ 

202ϯ͘

ϮϬϮϮ ctiǀities 

In 2022͕ both nterprises edžceeded their targets 

for an obũective in the manufactured housing 

21 RĞǀŝƐĞĚ EǀĂůƵĂƟŽŶ GƵŝĚĂŶĐĞ 2020ͲκĂ͕ ǁŝƚŚ ƚĞŵƉŽƌĂƌLJ ĐŚĂŶŐĞƐ ĨŽƌ PůĂŶ LJĞĂƌƐ 2020 ĂŶĚ 202ϭ ;ϳͬ22ͬ2020Ϳ available at 

hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬWolicyWrogramsResearchͬWrogramsͬWagesͬuty-to-Serǀe-Resources͘asƉdž.

22 ϭ2 CFR ϭ2Θ2͘ϯ2;ŚͿ͘

23 TŚĞ RFI ŝŶĐůƵĚĞĚ FƌĞĚĚŝĞ DĂĐ͛Ɛ ƉƌŽƉŽƐĞĚ ŵŽĚŝĮĐĂƟŽŶƐ ƚŽ ŝƚƐ USDA ρϭρ ůŽĂŶ ƉƵƌĐŚĂƐĞ ŽďũĞĐƟǀĞƐ ǁŚŝĐŚ ŚĂǀĞ ƐŝŶĐĞ ďĞĞŶ ƌĞƐĐŝŶĚĞĚ 

ďLJ FƌĞĚĚŝĞ DĂĐ͗ FR ͅAHP ͅSĞĐ ρϭρ ͅA ĂŶĚ FR ͅRƵƌĂů ͅDF PƌŽƉ ͅA͘ 

24 UŶĚĞƌ ƚŚŝƐ ŽďũĞĐƟǀĞ͕ FĂŶŶŝĞ DĂĞ ǁŝůů ƉƵƌĐŚĂƐĞ ůŽĂŶƐ ƵŶĚĞƌ Ă ƌĞǀŝƐĞĚ DHC ŽīĞƌŝŶŐ ǁŚŝĐŚ ĂůůŽǁƐ ĨŽƌ ŵŽƌĞ ƚŚĂŶ 2ρ ƉĞƌĐĞŶƚ ŽĨ ƵŶŝƚƐ 

ƚŽ ďĞ ͞ƉĂƌŬ ŽǁŶĞĚ ŚŽŵĞƐ͟ ǁŚĞƌĞ ƚŚĞ ƌĞƐŝĚĞŶƚ ƌĞŶƚƐ ďŽƚŚ ƚŚĞ ƉĂĚ ĂŶĚ ƚŚĞ ƵŶŝƚ͘ 

25 TŚĞ DƵƚLJ ƚŽ SĞƌǀĞ ƌĞŐƵůĂƟŽŶ ĚĞĮŶĞƐ RĞƐŝĚĞŶƟĂů EĐŽŶŽŵŝĐ DŝǀĞƌƐŝƚLJ ;REDͿ ĂƐ͗ ĂīŽƌĚĂďůĞ ŚŽƵƐŝŶŐ ŝŶ Ă ŚŝŐŚ ŽƉƉŽƌƚƵŶŝƚLJ ĂƌĞĂ Žƌ 

ŵŝdžĞĚͲŝŶĐŽŵĞ ŚŽƵƐŝŶŐ ŝŶ ĂŶ ĂƌĞĂ ŽĨ ĐŽŶĐĞŶƚƌĂƚĞĚ ƉŽǀĞƌƚLJ͘

26 TŚĞ DTS ƌĞŐƵůĂƟŽŶ ĚĞĮŶĞƐ ͞ŚŝŐŚͲŶĞĞĚƐ ƌƵƌĂů ƌĞŐŝŽŶ͟ ĂƐ ĂŶLJ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ƌĞŐŝŽŶƐ ƉƌŽǀŝĚĞĚ ƚŚĞ ƌĞŐŝŽŶ ŝƐ ůŽĐĂƚĞĚ ŝŶ Ă ƌƵƌĂů ĂƌĞĂ͗ 

Middle Appalachia, the Lower Mississippi Delta, a colonia, or a tract located in a persistent poverty county outside of these three 

regions. 12 CFR 1282.1.

m ark et . F annie M ae p urchased a t ot al of 5, 952 

units on Manufactured ,ousing ommunities 

;M,sͿ benefiting from Ňedžibilities for rental 

units ;or ͞parŬͲowned homes͟Ϳ͕2κ edžceeding 

it s t arget of p urchasing 1, 900 unit s. F reddie 

Mac purchased 10͕8κ1 loans on manufactured 

housing titled as real property͕ edžceeding its 

t arget of 8, 500 l oans. I n 2022, F annie M ae did 

not reach it s M anuf act ured H om es T it l ed as 

Zeal Wroperty target of 10͕000 loans͕ purchasing 

8͕κϳκ loans͘ 

In the affordable housing preservation marŬet͕ 

the nterprises͛ Wlans included obũectives to 

support Zesidential conomic iversity͘25 B ot h 

nterprises edžceeded their loan purchase targets 

in t his m ark et . F annie M ae p urchased 57 l oans, 

edžceeding its target of 2ς loans͘ Freddie Mac 

purchased loans on ε͕ϯκ0 units͕ edžceeding its 

target of κ͕100 units͘ 

I n t he rural housing m ark et , each E nt erp rise 

included in its Wlan singleͲfamily loan purchase 

t arget s in high- needs rural regions.26 F annie M ae 

p urchased 8, 666 p urchase m oney m ort gages 

;WMMͿ in 2022͕ edžceeding its target of 8͕000 

loans͘ Freddie Mac purchased 1ς͕κς8 loans 

;including both WMM and refinance loansͿ in 

2022͕ edžceeding its target of 12͕800 loans͘ 

Eeither nterprise met its target for its h͘^͘ 

epartment of Agriculture ;h^AͿ ^ection 

ρ1ρ loan purchase obũectives͘ Although 

both nterprises promoted their respective 

^ection ρ1ρ loan products͕ they faced several 
44 Federal Housing Finance Agency

chal l enges. F annie M ae rep ort ed l ong l ead 

times for originating new debt on ^ection ρ1ρ 

deals͕ along with smaller average loan balances 

and increased compledžities contributing to low 

ret urns f or l enders. F reddie M ac rep ort ed t hat 

borrowers were accustomed to worŬing with 

the h^A ^ection ρϯ8 program͕ and were using 

it as the primary source of new debt on edžisting 

properties͘

Fannie Mae included an obũective in its Wlan 

targeting the small rural rental marŬet͕ under 

which Fannie Mae purchased ϳϳ loans͕ edžceeding 

it s t arget of 68 l oans. F reddie M ac incl uded an 

outreach obũective in its Wlan highlighting its 

fourth annual rural research symposium͕ which 

was held in Eovember 2022 and focused on 

p rov iding insight s on housing t rends, rural rent al 

m ark et s, m anuf act ured housing and energy , t he 

env ironm ent , and sust ainab il it y . 

Figure ϭϳ͗ ϮϬϮϮ Fannie Mae dS >oan Wurchase Werformance Relatiǀe to Wlan dargets27

Ύ Eeǁ loan purcŚase oďũectiǀe in 2022

Market ctiǀitya 2022 

Targetb

2022 

Purchasesc

Werformance Relatiǀe 

to Target

M anuf act ured 

H ousing

Manufactured ,omes ditled as Zeal Wroperty 10, 000 l oans 8͕κϳκ loans elow darget

Manufactured ,ousing ommunities ;M,Ϳ Eot 

Wrivately Kwned ρ properties 2 properties elow darget

Loans on M, properties benefiƫng from 

Manufactured ,ousing Zental ŇedžibilitiesΎ 1, 900 unit s 5, 952 unit s džceeded

Manufactured ,ousing ommunities with ertain 

denant Wad Lease Wrotections Ψ1͘ε hW Ψ1͘ε2 hW džceeded

Mortgages secured by LI,d Wroperties 205 l oans ϯκ8 loans džceeded

Affordable ,ousing 

Wreservation

^ection 8 159 l oans 22ϯ loans džceeded

h^A ^ection ρ1ρ 6 l oans 0 l oans elow darget

Zental Assistance emonstration Wrogram ;ZAͿ 1, 000 unit s 572 unit s elow darget

Kther ^tate or Local Affordable ,ousing Wrograms ςκ loans 108 l oans džceeded

Zesidential conomic iversity ͲͲ Kther state or 

local affordable housing programs 26 l oans 57 l oans džceeded

^hared ƋuityΎ 175 l oans 180 l oans džceeded

R ural H ousing

^ingle Family ,ighͲEeeds Zural Zegions 8, 000 l oans 8, 666 l oans džceeded

Multifamily ,ighͲEeeds Zural Zegions κ8 loans 52 l oans džceeded

^mall Financial Institutions κ͕200 loans κ͕ϯ21 loans džceeded

S m al l R ural R ent al 68 l oans 77 l oans džceeded

R ural LI H T C I nv est m ent s 78 

inv est m ent s 88 inv est m ent s džceeded

a EĂĐŚ EŶƚĞƌƉƌŝƐĞ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ůŽĂŶƐ ĨŽƌ ǁŚŝĐŚ ƚŽ ƐĞĞŬ DTS ĐƌĞĚŝƚ ƵŶĚĞƌ Ă ŐŝǀĞŶ ĂĐƟǀŝƚLJ͕ ƐƵďũĞĐƚ ƚŽ FHFA͛Ɛ ƉĂƌĂŵĞƚĞƌƐ͘ 

CŽŶƐĞƋƵĞŶƚůLJ͕ ůŽĂŶ ƉƵƌĐŚĂƐĞ ƉĞƌĨŽƌŵĂŶĐĞ ĨŽƌ ĂŶ ĂĐƟǀŝƚLJ ŵĂLJ ŶŽƚ ďĞ ĐŽŵƉĂƌĂďůĞ ĂĐƌŽƐƐ EŶƚĞƌƉƌŝƐĞƐ͘ 

ď EĂĐŚ EŶƚĞƌƉƌŝƐĞ ĚĞƚĞƌŵŝŶĞƐ ŝƚƐ 2022 ƚĂƌŐĞƚƐ ƵƐŝŶŐ ƚŚĞ ŵĞƚŚŽĚŽůŽŐLJ ĚĞƐĐƌŝďĞĚ ŝŶ ŝƚƐ PůĂŶ͘ 

Đ A ůŽĂŶ ƉƵƌĐŚĂƐĞ ŵĂLJ ƋƵĂůŝĨLJ ĨŽƌ DTS ĐƌĞĚŝƚ ƵŶĚĞƌ ŵƵůƟƉůĞ DTS ŽďũĞĐƟǀĞƐ͘ 

27 AƐƐĞƐƐŵĞŶƚ ŽĨ ůŽĂŶ ƉƵƌĐŚĂƐĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ƉƌĞůŝŵŝŶĂƌLJ ǁŚŝůĞ FHFA ĐŽŶĚƵĐƚƐ ŝƚƐ ĂŶŶƵĂů ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͘
Report to the Congress 2022 45

SUPERVISION AND OVERSIGHT

Figure ϭΘ͗ ϮϬϮϮ Freddie Mac dS >oan Wurchase Werformance Relatiǀe to Wlan dargets28

Ύ Eeǁ loan purcŚase oďũectiǀe in 2022

Market ctiǀitya 2022 Targetb 2022 

Purchasesc

Performance 

Relatiǀe to 

Target

M anuf act ured H ousing

Manufactured ,omes ditled as Zeal Wroperty 8, 000 l oans 10͕8κ1 loans džceeded

Manufactured ,ousing ommunities with 

denant Wad Lease Wrotections

110 properties or 

11, 000 p ads

1κς properties 

with 1ε͕ϳ8ρ 

p ads 

džceeded

Affordable ,ousing 

Wreservation

^ection 8 27, 100 unit s ϯ2͕ς2ε units džceeded

Low Income ,ousing dadž redits ;LI,dͿ 

D eb t ρκ͕000 units 58, 880 unit s džceeded

Zesidential conomic iversity͗ Additional 

Activity κ͕100 units ε͕ϯκ0 units džceeded

Wurchase Loans with ^tate and Local 

Wrograms κκ͕000 units 59, 816 unit s džceeded

S easoned S m al l B al ance Loans f rom S m al l 

Financial Institutions

Lesser of 2 

transactions or 

Ψϯ00M

0 transactions elow darget

h^A ^ection ρ1ρ29 1 transaction 0 transactions elow darget

S hared E q uit y 11ρͲ1ϯ0 loans 1ϯρ loans džceeded

R ural H ousing

,ighͲEeeds Zegions ;^ingle FamilyͿ 12, 800 l oans 1ς͕κς8 loans džceeded

^mall Financial Institutions 2͕ϯε0 loans 2, 525 l oans džceeded

U S D A 515 1 rural p rop ert y 0 properties elow darget

LI H T C I nv est m ent s R ural 20 transactions 20 transactions T arget m et

LI,d Investments ,ighͲEeeds Zural Zegions ς transactions ε transactions džceeded

LI,d Investments ,ighͲEeeds Wopulations 2 transactions κ transactions džceeded

a

 EĂĐŚ EŶƚĞƌƉƌŝƐĞ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ůŽĂŶƐ ĨŽƌ ǁŚŝĐŚ ƚŽ ƐĞĞŬ DTS ĐƌĞĚŝƚ ƵŶĚĞƌ Ă ŐŝǀĞŶ ĂĐƟǀŝƚLJ͕ ƐƵďũĞĐƚ ƚŽ FHFA͛Ɛ ƉĂƌĂŵĞƚĞƌƐ͘ 

CŽŶƐĞƋƵĞŶƚůLJ͕ ůŽĂŶ ƉƵƌĐŚĂƐĞ ƉĞƌĨŽƌŵĂŶĐĞ ĨŽƌ ĂŶ ĂĐƟǀŝƚLJ ŵĂLJ ŶŽƚ ďĞ ĐŽŵƉĂƌĂďůĞ ĂĐƌŽƐƐ EŶƚĞƌƉƌŝƐĞƐ͘ 

ď

 EĂĐŚ EŶƚĞƌƉƌŝƐĞ ĚĞƚĞƌŵŝŶĞƐ ŝƚƐ 2022 ƚĂƌŐĞƚƐ ƵƐŝŶŐ ƚŚĞ ŵĞƚŚŽĚŽůŽŐLJ ĚĞƐĐƌŝďĞĚ ŝŶ ŝƚƐ PůĂŶ͘

c A ůŽĂŶ ƉƵƌĐŚĂƐĞ ŵĂLJ ƋƵĂůŝĨLJ ĨŽƌ DTS ĐƌĞĚŝƚ ƵŶĚĞƌ ŵƵůƟƉůĞ DTS ŽďũĞĐƟǀĞƐ͘

28 AƐƐĞƐƐŵĞŶƚ ŽĨ ůŽĂŶ ƉƵƌĐŚĂƐĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ƉƌĞůŝŵŝŶĂƌLJ ǁŚŝůĞ FHFA ĐŽŶĚƵĐƚƐ ŝƚƐ ĂŶŶƵĂů ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ͘

29 FƌĞĚĚŝĞ DĂĐ ůŝƐƚƐ ŝƚƐ ŽďũĞĐƟǀĞ͕ PƵƌĐŚĂƐĞ LŽĂŶƐ ƚŽ PƌĞƐĞƌǀĞ PƌŽƉĞƌƟĞƐ ǁŝƚŚ USDA SĞĐƟŽŶ ρϭρ DĞďƚ͕ ďŽƚŚ ŝŶ ƚŚĞ ĂīŽƌĚĂďůĞ ŚŽƵƐŝŶŐ 

ƉƌĞƐĞƌǀĂƟŽŶ ĂŶĚ ƌƵƌĂů ŚŽƵƐŝŶŐ ŵĂƌŬĞƚƐ͕ ĂƐ ŝƐ ƉĞƌŵŝƐƐŝďůĞ ƵŶĚĞƌ ƚŚĞ DTS ƌĞŐƵůĂƟŽŶ͘ 
46 Federal Housing Finance Agency

īordaďle ,ousing llocations

do support affordable housing͕ the ^afety and 

S oundness A ct req uires t he E nt erp rises t o 

set aside in each fiscal year an amount eƋual 

to κ͘2 basis points ;0͘0κ2 percentͿ for every 

dollar of unpaid principal balance on total new 

b usiness p urchases.ϯ0 O f t he am ount set aside, 

t he E nt erp rises m ust t ransf er 65 p ercent t o t he 

D ep art m ent of H ousing and U rb an D ev el op m ent 

to fund the ,ousing drust Fund and ϯρ percent 

t o t he D ep art m ent of t he T reasury t o f und t he 

C ap it al M agnet F und.ϯ1 T he H ousing T rust F und is 

designed to assist states in meeting the housing 

needs of the lowestͲincome families͘ dhe apital 

Magnet Fund is a special account within the 

ommunity evelopment Financial Institutions 

F und designed t o increase inv est m ent in 

affordable housing͕ economic development͕ and 

community development facilities in lowͲincome 

or underserv ed rural areas.ϯ2

30 UŶĚĞƌ HERA͕ FHFA ŝƐ ƐƚĂƚƵƚŽƌŝůLJ ĂƵƚŚŽƌŝnjĞĚ ƚŽ ƚĞŵƉŽƌĂƌŝůLJ ƐƵƐƉĞŶĚ ĂŶ EŶƚĞƌƉƌŝƐĞ͛Ɛ ĂīŽƌĚĂďůĞ ŚŽƵƐŝŶŐ ĂůůŽĐĂƟŽŶƐ͕ ŐĞŶĞƌĂůůLJ ďĂƐĞĚ 

ŽŶ ƚŚĞ ĮŶĂŶĐŝĂů ĐŽŶĚŝƟŽŶ ŽĨ ƚŚĞ EŶƚĞƌƉƌŝƐĞ͘

31 See ϭ2 U͘S͘C͘ Α κρςϳ;ĂͿ͘

32 Id.͖ see also 12 U.S.C. §§ 4568 and 4569.

33 See hƩƉs͗ͬͬǁǁǁ͘fanniemae͘comͬmediaͬκςϮϳςͬdisƉlay͘

34 See hƩƉs͗ͬͬǁǁǁ͘freddiemac͘comͬinǀestorsͬĮnancialsͬƉdfͬϭϬŬ ͅϬϮϮϮϮϯ͘Ɖdf͘

Figure 1ε shows the total amounts paid into 

these funds each year from 201ς through 202ϯ͘ 

I n F eb ruary 2022, t he E nt erp rises m ade, as 

directed͕ a total of Ψ1͘1ϯ8 billion in affordable 

housing allocation payments͘ In February 202ϯ͕ 

the nterprises disbursed approdžimately Ψρκρ 

million in payments͘ dhese affordable housing 

allocation payments were calculated based on 

each nterprise͛s total new business purchases͘ 

Fannie Mae͛s new business purchases in 2022 

amounted to approdžimately Ψς8κ͘ρ billion͕ 

resulting in a Ψ28ϳ million affordable housing 

allocation payment͘ϯϯ F reddie M ac’ s t ot al 

new business purchases in 2022 amounted to 

approdžimately Ψς00 billion͕ resulting in a Ψ2ρ8 

million affordable housing allocation payment͘ϯκ

Figure ϭε͗ īordaďle ,ousing llocation Wayments

Enterprise īordaďle ,ousing llocation Wayments (ollars in millions)

2016 2017 2018 2019 2020 2021 2022 2023 Total

F annie M ae Ψ21ϳ Ψ2ς8 Ψ2ϯε Ψ21ρ Ψ280 Ψς0ϯ Ψρε8 Ψ28ϳ Ψ2͕κ20 

F reddie M ac Ψ1ςρ Ψ18ϳ Ψ1ϳρ Ψ1ς2 Ψ222 Ψκε1 Ψρκ0 Ψ2ρ8 Ψ1͕εκ2 

T ot al Ψϯ82 Ψκρρ Ψκ1κ Ψϯϳϳ Ψρ02 Ψ1͕0ε0 Ψ1͕1ϯ8 Ψρκρ Ψκ͕ε0ϯ 
Report to the Congress 2022 47

SUPERVISION AND OVERSIGHT

FEDERAL HOME LOAN 

BANK AFFORDABLE 

HOUSING AND 

COMMUNITY 

DEVELOPMENT 

ACTIVITIES

īordaďle ,ousing Wrograms

dhe Federal ,ome Loan anŬ Act of 1εϯ2 ;anŬ 

A ct ) req uires each of t he F H LB ank s t o est ab l ish 

an Affordable ,ousing Wrogram ;A,WͿ to fund 

the purchase͕ construction͕ or rehabilitation 

of affordable housing for very lowͲ and lowͲ 

or m oderat e- incom e househol ds.ϯρ F H LB ank 

member financial institutions may apply to their 

F,LanŬs for A,W grants or subsidinjed

35 See 12 U.S.C. § ϭκϯ0;ũͿ͘

36 See ϭ2 U͘S͘C͘ Α ϭκϯ0;ũͿ;ρͿ;CͿ͘

advances͕ which the members pass on as grants 

or sub sidiz ed l oans t o el igib l e p roj ect s or grant s 

t o el igib l e househol ds. A nnual l y , each F H LB ank 

is reƋuired by statute to fund its A,W with 10 

p ercent of it s net earnings f rom t he p rior y ear, 

p rov ided t hat al l 11 F H LB ank s m eet a t ot al 

contribution minimum of Ψ100 million͘ϯς I n 

2022, t he F H LB ank s m ade av ail ab l e m ore t han 

the statutorily reƋuired Ψ200͘ρ million in A,W 

subsidies ;Figure 20Ϳ͘ From 1εε0͕ the A,W͛s first 

y ear, t hrough 2022, t he F H LB ank s m ade av ail ab l e 

approdžimately Ψϳ͘ς billion in A,W subsidies͕ 

assisting more than one million households 

( F igure 20) .

y statute͕ A,W subsidies must be used either 

to fund homeownership for households with 

incomes at or below 80 percent of area median 

incom e ( A M I ) , or t o p urchase, const ruct , or 

rehabilitate rental housing in which at least 20 

percent of the units will be occupied by͕ and

Figure ϮϬ͗ Federal ,ome >oan anŬs͛ ,W Statutory ontriďutions
48 Federal Housing Finance Agency

affordable to͕ households with incomes at or 

below ρ0 percent of AMI͘ dhe A,W statutory 

provisions are implemented pursuant to the A,W 

regulation͘ϯϳ

,W omƉetitiǀe ƉƉlication Wrogram

dhe A,W regulation reƋuires each F,LanŬ to 

implement a competitive application program 

;referred to as the 'eneral FundͿ͘ hnder 

t hese p rogram s, F H LB ank m em b ers ap p l y on 

37 See 12 CFR part 1291.

behalf of proũect sponsors͕ typically nonprofit 

organinjations or housing finance agencies͕ to 

their F,LanŬs for A,W funds pursuant to a 

competitive scoring process͘

I n 2022, rent al housing unit s rep resent ed 

approdžimately 8ς percent of all units funded 

under the competitive application program͕ a 

sl ight decrease f rom 89 p ercent in 2021 ( F igure 

21) . 

Figure Ϯϭ͗ ϮϬϮϮ ,W omƉetitiǀe ƉƉlication Oǀerǀieǁa

Rental Housing 

Projects

Owner-Occupied 

Housing Projects

Total Housing 

Projects 

dotal Eumber of Awarded Wroũects 22ϯ 98 ϯ21

^ubsidy Awarded ;Ψ in MillionsͿ Ψ1ρ2͘2M Ψϯρ͘ρM Ψ18ϳ͘ϳM

Eumber of ,ousing hnits 1ϯ͕0ϳς 2͕1ϯ0 15, 206

A v erage S ub sidy p er U nit Ψ11͕ςϯε Ψ1ς͕ς8ρ Ψ12͕ϯκς 

Eumber of sery LowͲIncome ,ousing 

U nit sb 9, 122 1, 078 10, 200

a

 DĂƚĂ͕ ǁŚŝĐŚ ĞdžĐůƵĚĞ ǁŝƚŚĚƌĂǁŶ ƉƌŽũĞĐƚƐ͕ ĂƌĞ ĐƵƌƌĞŶƚ ĂƐ ŽĨ DĞĐĞŵďĞƌ ϯϭ͕ 2022͘ NƵŵďĞƌƐ ĞdžƉƌĞƐƐĞĚ ŝŶ ĚŽůůĂƌƐ ŚĂǀĞ ďĞĞŶ ƌŽƵŶĚĞĚ ƚŽ 

the nearest dollar.

ď

 ͞VĞƌLJ ůŽǁͲŝŶĐŽŵĞ͟ ŝƐ ĚĞĮŶĞĚ ĂƐ ŚŽƵƐĞŚŽůĚƐ ǁŝƚŚ ŝŶĐŽŵĞƐ Ăƚ Žƌ ďĞůŽǁ ρ0 ƉĞƌĐĞŶƚ ŽĨ ADI͘

AHP Homeownership Set-Aside Program

ach F,LanŬ is also authorinjed by the A,W 

regulation to set aside funds for grants to eligible 

households under homeownership setͲaside 

p rogram s. T he l im it t hat each F H LB ank m ay 

allocate annually is the greater of either Ψκ͘ρ 

million or ϯρ percent of its statutorily reƋuired 

A,W annual contribution ;10 percent of its net 

earnings f or t he p rior y ear) . A l l 11 F H LB ank s 

offered homeownership setͲaside programs 

in 2022͕ with total funding of approdžimately 

Ψϳε͘2 million͘ At least oneͲthird of an F,LanŬ͛s 

annual aggregate homeownership setͲaside 

program allocation must be designated to assist 

lowͲ or moderateͲincome firstͲtime homebuyers 

or ownerͲoccupied rehabilitation for lowͲ or 

m oderat e- incom e househol ds.

dhe madžimum permissible setͲaside grant 

amount in 2022 was Ψ2ς͕0ϳ0͘ dhe F,LanŬs͛ 

av erage set - aside grant p er recip ient househol d 

in 2022 was Ψϳ͕ς8ς͘ dhe most common use of 

setͲaside grants was to defray borrower down 

payments and closing costs͕ with ε͕ρκκ grants 

p rov ided f or such p ay m ent s and cost s in 2022. 

In 2022͕ ε͕ϯϯς setͲaside grants were provided to 

firstͲtime homebuyers͕ and ϳς0 setͲaside grants 

funded the rehabilitation of ownerͲoccupied 

hom es, a decrease f rom 895 set - aside grant s 

for ownerͲoccupied rehabilitation in 2021 ;see 

F igure 22) . 
Report to the Congress 2022 49

SUPERVISION AND OVERSIGHT

Figure ϮϮ͗ Eumďer of ,W ,omeoǁnershiƉ Set-side 'rants hsed for Rehaďilitation ssistance 

(2009-2022)

,W Suďsidies hsed in onũunction ǁith Other 

Sources of Funding ʹ dhe A,W is designed to 

worŬ with a variety of other funding sources and 

is freƋuently used in conũunction with funding 

from nonprofit organinjations and housing 

p rogram s at t he f ederal , st at e, or l ocal l ev el . I n 

2022͕ approdžimately ς0 percent of A,W proũects 

receiv ed f unding f rom ot her f ederal p rogram s 

;Figure 2ϯͿ͕ such as the ,KM Investment 

Wartnerships͕ ommunity evelopment locŬ 

'rant͕ and LI,d programs͘ dhe LI,d program 

was the most common source of funding͕ 

supporting about ςρ percent of all approved A,W 

applications for rental housing͘
50 Federal Housing Finance Agency

Figure 23: Number of AHP Projects Approved in 2022 Receiving Federal Fundinga

ommunity evelopment locŬ 'rant Wrogram ϯϳ

,KM Investment Wartnerships Wrogram 75

LI,d Wrogram 1κρ

Federal ,ousing Administration Wrograms 6

Kther Federal ,ousing Wrograms ϯϳ

Wroũects Eot Zeceiving Funding from Federal ^ources 1ϯ0

a

 DĂƚĂ͕ ǁŚŝĐŚ ĞdžĐůƵĚĞ ǁŝƚŚĚƌĂǁŶ ƉƌŽũĞĐƚƐ͕ ĂƌĞ ĐƵƌƌĞŶƚ ĂƐ ŽĨ DĞĐĞŵďĞƌ ϯϭ͕ 2022͘ SŽŵĞ ƉƌŽũĞĐƚƐ ŵĂLJ ŚĂǀĞ ĨĞĚĞƌĂů ĨƵŶĚŝŶŐ ĨƌŽŵ ŵŽƌĞ 

than one source.

Community Investment Program and 

Community Investment Cash Advance 

Program

dhe F,LanŬs͛ support of lowͲincome housing 

and community development activities also 

includes the ommunity Investment Wrogram 

;IWͿ and ommunity Investment ash Advance 

;IAͿ Wrogram͘ ach F,LanŬ͕ through its 

statutorily mandated IW͕ϯ8 offers advances 

t o it s m em b ers at t he cost of t he F H LB ank s’ 

consolidated obligations of comparable 

maturities aŌer considering reasonable 

administrative costs͘ IW advances may assist 

the financing of housing for households with 

incomes at or below 11ρ percent of AMI͘ 

IW funds may also be used for economic 

development proũects located in lowͲ and 

moderateͲincome neighborhoods or that benefit 

lowͲ and moderateͲincome households͘ In 

2022͕ the F,LanŬs issued approdžimately Ψϯ͘2 

billion in IW advances for housing proũects and 

approdžimately Ψϯϯ0͘2 million for economic 

dev el op m ent p roj ect s.

ach F,LanŬ may also offer optional IA 

programs͕ which are authorinjed under the IA 

regulation and the anŬ Act͘ϯε U nder t hese 

programs͕ F,LanŬs may support the financing 

38 See ϭ2 U͘S͘C͘ Α ϭκϯ0;ŝͿ͘

39 See ϭ2 U͘S͘C͘ Α ϭκϯ0;ũͿ;ϭ0Ϳ͖ ϭ2 CFR ƉĂƌƚ ϭ2ε2͘

of t arget ed econom ic dev el op m ent p roj ect s 

by offering regular or discounted longͲterm 

adv ances and grant s t hrough F H LB ank m em b ers, 

as well as through housing associates such as 

state and local housing finance agencies and 

economic development finance authorities͘ In 

2022͕ the F,LanŬs provided approdžimately Ψ1͘κ 

billion in IA advances and approdžimately Ψ8͘ρ 

m il l ion in C I C A grant s f or econom ic dev el op m ent 

p roj ect s, such as com m ercial , indust rial , and 

m anuf act uring p roj ect s, social serv ices, and 

public facilities that met the reƋuirements 

for Ƌualifying as one of the specified targeted 

beneficiaries in the IA regulation͘

Figure 2κ below summarinjes the IW and IA 

programs by program participants͕ eligible uses͕ 

t arget ed incom e, and adv ance p ricing. 
Report to the Congress 2022 51

SUPERVISION AND OVERSIGHT

Figure Ϯκ͗ /W and / Wrogram haracteristics

Wrogram haracteristics CIP CICA

Type S t at ut oril y R eq uired ( B ank A ct ) V ol unt ary

WarticiƉants F H LB ank m em b ers F H LB ank m em b ers and housing associat es40

Eligible Uses E conom ic D ev el op m ent , M ix ed- U se, or H ousing E conom ic D ev el op m ent or M ix ed- U se

Targeted 

Income

Housing H ousehol d incom es are 115 p ercent or l ess of A M I N / A

Economic 

Development

H ousehol d incom es are 80 p ercent or l ess of A M I , or 

activities are located in neighborhoods where at least 

ρ1 percent of households are lowͲ or moderateͲ

incom e

I ncl udes designat ed redev el op m ent areas, 

mpowerment ones and hampion 

ommunities͕41 and areas where rural households͛ 

incom es are 115 p ercent or l ess of A M I , or urb an 

households͛ incomes are 100 percent or less of AMI

Advance Pricing ost of funds plus reasonable administrative costs R egul ar adv ance p ricing or discount ed adv ance 

p ricing

ommunity eǀeloƉment Financial /nstitutions

ʹ dwo types of FIs are eligible to become 

F H LB ank m em b ers: f ederal l y insured dep osit ories 

and nonͲdepository FIs͘ As of ecember ϯ1͕ 

2022͕ ϳ0 nonͲdepository FIs were members of 

t he F H LB ank S y st em , up f rom 68 such m em b ers 

in 2021͘42

FHLBank Housing Goals

T he B ank A ct req uires t hat F H F A est ab l ish 

housing goals with respect to the purchase 

of m ort gage l oans, if any , b y t he F H LB ank s, 

and that these goals be consistent with those 

est ab l ished f or t he E nt erp rises, considering 

the F,LanŬs͛ uniƋue mission and ownership 

structure͘ dhe F,LanŬ housing goals regulation 

est ab l ishes housing goal s f or singl e- f am il y l oans 

p urchased b y t he F H LB ank s f rom t heir m em b ers 

t hrough t heir A cq uired M em b er A sset s ( A M A ) 

programs͘κϯ T he housing goal s m easure t he 

edžtent to which the F,LanŬs͛ AMA programs 

40 HŽƵƐŝŶŐ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ĚĞĮŶĞĚ ƚŽ ŝŶĐůƵĚĞ ĞůŝŐŝďůĞ ƐƚĂƚĞ ĂŶĚ ůŽĐĂů ŚŽƵƐŝŶŐ ĮŶĂŶĐĞ ĂŐĞŶĐŝĞƐ͘ HŽƵƐŝŶŐ ĂƐƐŽĐŝĂƚĞƐ ĂƌĞ ŶŽƚ FHLĂŶŬ 

ŵĞŵďĞƌƐ͕ ďƵƚ FHLĂŶŬƐ ŵĂLJ ŽīĞƌ ƚŚĞŵ ĂĚǀĂŶĐĞ ƉƌŽĚƵĐƚƐ ĞdžĐĞƉƚ CIP ĂĚǀĂŶĐĞƐ͘ See ϭ2 U͘S͘C͘ Α ϭκϯ0ď͖ ϭ2 CFR ƉĂƌƚ ϭ2ςκ͘

41 See ϭ2 CFR ϭ2ε2͘ϭ͘ ͞CŚĂŵƉŝŽŶ CŽŵŵƵŶŝƚLJ͟ ŵĞĂŶƐ Ă ĐŽŵŵƵŶŝƚLJ ƚŚĂƚ ĚĞǀĞůŽƉĞĚ Ă ƐƚƌĂƚĞŐŝĐ ƉůĂŶ ĂŶĚ ĂƉƉůŝĞĚ ĨŽƌ ĚĞƐŝŐŶĂƟŽŶ ďLJ 

ĞŝƚŚĞƌ ƚŚĞ SĞĐƌĞƚĂƌLJ ŽĨ ƚŚĞ DĞƉĂƌƚŵĞŶƚ ŽĨ HŽƵƐŝŶŐ ĂŶĚ UƌďĂŶ DĞǀĞůŽƉŵĞŶƚ Žƌ ƚŚĞ SĞĐƌĞƚĂƌLJ ŽĨ ƚŚĞ DĞƉĂƌƚŵĞŶƚ ŽĨ AŐƌŝĐƵůƚƵƌĞ ĂƐ ĂŶ 

EŵƉŽǁĞƌŵĞŶƚ ŽŶĞ Žƌ EŶƚĞƌƉƌŝƐĞ CŽŵŵƵŶŝƚLJ ďƵƚ ǁĂƐ ĚĞƐŝŐŶĂƚĞĚ Ă CŚĂŵƉŝŽŶ CŽŵŵƵŶŝƚLJ͘

42 FHLĂŶŬ ŵĞŵďĞƌƐŚŝƉ ŝƐ ĂǀĂŝůĂďůĞ Ăƚ͗ hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬatadoolsͬoǁnloadsͬWagesͬFederal-,ome->oan-anŬ-Memďer-ata͘

aspx͘

κϯ See ϭ2 CFR ƉĂƌƚ ϭ2Θϭ͘

serve lowͲ and very lowͲincome families and 

families residing in lowͲincome areas͕ as well as 

the edžtent to which these programs are used by 

small member institutions͘

dhe F,LanŬ housing goals regulation includes 

a combined prospective mortgage purchase 

housing goal and a sm al l m em b er housing 

goal for participation by small institutions͘ 

dhe regulation reƋuires that 20 percent of a 

F,LanŬ͛s AMA loan purchases be loans for 

some combination of lowͲincome families͕ very 

lowͲincome families͕ or families in lowͲincome 

areas, p rov ided t hat no m ore t han 25 p ercent of 

the purchases that count towards achievement 

of this 20 percent level be for families with 

incomes above 80 percent of AMI͘ F,LanŬ 

performance on this goal is shown in Figure 2ρ 

below͘ dhe regulation also provides that͕ of all 

institutions that sell at least one AMA loan to a 

giv en F H LB ank in a y ear, at l east 50 p ercent of 
52 Federal Housing Finance Agency

such institutions must have assets not edžceeding 

a t hreshol d adj ust ed annual l y b y F H F A . F or 

AMA mortgage purchase activity in 2022͕ this 

threshold was Ψ1͘ϯ2ϯ billion͘ AMA program 

users with assets below this limit are referred to 

in the regulation as ͞ommunityͲased hsers͘͟ 

F H LB ank p rel im inary p erf orm ance on t his goal is 

shown in Figure 2ς below͘ Finally͕ the regulation 

allows the F,LanŬs to propose different target 

l ev el s f or each housing goal , sub j ect t o F H F A 

approval͘ Eo F,LanŬs proposed different target 

l ev el s f or 2022. 

F H F A has p rel im inaril y det erm ined t hat al l nine 

F,LanŬs that participated in the AMA program 

in 2022 m et t he housing goal s. 

Figure 25: 2022 Federal Home Loan Bank Mortgage Purchase Housing Goal 
Report to the Congress 2022 53

SUPERVISION AND OVERSIGHT

Figure 26: 2022 Federal Home Loan Bank Community-Based AMA User Housing Goal

Community Support Program

dhe anŬ Act reƋuires F,FA to adopt regulations 

est ab l ishing st andards of com m unit y 

inv est m ent or serv ice t hat F H LB ank m em b ers 

m ust m eet t o m aint ain access t o l ong- t erm 

adv ances.κκ T he B ank A ct f urt her st at es t hat 

the regulations shall taŬe into account factors 

such as a m em b er’ s p erf orm ance under 

t he C om m unit y R einv est m ent A ct of 1977 

( C R A ) and t he m em b er’ s record of l ending t o 

firstͲtime homebuyers͘κρ F H F A ’ s C om m unit y 

^upport Wrogram regulation implements these 

st at ut ory p rov isions b y est ab l ishing st andards 

44 12 U.S.C. § ϭκϯ0;ŐͿ;ϭͿ͘

45 12 U.S.C. § ϭκϯ0;ŐͿ;2Ϳ͘

46 12 CFR part 1290.

and procedures for the submission and review 

of F H LB ank m em b ers’ p erf orm ance.κς U nder 

the regulation͕ every two years members are 

req uired t o sub m it t o F H F A a com m unit y sup p ort 

statement describing their latest ZA ratings and 

activities supporting firstͲtime homebuyers͕ if 

ap p l icab l e.

ased on its review of each member͛s 

com m unit y sup p ort st at em ent , F H F A det erm ines 

whether the member has complied with the 

community support standards͕ which in part͕ 

determines whether the member͛s access to 

longͲterm advances and its F,LanŬ͛s A,W͕ IW͕ 
54 Federal Housing Finance Agency

and C I C A p rogram s w il l b e rest rict ed.47 F H F A 

giv es each F H LB ank m em b er one of t hree 

com m unit y sup p ort rev iew resul t s: com p l iance, 

probation͕ or restriction͘ 

47 For purposes of the Community Support Program, a long-term advance is one with a term of maturity greater than one year. 12 CFR 

ϭ2ε0͘ϭ ;ĚĞĮŶŝƟŽŶ ŽĨ ͞ůŽŶŐͲƚĞƌŵ ĂĚǀĂŶĐĞ͟Ϳ͘

2022 w as a com m unit y sup p ort st andards nonrev iew y ear. T he 2023 b iennial rev iew p eriod 

b egan on A p ril 3, 2023, and ends on O ct ob er 31, 

202ϯ͘ F,FA͛s standards for its determinations on 

m em b ers’ com m unit y sup p ort com p l iance and 

the ensuing actions are set forth in Figure 2ϳ͘

Figure 27: FHFA Community Support Statement Reviewa

Results Standard ction

C om p l iance Member institution complies with the reƋuirements of F,FA͛s 

^W regulation͘

M em b er m aint ains access t o t he F H LB ank ’ s l ong- t erm 

advances͕ new participation in A,W͕ and other IA 

p rogram s. 

Wrobation

Member institution is placed on probation if͗ 

• its most recent ZA rating was ͞Eeeds to Improve͕͟ and 

• either the member has not received any other ZA rating 

or its secondͲmost recent ZA rating was ͞Kutstanding͟ or 

͞^atisfactory͘͟

If a member is placed on probation͕ the member may 

continue to obtain longͲterm F,LanŬ advances and 

access to A,W and IA programs during the probationary 

period͘ dhe probationary period runs until the member͛s 

nedžt ZA rating͘

Zestriction

Member institution is placed on restriction if͗ 

• it does not sub m it a C S S ; 

• it has not demonstrated compliance with the firstͲtime 

hom eb uy er st andard; 

• its most recent ZA rating was ͞^ubstantial 

Eoncompliance͖͟ 

• its most recent ZA rating was ͞Eeeds to Improve͕͟ and its 

secondͲmost recent ZA rating was ͞Eeeds to Improve͖͟ or 

• its most recent ZA rating was ͞Eeeds to Improve͕͟ 

its secondͲmost recent ZA rating was ͞^ubstantial 

Eoncompliance͕͟ and its thirdͲmost recent ZA rating was 

͞Eeeds to Improve͕͟ or ͞^ubstantial Eoncompliance͘͟

If a member is placed on restriction͕ the member is 

unab l e t o ob t ain l ong- t erm F H LB ank adv ances and unab l e 

to engage in new A,W and other IA activity until the 

restriction is removed͘ 

a Source: 12 CFR part 1290.
Report to the Congress 2022 55

SUPERVISION AND OVERSIGHT

FAIR LENDING

dhe nterprises continued to strengthen 

compliance with fair lending reƋuirements by 

integrating fair lending considerations into Ŭey 

b usiness unit s; p erf orm ing f air l ending risk 

assessments͖ conducting regular monitoring of 

applications͕ acƋuisitions͕ and loss mitigation 

data͖ testing programs and activities that present 

fair lending risŬ͖ and implementing enhanced 

p rocedures t o ensure st rong int ernal cont rol s. 

dhe F,LanŬs also actively engaged with F,FA 

to identify͕ strengthen͕ and develop internal 

cont rol s t o ensure f air l ending com p l iance. 

Fair lending activities by F,FA include oversight 

and enforcement related to Federal laws 

int ended t o ensure t he f air, eq uit ab l e, and 

nondiscrim inat ory access t o credit f or b ot h 

individuals and communities͘ In 2022͕ F,FA 

t ook m eaningf ul st ep s t o adv ance f airness and 

eƋuity in the housing finance system͘ F,FA 

adopted an Kperating Wrocedures ulletin 

;KWͿ to establish internal procedures to govern 

F H F A ’ s f air l ending and f air housing com p l iance 

edžaminations of the nterprises͘ dhis internal 

guidance is intended to accompany F,FA͛s Wolicy 

^tatement on Fair Lending and Advisory ulletinκ8

and provide fair lending edžamination staff with 

processes and procedures for conducting fair 

lending edžaminations͘ F,FA conducts targeted 

fair lending edžaminations and other supervisory 

reviews pursuant to Advisory ulletin 2021Ͳ

0κ͕ nterprise Fair Lending and Fair ,ousing 

ompliance͕ and F,FA͛s Wolicy ^tatement on 

F air Lending. F H F A com p l et ed one t arget ed f air 

lending edžamination͕ completed fieldworŬ in 

48 FHFA ƉƵďůŝƐŚĞĚ Ă Policy Statement on Fair Lending ŽŶ :ƵůLJ ε͕ 202ϭ͕ ĂŶĚ dǀisory ulletin ϮϬϮϭ-Ϭκ, Enterprise Fair Lending and Fair 

HŽƵƐŝŶŐ CŽŵƉůŝĂŶĐĞ ŽŶ DĞĐĞŵďĞƌ 20͕ 202ϭ͘ 

49 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬatadoolsͬoǁnloadsͬWagesͬFair->ending-ata͘asƉdž.

50 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬďouthsͬReƉortsͬReƉortocumentsͬF,F-ϮϬϮϭ-Mission-ReƉort͘Ɖdf͘

51 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬatadoolsͬWagesͬh-ashďoards͘asƉdž.

52 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬMediaͬlogͬWagesͬdžƉloring-ƉƉraisal-ias-hsing-h-ggregate-Statistics͘asƉdž. 

53 See hƩƉs͗ͬͬƉaǀe͘hud͘goǀͬsitesͬƉaǀe͘hud͘goǀͬĮlesͬdocumentsͬWsctionWlan͘Ɖdf.

additional targeted fair lending edžaminations͕ 

and continued ongoing monitoring and oversight 

activities͘ 

F H F A issued up dat ed f air l ending dat aκε t hat 

provide the public with information on mortgage 

application approval rates and loan acƋuisition 

shares by consumer raceͬethnicity for each 

E nt erp rise. F H F A al so p rov ided q uart erl y dat a on 

approval rates and acƋuisitions shares by raceͬ

et hnicit y , geograp hy , and l oan p urp ose, as p art 

of F H F A ’ s 2021 M ission R ep ort .50 F H F A al so b egan 

p ub l ishing U nif orm A p p raisal D at aset ( U A D ) 

Aggregate ^tatistics in O ct ob er 2022.51 T he p ub l ic 

may now download the data from the F,FA 

website and edžplore the data with userͲfriendly 

dashb oards and associat ed research b rief s. T he 

data show that the proportion of properties that 

are underv al ued in high m inorit y neighb orhoods, 

where 80 percent or more of the population 

are members of a minority group͕ is ϳκ percent 

greater than the proportion in nonͲminority 

neighb orhoods.52

F,FA remained commiƩed to addressing 

misvaluation and advancing valuation eƋuity as 

an active participant in the Wroperty Appraisal 

and saluation Ƌuity ;WAsͿ Interagency dasŬ 

F orce. T he WAs Action Wlan was published in 

M arch 2022, ρϯ det ail ing a num b er of int eragency 

commitments designed to maŬe a significant 

difference in ensuring fair and accurate home 

valuations for all communities͘ F,FA led efforts 

t o f urt her ap p raisal dat a t ransp arency , sharing 

hA data with its federal partners͘ 
56 Federal Housing Finance Agency

CLIMATE 

CHANGE AND 

ENVIRONMENTAL, 

SOCIAL, AND 

GOVERNANCE ΈESGΉ

O v er t he course of 2022, F H F A t ook m eaningf ul 

steps to build capacity toward addressing 

climateͲrelated financial risŬs facing its 

regulated entities͘ ach of F,FA͛s eight crossͲ

agency worŬing groups made progress in their 

designat ed f ocus areas: dat a and research, 

assessing climate edžposure͕ ^' reporting and 

discl osure, gov ernance, green b onds, consum er 

protection͕ internal agency operations͕ and 

legal issues͘ ach worŬing group met with the 

edžecutiveͲlevel limate hange and ^' ^teering 

ommiƩee Ƌuarterly throughout the year 

t o receiv e guidance and p rov ide up dat es on 

individual proũect plans and obũectives͘ 

In 2022͕ the ata and Zesearch worŬing group 

coordinated with F,FA͛s regulated entities to 

identify climate risŬ and sources of data gaps͘ 

T he group al so m ade p rogress on f our research 

p roj ect s rel at ed t o cl im at e change and housing 

finance͗ a literature review͕ a proũect to measure 

nterprise edžposure to natural hanjard risŬ͕ an 

evaluation of how mortgage performance varies 

across borrower demographics following a 

disaster͕ and a proũect to evaluate the effect of 

nat ural disast ers on house p rices.

dhe Assessing džposure to limate hange 

worŬing group evaluated vendor climate models 

and edžplored possible climate scenarios with 

the nterprises͘ dhe worŬing group also met to 

discuss som e of t he issues f aced b y t he F ederal 

,ome Loan anŬs in conducting climateͲbased 

m odel ing. 

dhe 'overnance worŬing group advised the 

54 FƌĞĚĚŝĞ DĂĐ͛Ɛ 202ϭ SƵƐƚĂŝŶĂďŝůŝƚLJ AĐĐŽƵŶƟŶŐ SƚĂŶĚĂƌĚƐ ŽĂƌĚ ;SASͿ ƌĞƉŽƌƚ ǁĂƐ ƉƵďůŝƐŚĞĚ ŝŶ OĐƚŽďĞƌ 2022 ĂŶĚ ŝƐ ĂǀĂŝůĂďůĞ Ăƚ 

hƩƉs͗ͬͬǁǁǁ͘freddiemac͘comͬaďoutͬƉdfͬFreddie ͅMac ͅSS ͅϮϬϮϭ ͅReƉort͘Ɖdf͘ FĂŶŶŝĞ DĂĞ͛Ɛ 202ϭ EŶǀŝƌŽŶŵĞŶƚĂů͕ SŽĐŝĂů͕ ĂŶĚ 

GŽǀĞƌŶĂŶĐĞ ;ESGͿ ƌĞƉŽƌƚ ǁĂƐ ƉƵďůŝƐŚĞĚ ŝŶ DĞĐĞŵďĞƌ 2022 ĂŶĚ ŝƐ ĂǀĂŝůĂďůĞ Ăƚ hƩƉs͗ͬͬǁǁǁ͘fanniemae͘comͬmediaͬκρϳϮςͬdisƉlay. 

E nt erp rises on t heir gov ernance st ruct ures 

related to climate͘ dhis worŬ helped to ensure 

t he E nt erp rises’ enhancem ent s m et F H F A ’ s 

edžpectations͘

dhe Zeporting and isclosure worŬing group 

engaged with F,FA͛s regulated entities to ensure 

their climate and ^' reports were harmoninjed 

to the edžtent practicable͘ For edžample͕ the 

group reviewed the nterprises͛ 2021 voluntary 

^' reports͕ρκ worŬed with both nterprises to 

align their sustainability accounting metrics͕ and 

helped the nterprises prepare for new climate 

reporting standards should they be finalinjed͘

dhe Agency Kperations worŬing group conducted 

research and out reach on m et hods t o reduce 

F H F A ’ s cl im at e f oot p rint .

dhe onsumer Wrotection worŬing group 

developed an internal frameworŬ for evaluating 

cl im at e- rel at ed p ol icy and p rogram changes t hat 

incl udes an assessm ent on im p act s t o hist orical l y 

underserved communities͘

dhe 'reen onds worŬing group ũoined with the 

E nt erp rises and ot her st ak ehol ders t o dev el op 

an understanding of investor willingness to pay 

for securities bacŬed by mortgages for homes 

with more energy efficient features͘ dhey also 

reviewed ways to further encourage efficiency 

and resiliency efforts͘

D uring 2022, t he D iv ision of F ederal H om e 

Loan anŬ Zegulation commenced worŬ on a 

horinjontal review of the Federal ,ome Loan 

B ank s’ cl im at e- rel at ed risk m anagem ent . 

dhe horinjontal review is designed to collect 

information from each F,LanŬ and the Kffice 

of Finance about its consideration of climate 

change risŬ͕ plans for reporting and disclosures͕ 

and actions and strategies for responding to 

nat ural disast ers.

F,FA recogninjes the value of worŬing 
Report to the Congress 2022 57

SUPERVISION AND OVERSIGHT

collaboratively with other agencies to address 

cl im at e change. D uring 2022, F H F A ’ s cl im at e 

leadership and worŬing group staff participated 

in outreach and engagement with a range of 

f ederal and indust ry st ak ehol ders. I n J une 2022, 

F,FA participated in a symposium on climateͲ

rel at ed m odel ing organiz ed b y t he F ederal 

,ome Loan anŬ of allas and aƩended by 

representatives from all of the Federal ,ome 

Loan anŬs and the Kffice of Finance͘ uring the 

third Ƌuarter of 2022͕ F,FA coordinated with 

the Wartnership of arbon Accounting Financials 

and t he E nt erp rises t o dev el op a greenhouse 

gas protocol accounting training event͘ In March 

2022, F H F A al so l aunched a cl im at e change and 

^' website55 det ail ing t he A gency ’ s cl im at e 

initiatives͘ 

In 2022͕ F,FA staff actively participated in 

worŬstreams within the Financial ^tability 

O v ersight C ouncil ’ s C l im at e- rel at ed F inancial 

ZisŬ ommiƩee͘ dhese included worŬstreams 

on dat a req uirem ent s and inf rast ruct ure, 

scenario anal y sis, and risk assessm ent . I n M ay 

2022͕ F,FA became a member of the EetworŬ 

of entral anŬs and ^upervisors for 'reening 

the Financial ^ystem ;E'F^Ϳ͘ F,FA staff have 

since participated in E'F^ worŬstreams related 

t o sup erv ision, scenario design, and cap acit y 

b uil ding. I n J ul y 2022, F H F A b ecam e a m em b er 

agency of the Financial Literacy and ducation 

ommission͘ F,FA is an active member of the 

organinjations mentioned above͕ and F,FA staff 

cont rib ut ed t o m any p roj ect s and del iv erab l es 

to fulfill its membership obligations to those 

group s. T hese del iv erab l es hav e incl uded A gency 

progress reports͕ providing comments on draŌ 

worŬstream charters and proũect plans͕ providing 

comments on member surveys͕ and reviewing 

draŌ climate reports͘ 

In Eovember 2022͕ F,FA held an conomic 

S um m it on C l im at e R isk . T he S um m it b rought 

55 FHFA͛Ɛ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ ĂŶĚ ESG ǁĞďƐŝƚĞ ŝƐ ĂǀĂŝůĂďůĞ Ăƚ hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬWolicyWrogramsResearchͬWrogramsͬWagesͬlimateChange-and-ESG.aspx.

56 See 12 CFR part 1223.

t oget her a range of st ak ehol ders f rom 

gov ernm ent , indust ry , and academ ia t o engage 

in shared discourse on cl im at e scenario anal y sis 

and protecting vulnerable communities from the 

adverse effects of climate change and climate 

transition͘ dhe Agency has since commiƩed to 

host one E conom ic S um m it dev ot ed t o C l im at e 

R isk p er y ear. 

F,FA͛s continuing worŬ on climate risŬ issues 

will entail data collection and coordinating with 

the nterprises to conduct research contributing 

toward further analysis and reduction of climate 

data gaps͕ particularly in the measuring and 

reporting of greenhouse gas emissions͘ F,FA 

staff will also worŬ with the nterprises toward 

an im p rov ed underst anding of cl im at e scenario 

anal y ses, im p rov ed cap acit y f or cl im at e- rel at ed 

disclosures͕ and forwardͲlooŬing and longͲterm 

^' strategies to ensure the integration of 

climate risŬ within their decision maŬing͘ 

DIVERSITY AND 

INCLUSION

SuƉerǀision and džamination of the 

Regulated ntities͛ iǀersity and /nclusion 

Programs

hnder ^ection 111ς of ,ZA͕ F,FA has 

regul at ory , sup erv isory , and enf orcem ent 

aut horit y ov er t he div ersit y and incl usion 

;ΘIͿ programs of the regulated entities͘ do 

implement ^ection 111ς of ,ZA͕ F,FA adopted 

t he M inorit y and W om en I ncl usion R ul e56

;MtI ZuleͿ in 2010͕ seƫng forth the minimum 

reƋuirements for diversity programs as well as 

reporting reƋuirements for the regulated entities͘ 

Wursuant to the MtI Zule͕ each of the regulated 

entities must implement policies and procedures 

to ensure͕ to the madžimum edžtent possible in 

balance with financially safe and sound business 

practices͕ the inclusion and utilinjation of 

minorities͕ women͕ individuals with disabilities͕ 
58 Federal Housing Finance Agency

and MinorityͲ͕ tomenͲ͕ and isabledͲKwned 

usinesses in all business activities at all levels of 

the regulated entity͕ including in management͕ 

em p l oy m ent , p rocurem ent , insurance, and al l 

t y p es of cont ract s.57 T he M W I R ul e p rov ides t he 

F,FA irector with edžamination and enforcement 

authority over the regulated entities͛ ΘI 

programs͕ stating that ͞΀t΁he irector may 

conduct edžaminations of a regulated entity͛s 

activities under and in compliance with this part 

pursuant to 12 h͘^͘͘ Α κρ1ϳ͘͟58

dhe Kffice of Minority and tomen Inclusion 

;KMtIͿ began ΘI supervision with baseline 

reviews of the regulated entities in 201ρ and 

201ς͘ In 201ς͕ F,FA approved incorporation 

of ΘI into Agency edžaminations͘ In ecember 

2020͕ KMtI finalinjed the ΘI džamination 

Manual to guide ΘI edžaminations and set 

supervisory edžpectations for the regulated 

entities͘ As part of this update͕ F,FA 

implemented a new edžamination rating system 

beginning with the :anuary 2021 edžamination 

cycle͕ where the regulated entities were assigned 

a ΘI composite rating from ͞1͟ to ͞ρ͘͟ hnder 

this edžamination rating system͕ KMtI ΘI 

edžaminers completed annual ΘI edžaminations 

and other reviews of ΘI activities at F,FA͛s 

regulated entities͘

A s a resul t of an int ernal assessm ent of t he D & I 

edžamination function in 2022͕ KMtI recogninjed 

the importance of aligning the ΘI edžamination 

ratings with other supervisory offices and 

divisions within F,FA and commiƩed to taŬing a 

thoughƞul approach to modifying the ΘI rating 

system͘ KMtI conducted a thorough review 

of the ΘI rating system to determine how the 

overall edžamination approach could be modified͘ 

A s a resul t of t his anal y sis, O M W I dev el op ed 

an updated͕ evaluative rating system which 

f ocuses on t he p il l ars of a sound D & I p rogram – 

specifically͕ worŬforce͕ procurement͕ and finance 

ʹ and initiated the pilot of the new system in 

202ϯ͘ 

57 See ϭ2 U͘S͘C͘ Α κρ20;ďͿ͘

58 See 12 CFR 1223.24.

iǀersity and /nclusion džamination Results

In 2022͕ F,FA completed its sidžth year of ΘI 

program edžaminations of the regulated entities͘ 

AŌer building a foundation of understanding of 

the regulated entities͛ ΘI programs in previous 

edžamination cycles͕ F,FA concluded that it could 

edžamine the ΘI programs of the F,LanŬs on 

an edžtended interval͘ Accordingly͕ in the second 

Ƌuarter of 2022͕ F,FA began to edžamine the 

D & I p rogram of one of t he F H LB ank s or t he 

Kffice of Finance ;KFͿ each calendar Ƌuarter͕ 

resulting in each F,LanŬ and KF receiving a ΘI 

edžamination approdžimately every three years͘ 

In 2022͕ F,FA performed ΘI edžaminations at 

the F,LanŬs of Atlanta͕ incinnati͕ allas͕ and 

^an Francisco͕ as well as at KF͘ F,FA additionally 

performed ΘI edžaminations at each nterprise 

and ^^ according to a continued annual ΘI 

edžamination cycle for those entities͘

dhe scope of 2022 ΘI edžaminations included 

reviews of aspects of the regulated entities͛ 

organinjational frameworŬ͕ data management͕ 

p rocurem ent , ent erp rise risk m anagem ent , and 

compliance͘ F,FA communicated edžamination 

concerns through the issuance of wriƩen 

edžamination findings and prepared reports 

of edžamination for eventual delivery to the 

regulated entities͘ dhe regulated entities 

prepared remediation plans to address identified 

issues in timeframes acceptable to F,FA͘

REGULATORY 

ACTIVITIES

F,FA͛s regulatory activities support the 

accom p l ishm ent of it s m ission as regul at or of 

t he E nt erp rises and t he F H LB ank s. I n 2022, 

F,FA issued 1ε proposed rules͕ final rules͕ 

p ol icy guidance docum ent s, regul at ory orders, 

regulatory interpretations͕ and regulatory 

waivers͕ which are summarinjed in the following 

t ab l es. T he t ab l es al so indicat e if a p rop osed 
Report to the Congress 2022 59

SUPERVISION AND OVERSIGHT

WroƉosed Rules͗ Regulated ntities

RuleͬRegulation ditle Reference Date (2022) escriƉtionͬdžƉlanationͬomments

E nt erp rise D ut y T o S erv e 

U nderserv ed M ark et s 

– C ol onia C ensus T ract 

Amendments Wroposed Zule

8ϳ FZ ς0ϯϯ1͖ 12 FZ 

p art 1282 O ct ob er 5

Wroposed changes would facilitate the nterprises͛ ability to 

operationalinje their uty to ^erve activities and thereby help increase 

liƋuidity in underserved communities͘ dhe amendments would add 

a definition of ͞colonia census tract͕͟ which would serve as a census 

tractͲbased prodžy for a ͞colonia͕͟ amend the definition of ͞highͲneeds 

rural region͟ in the regulation by substituting ͞colonia census tract͟ 

for ͞colonia͕͟ and revise the definition of ͞rural area͟ in the regulation 

to include all colonia census tracts regardless of their location͘ dhese 

changes would maŬe activities by the nterprises in all colonia census 

t ract s el igib l e f or D ut y t o S erv e credit . 

dhe amendments were adopted in final form on April 18͕ 202ϯ͘

202ϯͲ202κ Multifamily 

nterprise ,ousing 'oals 

Wroposed Zule

8ϳ FZ ρ0ϳεκ͖ 12 FZ 

p art 1282 A ugust 18 ^ee final regulations table͖ final rule was published on ecember 2ϯ͕ 2022.

Final Rules͗ Regulated ntities

RuleͬRegulation ditle Reference Date (2022) escriƉtionͬdžƉlanationͬomments

202ϯ Zules of Wractice and 

Wrocedure͖ ivil Money Wenalty 

InŇation Adũustment Final Zule

8ϳ FZ 8002ϯ͖ 12 FZ 

p art s 1209, 1217, 

and 1250

D ecem b er 29

Amends F,FA͛s Zules of Wractice and Wrocedure and other agency 

regulations to adũust each civil money penalty within its ũurisdiction to 

account for inŇation͕ pursuant to the Federal ivil Wenalties InŇation 

Adũustment Act of 1εε0͕ as amended by the Federal ivil Wenalties 

InŇation Adũustment Act Improvements Act of 201ρ͘

dhe rule was applicable as of :anuary 1ρ͕ 202ϯ͘

Wrior Approval for nterprise 

Wroducts Final Zule

87 F R 79217; 12 C F R 

part 12ρϯ D ecem b er 27

stablishes a process for the nterprises to provide advance notice to 

the F,FA irector before offering a new activity to the marŬet and to 

obtain prior approval from the irector before offering a new product 

t o t he m ark et .

dhe rule went into effect on April 28͕ 202ϯ͘

202ϯͲ202κ Multifamily 

nterprise ,ousing 'oals Final 

R ul e

8ϳ FZ ϳ88ϯϳ͖ 12 FZ 

p art 1282 ecember 2ϯ

Amends F,FA͛s housing goals regulation to establish multifamily 

housing goals for the nterprises for 202ϯ and 202κ͘ 

dhe rule went into effect on February 21͕ 202ϯ͘

apital Wlanning and ^tress 

apital uffer etermination 

F inal R ul e

8ϳ FZ ϯϯς1ρ͖ 12 FZ 

part 12κ0 :une ϯ

Amends the ZF by adopting reƋuirements for the nterprises 

t o sub m it annual cap it al p l ans t o t he A gency and p rov ide p rior 

notice for certain capital actions͘ dhe Agency also incorporated the 

determination of the stress capital buffer into the capital planning 

process͘ dhe reƋuirements in the rule are consistent with the 

regulatory frameworŬ for capital planning for large banŬ holding 

com p anies. 

dhe rule went into effect on August 2͕ 2022͘

A m endm ent s t o t he E nt erp rise 

Zegulatory apital FrameworŬ 

Zule ʹ Wublic isclosures for 

t he S t andardiz ed A p p roach 

F inal R ul e

8ϳ FZ ϯϯκ2ϯ͖ 12 FZ 

part 12κ0 J une 2

Amends the ZF by introducing new public disclosure reƋuirements 

for the nterprises͕ including Ƌuantitative and Ƌualitative disclosures 

rel at ed t o risk m anagem ent , corp orat e gov ernance, cap it al st ruct ure, 

and capital reƋuirements and buffers under the standardinjed 

ap p roach.

dhe rule went into effect on August 1͕ 2022͘

rule has been adopted in final form since the 

proposal was published͘ 

F,FA published all proposed and final rules in 

the Federal Zegister͘ More information about 

F,FA͛s regulatory activities is available on F,FA͛s 

website͘
60 Federal Housing Finance Agency

Final Rules͗ Regulated ntities

Affordable ,ousing WrogramͶ

T echnical R ev isions F inal R ul e

8ϳ FZ ϯ2εςρ͖ 12 FZ 

p art s 1290 and 1291 J une 1

MaŬes technical revisions to F,FA͛s regulation governing the F,LanŬ 

Affordable ,ousing Wrogram and to related provisions in F,FA͛s 

ommunity ^upport ZeƋuirements regulation͘ 

dhe rule went into effect on :uly 1͕ 2022͘

A m endm ent s t o t he E nt erp rise 

Zegulatory apital FrameworŬ 

Zule ʹ Wrescribed Leverage 

uffer Amount and redit ZisŬ 

T ransf er F inal R ul e

8ϳ FZ 1κϳςκ͖ 12 FZ 

part 12κ0 M arch 16

Amends the ZF by refining the prescribed leverage buffer amount 

;WLA or leverage bufferͿ and credit risŬ transfer ;ZdͿ securitinjation 

frameworŬ for the nterprises͘ dhe amendments also made technical 

corrections to various provisions of the ZF that was published on 

D ecem b er 17, 2020. 

dhe rule went into effect on May 1ς͕ 2022͘

2022 Zules of Wractice and 

Wrocedure͖ ivil Money Wenalty 

InŇation Adũustment Final Zule

87 F R 1659; 12 C F R 

p art s 1209, 1217, 

and 1250

J anuary 12

Amends F,FA͛s Zules of Wractice and Wrocedure and other agency 

regulations to adũust each civil money penalty within its ũurisdiction to 

account for inŇation͕ pursuant to the Federal ivil Wenalties InŇation 

Adũustment Act of 1εε0͕ as amended by the Federal ivil Wenalties 

InŇation Adũustment Act Improvements Act of 201ρ͘

dhe rule was applicable as of :anuary 1ρ͕ 2022͘

Wolicy 'uidance͗ Regulated ntities and the Oĸce of Finance

Policy Subject Reference Date (2022) escriƉtionͬdžƉlanationͬomments

^upplemental 'uidance to 

Advisory ulletin on Model ZisŬ 

Management 'uidance

A 2022Ͳ0ϯ D ecem b er 21

ommunicates to the regulated entities F,FA͛s supplemental guidance 

to F,FA A 201ϯͲ0ϳ͗ Model ZisŬ Management 'uidance͕ published on 

Eovember 20͕ 201ϯ͘ dhis A clarifies and edžpounds on various topics 

covered in F,FA͛s edžisting guidance͘ 

dhe intent of this A͛s guidance͕ formaƩed as FreƋuently AsŬed 

Yuestions ;FAYsͿ͕ is to provide supplemental guidelines that will 

address some of the gaps in A 201ϯͲ0ϳ prompted by changes 

in modelͲrelated technologies and Ƌuestions generated from the 

edžpanded use of compledž models by the F,LanŬs͘ dhe supplemental 

guidance also addresses model documentation͕ the communication of 

model limitations͕ model performance tracŬing͕ onͲtop adũustments͕ 

challenger models͕ model consistency͕ and internal stress testing͘

Advisory ulletin on Artificial 

IntelligenceͬMachine Learning 

R isk M anagem ent

A B 2022- 02 F eb ruary 10

C om m unicat es t o t he E nt erp rises F H F A ’ s guidance on m anaging risk s 

associated with the use of artificial intelligence and machine learning 

;AIͬMLͿ͘ dhis A is intended to highlight Ŭey risŬs inherent in the use 

of AIͬML that are applied across a variety of business and operational 

functions͕ and considerations for effectively managing these risŬs͘ 

F,FA recogninjes that AIͬML is an evolving field and encourages the 

responsible innovation and use of AIͬML that is consistent with the 

safe and sound operations of the nterprises͘

Advisory ulletin on Kffice of 

M inorit y and W om en I ncl usion 

^upervisory LeƩer on AIͬML Ͳ 

F eb ruary 2022

;Issued in conũunction 

with A 2022Ͳ02Ϳ F eb ruary 10

Wrovides additional guidance to the nterprises and establishes the 

Agency͛s edžpectations for the consideration of diversity and inclusion 

in the nterprises͛ use of Artificial Intelligence and Machine Learning͘

Advisory ulletin on Insider 

T rading R isk M anagem ent A B 2022- 01 F eb ruary 8

C om m unicat es F H F A ’ s sup erv isory guidance f or m anaging insider 

trading risŬ and related conŇicts of interest to support a safe and 

sound operating environment͘ Insider trading risŬ management is 

a k ey com p onent of an E nt erp rise’ s com p l iance risk m anagem ent 

p rogram .
Report to the Congress 2022 61

SUPERVISION AND OVERSIGHT

Regulatory Orders

Subject Reference Date (2022) escriƉtionͬdžƉlanationͬomments

esignation of Federal 

H om e Loan B ank 

irectorships for 202ϯ

2022- O R - B - 1 J une 1

dhe irector is reƋuired by statute to establish annually the sinje and composition 

of the board of directors of each F,LanŬ for the following year͘ dhis irector͛s 

Krder maintains the current sinje and composition of the boards of directors of the 

F,LanŬs for 202ϯ͕ with the edžception of the Indianapolis F,LanŬ͘

Zeporting by Zegulated 

ntities of ^tress 

desting Zesults

8ϳ FZ 1κϳςϯ 

( M ar. 16, 2022) ;

2022ͲKZͲFEMAͲ1͖ 

and

2022- O R -

F H LM C - 1

M arch 10

^tress tests pursuant to the oddͲFranŬ Act are designed to determine whether 

the regulated entities have the capital necessary to absorb losses under adverse 

economic conditions͘

F,FA͛s stress testing regulation ;12 FZ part 12ϯ8Ϳ reƋuires annual stress testing 

and reporting of results for the nterprises͘ dhe Krders͕ effective immediately͕ 

directed the regulated nterprises to report their 2021 stress testing results ;based 

on porƞolios as of ecember ϯ1͕ 2021Ϳ͕ in the form and content reƋuired by the 

regulation and the summary instructions and guidance issued on March 10͕ 2022͘

Regulatory /nterƉretations͗ nterƉrises

RuleͬRegulation ditle Reference Date (2022) escriƉtionͬdžƉlanationͬomments

T im ing of E nt erp rise 

F il ing of C ap it al R ep ort 

under t he E nt erp rise 

R egul at ory C ap it al 

FrameworŬ Zegulation͕ 

12 FZ part 12κ0 

( C ap it al R ul e)

2022- R I - 01 February ϯ

stablishes that under the apital Zule͕ the nterprises are not ͞subũect to͟ a capital 

reporting reƋuirement prior to the compliance date of :anuary 1͕ 2022͘ Instead͕ the 

apital Zule subũects the nterprises to a capital reporting reƋuirement upon the 

compliance date of :anuary 1͕ 2022͘ 12 FZ 12κ0͘κ;aͿ and ;bͿ͘ Kn :anuary 1͕ 2022͕ 

the nterprises became ͞subũect to͟ the Ƌuarterly capital reporting reƋuirements͘ 

ach nterprise must file its initial capital report with F,FA no later than May ϯ0͕ 

2022͕ ς0 days aŌer the last day of the first calendar Ƌuarter for which it is ͞subũect 

to͟ the reporting reƋuirement͕ unless the irector specifies a different date as 

permiƩed by the apital Zule͘

Regulatory taiǀers͗ Regulated ntities

RuleͬRegulation ditle Date (2022) escriƉtionͬdžƉlanationͬomments

Wrivate dransfer Fee 

C ov enant s, 12 C F R 

1228.2.

ecember 1ϯ

taives the rule͛s prohibition against acƋuisition of mortgage loans secured by properties that are 

subũect to Wrivate dransfer Fees for certain loans that meet the reƋuirements of the nterprises͛ 

uty to ^erve shared eƋuity loan obligations under 12 FZ part 1228 ;other than borrower income 

limitationsͿ͘ ffective date of the waiver was delayed until :uly 1͕ 202ϯ͕ by Eotice dated :anuary ϯ1͕ 

202ϯ͘ 

F ederal H om e Loan 

B ank D irect ors, 12 C F R 

12ς1͘22͕ ͘2κ;aͿ͖ Kffice 

of F inance, 12 C F R 

12ϳϯ͘ϳ;fͿ;2Ϳ͕ ͘8;bͿ

March 2κ

džtends indefinitely a previously issued waiver of compliance with the regulatory reƋuirement that 

the board of directors of each F,LanŬ hold at least sidž inͲperson meetings each year and the similar 

regulatory reƋuirement applying to the board of directors of the Kffice of Finance͖ also provides that 

the F,LanŬs and Kffice of Finance may treat electronic or hybrid board or commiƩee meetings as 

inͲperson meetings for purposes of applying their director compensation policies͘ 
62 Federal Housing Finance Agency

CONSERVATORSHIPS OF THE 

ENTERPRISES

I n t his C hap t er

Managing the Convervatorships ............. 63

Other onserǀatorshiƉ ctiǀities............ 77
Report to the Congress 2022 63

CONSERVATORSHIPS OF THE ENTERPRISES

MANAGING THE 

CONSERVATORSHIPS

T he FHFA Strategic Plan: Fiscal Years 2022-202659

;^trategic WlanͿ͕ which was released on April 1κ͕ 

2022͕ established F,FA͛s current frameworŬ for 

guiding t he conserv at orship s of t he E nt erp rises. 

In addition͕ as conservator͕ F,FA publishes 

an annual ^corecard that sets forth priorities 

and aligns activities of the nterprises and ^^ 

to those priorities and to the ^trategic Wlan͘ 

dhe ^corecard is an essential tool in holding 

t he E nt erp rises account ab l e f or t he S t rat egic 

Wlan͛s effective implementation͘ Kn Eovember 

17, 2021, F H F A rel eased t he 2022 Scorecard 

for Fannie Mae, Freddie Mac, and Common 

Securitization Solutions, LLC ( 2022 S corecard) .60

dhe 2022 ^corecard reŇects and balances two 

goals in the F,FA ^trategic Wlan͗ 1Ϳ to foster 

housing finance marŬets that promote eƋuitable 

access to affordable and sustainable housing͖ 

and 2Ϳ to secure the regulated entities͛ safety 

and soundness. A ccordingl y , t he 2022 S corecard 

req uired t he E nt erp rises t o p rom ot e sust ainab l e 

and eƋuitable access to affordable housing 

and t o op erat e t heir b usinesses in a saf e and 

sound m anner. W it hin t hose goal s, t he 2022 

^corecard focused on specific obũectives for 

the nterprises that address affordability͕ fair 

lending͕ and eƋuity͕ in addition to promptly 

addressing edžamination and supervision findings͕ 

and ensuring sufficient liƋuidity to sustain the 

E nt erp rises t hrough sev ere st ress ev ent s. 

T he 2022 S corecard al so sought t o ensure t hat 

the nterprises prioritinjed climate risŬ and 

t hat t hey incorp orat ed div ersit y , eq uit y , and 

incl usion t hroughout t heir decision- m ak ing 

p rocesses, ensuring t hat t hese rem ain t op 

priorities in strategic planning͕ operations͕ and 

b usiness dev el op m ent . B ot h E nt erp rises and 

59 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬMediaͬWuďlicīairsͬWagesͬF,F-Finalinjes-Strategic-Wlan-for-Fiscal-zears-ϮϬϮϮ-to-ϮϬϮς͘asƉdž͘

60 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬďouthsͬReƉortsͬWagesͬϮϬϮϮ-Scorecard-for-Fannie-Mae-Freddie-Mac-and-SS͘asƉdž.

61 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬďouthsͬReƉortsͬReƉortocumentsͬF,F-OMt/-ϮϬϮϮ-nnual-ReƉort-to-ongress͘Ɖdf͘

C S S im p l em ent ed f orm al iz ed p rocesses t o assess 

and int egrat e div ersit y , eq uit y , and incl usion 

across their organinjations and in their business 

activities͕ programs͕ and initiatives͘61 ( S ee t he 

iversity and Inclusion section of this Zeport 

for additional detail on diversity and inclusion 

supervision activities͘Ϳ

PROMOTE 

SUSTAINABLE AND 

EQUITABLE ACCESS TO 

AFFORDABLE HOUSING

dhe first goal under the 2022 ^corecard reƋuired 

t he E nt erp rises t o p rom ot e sust ainab l e and 

eƋuitable access to affordable housing͘ tithin 

this category͕ F,FA established the following 

three specific obũectives͕ each discussed further 

below͕ to guide the worŬ of the nterprises͗

• daŬe significant actions to ensure that all

borrowers and renters have eƋuitable

access to longͲterm affordable housing

opportunities͘

• Foster competition and efficiency in

housing finance marŬets͘

• Manage new multifamily purchases

to remain within the multifamily cap

reƋuirements described in Appendidž A of

the 2022 ^corecard͕ including edžpanded

affordability reƋuirements͘

Ƌuitaďle ccess to >ong-derm īordaďle 

,ousing OƉƉortunities

T he 2022 S corecard req uired t he E nt erp rises 

to taŬe the following actions in furtherance 

of eƋuitable access to affordable housing 
64 Federal Housing Finance Agency

opportunities for all borrowers and renters͗ 

• D ev el op st rat egies t o sup p ort sust ainab l e 

homeownership and affordable rental 

housing, incl uding im p rov ing t he 

av ail ab il it y of sm al l - b al ance p urchase and 

refinance mortgages͘

• D ev el op high- q ual it y E q uit ab l e H ousing 

Finance Wlans and taŬe meaningful actions 

to achieve the goals and obũectives of the 

Wlans͘

• M eet housing goal s and D ut y t o S erv e 

req uirem ent s.

• Identify strategies and activities to facilitate 

greater affordable housing supply within 

the limits of charter authorities and submit 

recommendations to F,FA͘

• hpdate the current pricing frameworŬ 

t o increase sup p ort f or core m ission 

borrowers while ensuring a level playing 

field for small and large sellers͕ fostering 

capital accumulation͕ and achieving viable 

ret urns on cap it al .

• ontinue mortgage selling͕ servicing͕ and 

asset management efforts that promote 

sustainable homeͲretention solutions 

for borrowers affected by the KsIͲ1ε 

p andem ic.

Strategies to Support Sustainable 

,omeoǁnershiƉ and īordaďle Rental 

Housing 

T he 2022 S corecard req uired t he E nt erp rises 

t o dev el op st rat egies t o sup p ort sust ainab l e 

homeownership and affordable rental housing͘ In 

addition͕ the nterprises continued to strengthen 

their ability to comply with fair lending 

req uirem ent s.

Sustainable Homeownership

do support sustainable homeownership͕ the 

nterprises continued their efforts to improve 

access to mortgage credit by incorporating new 

considerations that can identify creditworthy 

potential borrowers who might not otherwise 

Ƌualify for a mortgage͘ In particular͕ the 

E nt erp rises dev el op ed or enhanced t he 

technical ability to assess a borrower͛s rental 

payment history and cash Ňows͕ both of which 

provide additional information that will help 

edžpand credit access͕ especially for firstͲtime 

homebuyers and borrowers with limited credit 

histories͘ dhe newly incorporated information is 

only considered with the borrower͛s permission 

and if it might favorably affect the underwriting 

decision.

D uring 2022, F reddie M ac announced 

improvements to its automated underwriting 

system ;Ah^Ϳ to enable consideration of a 

borrower͛s rental payment history͘ Fannie Mae 

focused on edžpanding adoption of its edžisting͕ 

similar innovation by lenders͕ implemented 

in ^eptember 2021͘ tith the borrower͛s 

permission͕ edžisting asset verification tools 

access the borrower͛s financial accounts to 

identify recurring rental payments͘ A positive 

p ay m ent hist ory can t hen b e t ak en int o 

consideration during the Ah^ credit assessment͘ 

dhe consideration of that payment history should 

allow more creditworthy firstͲtime homebuyers 

to transition to sustainable homeownership͘

Also in 2022͕ the nterprises continued 

edžpanding capabilities to assess a borrowerΖs 

cash Ňow information͕ when available͕ as an 

additional underwriting consideration͘ As with 

rental payment histories͕ edžisting asset and 

income verification tools allow each nterprise͛s 

Ah^ to consider cash Ňow paƩerns͘ Lenders are 

p rom p t ed b y an E nt erp rise’ s A U S t o secure t his 

information if the Ah^ determines that cash 

Ňow information could assist the borrower in 

q ual if y ing f or a m ort gage.
Report to the Congress 2022 65

CONSERVATORSHIPS OF THE ENTERPRISES

Single-Family Rental 

dhroughout 2022͕ the nterprises edžplored if and 

how they can support the rental of singleͲfamily 

homes to edžpand the availability of affordable 

rental opportunities in the marŬet͘ dhe 

E nt erp rises conduct ed out reach and research 

to beƩer determine risŬs and opportunities 

in the affordable singleͲfamily rental marŬet͕ 

incl uding assessm ent s of t he ov eral l singl efamily rental marŬet sinje͕ growth proũections͕ 

and sources of financing for affordable singleͲ

f am il y rent al s. T he E nt erp rises al so assessed 

how current sources of financing are meeting 

m ark et dem ands and chal l enges. F inal l y , t he 

nterprises provided recommendations to F,FA 

on how they could support the affordable singleͲ

f am il y rent al m ark et . F H F A is assessing t hose 

recommendations and will continue to evaluate 

the nterprises͛ potential role in the singleͲfamily 

rent al m ark et . T he E nt erp rises hav e not p rov ided 

financing for any institutional investors in singleͲ

family rental properties since 2018͘

Fair Lending 

F H F A conduct s f air l ending com p l iance and 

eq uit y anal y sis of E nt erp rise p ol icies, incl uding 

t hose ov erseen b y t he conserv at or or t hat are 

conducted pursuant to the ^corecard͘ LiŬewise͕ 

each E nt erp rise’ s f air l ending and eq uit y t eam s 

review policy updates to ensure that nterprise 

policies comply with fair housing and fair lending 

laws͕ miniminje adverse effects on underserved 

communities͕ and promote fair access for 

all͕ including underserved communities͘ dhe 

nterprises and F,FA continued to perform 

t hese anal y ses in 2022. B ot h t he E nt erp rises 

and F,FA independently and continuously 

monitor the regulated entities for fair lending 

risk , conduct f air l ending risk assessm ent s on 

policies͕ programs͕ and activities͕ and oversee 

the integration of fair lending into Ŭey business 

p rocesses. I n 2022, F H F A p rov ided regul ar 

62 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬMediaͬWuďlicīairsͬWagesͬF,F-nnounces-Ƌuitaďle-,ousing-Finance-Wlans--for-Fannie-Mae-andFreddie-Mac.aspx#:~:text=FHFA%20Announces%20Equitable%20Housing%20Finance,Finance%20Plans%20for%202022%2D2024. 

technical assistance͕ training͕ and information 

sharing opportunities to the regulated entities 

on m et hods and t ool s t o adv ance eq uit y in t heir 

p rogram s, incl uding t hrough t he use of S p ecial 

Wurpose redit Wrograms͘

I n A ugust 2022, t he E nt erp rises announced a 

new reƋuirement for servicers to obtain and 

maintain fair lending data on loans͘ In addition͕ 

servicers will be reƋuired to transfer the data if 

serv icing right s are sol d or t ransf erred during 

t he l if e of a m ort gage. T he f air l ending dat a t o 

be maintained include borrowers͛ age͕ race͕ 

et hnicit y , gender, and p ref erred l anguage. T he 

collection and maintenance of fair lending data 

will help servicers assist consumers and facilitate 

monitoring of servicer compliance with fair 

l ending req uirem ent s.

I n 2022, t he E nt erp rises p ub l ished consum er 

information content on discriminatory restrictive 

cov enant s. T hese resources p rov ide consum ers 

with information on what discriminatory 

restrictive covenants are and what owners͛ 

options are if they discover a discriminatory 

restrictive covenant in their property͛s deed͕ 

m ort gage, or ot her recorded inst rum ent .

;^ee the Fair Lending section of this Zeport for 

additional detail on fair lending supervision 

activities͘Ϳ

Equitable Housing Finance Plans 

I n J une 2022, t he E nt erp rises rel eased E q uit ab l e 

,ousing Finance Wlans for 2022Ͳ202κ͘62 T he 

Wlans are designed to promote the nterprises͛ 

saf et y and soundness and f ost er housing 

finance marŬets that provide eƋuitable access 

to affordable and sustainable housing͘ dhe 

2022Ͳ202κ Wlans͛ activities address barriers 

edžperienced by renters͕ aspiring homeowners͕ 

and current homeowners͕ particularly in 

underserved communities͘ F,FA instructed the 

nterprises to identify barriers to sustainable 
66 Federal Housing Finance Agency

housing opportunities͕ set goals to address 

those barriers͕ undertaŬe meaningful actions 

t o address t hose b arriers, and rep ort on 

progress͘ dhe activities are focused on removing 

unnecessary b arriers and using t echnol ogy 

to identify ways to responsibly serve more 

borrowers without weaŬening credit standards͘ 

dhese activities include͗

• onsumer education initiatives for renters 

and homeowners͖

• redit reporting to help tenants build 

credit profiles and enable beƩer access to 

financial services͖

• džpanding counseling services to support 

housing st ab il it y ;

• D ep l oy ing t echnol ogy t o im p rov e access t o 

sust ainab l e credit and f air hom e ap p raisal s; 

and 

• ^pecial Wurpose redit Wrograms to address 

barriers to sustainable homeownership͘

T he E nt erp rises al so hav e p ub l ished up dat es t o 

their Ƌuitable ,ousing Finance Wlans for 2022Ͳ

202κ͕ςϯ together with their 2022 Werformance 

R ep ort s.ςκ In 202ϯ͕ the nterprises will continue 

to edžecute on the Wlans͕ and F,FA will host 

a p ub l ic engagem ent op p ort unit y t o sol icit 

feedbacŬ on the Wlans͘ F,FA also issued a Eotice 

of Wroposed ZulemaŬing on April 1ε͕ 202ϯ͕65

t o codif y F H F A ’ s current req uirem ent s f or t he 

nterprises͛ Ƌuitable ,ousing Finance Wlans 

t o increase p ub l ic t ransp arency and est ab l ish 

great er account ab il it y m echanism s.

63 See hƩƉs͗ͬͬǁǁǁ͘fanniemae͘comͬaďout-usͬesgͬsocialͬeƋuitaďle-housing-Įnance-Ɖlan and hƩƉs͗ͬͬǁǁǁ͘freddiemac͘comͬaďoutͬ

pdf/Freddie-Mac-Equitable-Housing-Finance-Plan.pdf͘ /n addition͕ the ϮϬϮϯ uƉdates to those Ɖlans are aǀailaďle at hƩƉs͗ͬͬǁǁǁ͘

fanniemae͘comͬmediaͬdocumentͬƉdfͬϮϬϮϯ-housing-Įnance-Ɖlan͘Ɖdf and hƩƉs͗ͬͬǁǁǁ͘freddiemac͘comͬaďoutͬƉdfͬϮϬϮϯ-FreddieMac-Equitable-Housing-Finance-Plan.pdf.

64 See hƩƉs͗ͬͬǁǁǁ͘fanniemae͘comͬmediaͬdocumentͬƉdfͬϮϬϮϮ-ehfƉ-Ɖerformance-reƉort͘Ɖdf and hƩƉs͗ͬͬǁǁǁ͘freddiemac͘comͬ

about/pdf/Freddie-Mac-Equitable-Housing-Finance-Plan-2022-Performance-Report.pdf.

65 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬMediaͬWuďlicīairsͬWagesͬF,F-/ssues-Eotice-of-WroƉosed-RulemaŬing-on-Fair->ending-Oǀersight͘asƉdž͘

Housing Goals and Duty to Serve 

dhe nterprises͛ affordable housing goals 

and uty to ^erve activities are reƋuired by 

statute͕ as implemented in accordance with 

F H F A ’ s E nt erp rise housing goal s and D ut y t o 

^erve regulations͘ dhe 2022 ^corecard included 

reporting and other operational reƋuirements 

for both programs͘ ;Information describing each 

E nt erp rise’ s p erf orm ance in t hese areas in 2022 

can be found in the ,ousing 'oals and uty to 

^erve sections of this Zeport͘Ϳ

Housing Supply 

dhroughout 2022͕ the nterprises worŬed to 

identify strategies and activities to facilitate 

greater affordable housing supply within the 

limits of their charter act authorities͘ dhis worŬ 

resulted in changes to nterprise policies with 

respect to loans on accessory dwelling units 

( A D U s) and cert ain m anuf act ured hom es t hat 

m ay hel p increase housing sup p l y and encourage 

sustainable homeownership͘ dhe nterprises also 

provided F,FA with insights and lessons learned 

from their worŬ in identifying strategies and 

activities to facilitate greater affordable housing 

sup p l y .

I n m id- 2022, F reddie M ac announced changes 

to its Ah policies͕ including edžpanding 

Ah eligibility reƋuirements by allowing for 

delivery of loans with an Ah on 2Ͳunit and 

ϯͲunit properties͘ Freddie Mac also edžpanded 

el igib il it y b y using rent al incom e f rom an 

Ah to assist in Ƌualifying the borrower for a 

mortgage͘ Additionally͕ Fannie Mae amended 

it s p ol icy regarding t he p urchase of singl ewide manufactured housing͕ a vital source of 

affordable housing͘ In 2020͕ Fannie Mae had 
Report to the Congress 2022 67

CONSERVATORSHIPS OF THE ENTERPRISES

edžpanded its policy to allow for delivery of 

loans secured by singleͲwide manufactured 

housing units that were less than 10 years old͘ 

,owever͕ the age reƋuirement proved to be a 

barrier to liƋuidity͕ affecting resale and refinance 

eligibility͕ and hindering borrowers͛ ability to 

seeŬ conventional financing͘ ased on lender 

f eedb ack and risk assessm ent s, F annie M ae 

announced in D ecem b er 2022 t he susp ension 

of t he age req uirem ent f or t his sub set of 

m anuf act ured housing.

Updated Pricing Framework 

T he 2022 S corecard req uired t he E nt erp rises 

to update their current pricing frameworŬs to 

increase support for core mission borrowers͕ 

while ensuring a level playing field for small and 

large sellers͕ fostering capital accumulation͕ and 

achiev ing v iab l e ret urns on cap it al . O v er t he 

course of 2022, t he E nt erp rises t ook a series 

of t arget ed st ep s t o up dat e t heir up f ront f ees. 

I n J anuary 2022, t he E nt erp rises increased 

up f ront f ees f or cert ain high b al ance l oans and 

second hom e l oans. W hil e m any l oans m ade 

through ,omeZeady and ,ome Wossible ;Fannie 

Mae͛s and Freddie Mac͛s respective Ňagship 

affordable mortgage programsͿ already had 

njero upfront guarantee fees͕ upfront fees were 

fully eliminated for the following borrowers and 

programs͗ firstͲtime homebuyers at or below 

100 p ercent of A M I in m ost of t he U nit ed S t at es 

and below 120 percent of AMI in high cost areas͕ 

,omeZeady and ,ome Wossible loans͕ ,FA 

Wreferred and ,FA Advantage loans ;Fannie Mae 

and Freddie Mac͛s respective ,ousing Finance 

A gency66 l oan p rogram s) , and singl e- f am il y l oans 

supporting the uty to ^erve program ;which 

addresses rural housing͕ affordable housing 

preservation͕ and manufactured housingͿ͘ In 

202ϯ͕ the nterprises released fully redesigned 

and recal ib rat ed up f ront f ee grids, incl uding t he 

t arget ed changes m ade in 2022. I n aggregat e, 

these updates to the pricing frameworŬs will 

66 SƚĂƚĞ HŽƵƐŝŶŐ FŝŶĂŶĐĞ AŐĞŶĐŝĞƐ ĂƌĞ ƐƚĂƚĞͲĐŚĂƌƚĞƌĞĚ ĂƵƚŚŽƌŝƟĞƐ ĞƐƚĂďůŝƐŚĞĚ ƚŽ ŚĞůƉ ŵĞĞƚ ƚŚĞ ĂīŽƌĚĂďůĞ ŚŽƵƐŝŶŐ ŶĞĞĚƐ ŽĨ ƚŚĞ 

residents of their states.

p rom ot e t he saf et y and soundness of t he 

nterprises while increasing support for certain 

creditworthy borrowers limited by income or 

wealth and for underserved communities͘

Os/-ϭε MarŬet ctions 

dhe nterprises continued responding to 

mortgage marŬet needs resulting from the 

KsIͲ1ε pandemic͘ In the third year of the 

p andem ic, t he E nt erp rises’ t em p orary sel l ing and 

serv icing p ol icies l argel y rem ained unchanged 

and f ocused on p reserv ing m ort gage m ark et 

liƋuidity͕ home retention͕ and risŬ management͘ 

As business operations continued to normalinje 

and m acroeconom ic indicat ors im p rov ed in 

2022, t he E nt erp rises p erf orm ed an assessm ent 

of the remaining temporary KsIͲ1ε selling 

Ňedžibilities and submiƩed plans to retire certain 

p ol icies and incorp orat e ot hers p erm anent l y int o 

their respective selling guides͘ 

dhe nterprises͛ temporary KsIͲ1ε servicing

Ňedžibilities remain in place until further notice 

and complement edžisting and similar aligned 

loss mitigation practices͘ At yearͲend 2022͕ a 

maũority of the combined 2͘ϯ million nterprise 

KsIͲ1ε forbearance actions had been resolved 

t hrough sel f - cure of any p ast due p ay m ent s, 

permanent loss mitigation solutions͕ such as 

KsIͲ1ε payment deferral͕ or loan payoffs 

through either refinance transactions or home 

sales͘ As of yearͲend 2022͕ approdžimately 

81͕000 nterprise borrowers remained in active 

KsIͲ1ε forbearance͘ LooŬing ahead͕ F,FA 

and the nterprises are edžamining lessons 

l earned f rom t he p andem ic t hat m ight inf orm 

the standard loss mitigation frameworŬ͕ with 

t he goal of im p rov ing t he ab il it y of m ort gage 

servicers to assist struggling homeowners in 

retaining their homes͕ while miniminjing losses to 

the nterprises and tadžpayers͘

I n A p ril 2022, F H F A announced t hat f orecl osure 

activities on nterprise loans would be 
68 Federal Housing Finance Agency

susp ended f or up t o 60 day s if t he serv icer 

was notified that the borrower had applied for 

assist ance under t he D ep art m ent of T reasury ’ s 

,omeowner Assistance Fund ;,AFͿ͘ dhis action 

provided affected borrowers with additional time 

t o b e ev al uat ed t hrough st at e- ap p rov ed H A F 

p rogram s. 

Foster omƉetition and ĸciency in ,ousing 

Finance Markets 

dhe 2022 ^corecard included four specific actions 

for the nterprises to taŬe to foster competition 

and efficiency in housing finance marŬets͗ 

• M oderniz e t he singl e- f am il y ap p raisal 

process to foster efficiency in mortgage 

m ark et s, and address b arriers t o eq uit ab l e 

valuation͘ 

• omplete the final phase of validation and 

ap p rov al of credit score m odel s and b egin 

planning for implementation͘ 

• Lev erage t echnol ogy and dat a t o f urt her 

promote efficiency and cost savings in 

m ort gage p rocesses. 

• Zesearch and assess opportunities to 

increase access f or sm al l and regional 

lenders to nterprise multifamily products͘

ƉƉraisal Moderninjation 

dhroughout 2022͕ the nterprises continued 

worŬ on the appraisal policy and process 

moderninjation initiative with the goals of 

improving data Ƌuality͕ reducing potential 

appraisal bias͕ and supporting effective risŬ 

management and process efficiency͘ dhis 

worŬ included testing of new data standards͕ 

t echnol ogies, and p rocesses t o m oderniz e 

residential appraisal practices͕ while engaging 

with industry staŬeholders͕ including appraisers͕ 

soŌware providers͕ insurance companies͕ 

appraisal management companies͕ inspection 

67 See hƩƉs͗ͬͬsinglefamily͘fanniemae͘comͬmediaͬϯϬκςςͬdisƉlay and hƩƉs͗ͬͬguide͘freddiemac͘comͬaƉƉͬguideͬďulletinͬϮϬϮϮ-Ϯ͘

com p anies, m ort gage insurers, and indust ry 

t rade group s.

T he E nt erp rises incorp orat ed desk t op ap p raisal s 

into their ^elling 'uides in 2022͘67 T hese 

reduced- scop e ap p raisal s do not incl ude a 

current inspection of the subũect property or 

com p arab l e sal es; rat her, t he ap p raiser rel ies 

on data obtained from alternative methods 

or sources to identify property characteristics 

and condition͘ In :une 2022͕ Freddie Mac 

updated its Automated ollateral valuation 

;AͿ appraisal waiver policy on higher risŬ 

transactions͘ ertain no cashͲout and all cashͲout 

refinance transactions eligible for A must be 

accompanied by a property data report ;WZͿ of 

st andardiz ed dat a col l ect ed on- sit e b y a t rained 

thirdͲparty collector͘ Alternative valuation 

methods and tools benefit borrowers by reducing 

cycle times͕ easing appraiser capacity constraints 

during p eriods of high l oan v ol um e and, in som e 

cases͕ lowering consumer costs͘

F annie M ae rev ised it s p ol icy f or m easuring, 

calculating͕ and reporting gross living area and 

nonͲgross living area on singleͲfamily properties 

using the American Eational ^tandards Institute® 

;AE^IΠ ϳςρͲ2021Ϳ standard in ecember 2021͘ 

T he rev ised p ol icy shoul d reduce dat a errors b y 

req uiring al l ap p raisal s t o use t he sam e st andard 

of measurement͘ Lenders were allowed to 

b egin ap p l y ing t he st andard im m ediat el y , b ut 

policy compliance was reƋuired by April 2022͘ 

T he change is int ended t o sp ur adop t ion of 

t he st andard across t he v al uat ion indust ry and 

est ab l ish a consist ent , rep eat ab l e p rocess.

E f f ort s t o im p rov e ap p raisal q ual it y go b ey ond 

p ol icy and p rocess m oderniz at ion. T he 

E nt erp rises’ A p p raisal D iv ersit y I nit iat iv e ( A D I ) , 

a nationwide program to attract new and 

div erse ent rant s int o t he ap p raisal f iel d, m ade 

signif icant p rogress in 2022. S ince 2018, t he 

initiative has gained 2ϯ sponsors and awarded 

κκ2 scholarships͕ with 11 of the sponsorship 
Report to the Congress 2022 69

CONSERVATORSHIPS OF THE ENTERPRISES

commitments and ϯϯ0 of the awarded 

scholarships occurring in 2022͘ A total of ϯ12 

indiv idual s hav e st art ed f ul f il l ing t heir educat ion 

req uirem ent s, 51 hav e com p l et ed t heir 

education͕ and ϯ8 are worŬing with a supervisory 

ap p raiser or are em p l oy ed in t he indust ry .

redit Score Rule and /mƉlementation 

F H F A and t he E nt erp rises hav e b een 

implementing the final rule on the validation 

and ap p rov al of t hird- p art y credit score m odel s 

used by the nterprises since the final rule 

became effective in Kctober 201ε͘68 I n 2021, 

the nterprises completed their respective 

b usiness assessm ent s of t he credit score 

models that were submiƩed in response to 

the open application process in 2020 and 

submiƩed their recommendations to F,FA͘ In 

2022͕ F,FA conducted its own assessment of 

t he im p act of a change in credit score m odel s 

and anal y z ed st ak ehol der f eedb ack , incl uding 

feedbacŬ that was provided during a listening 

session hel d on M arch 1, 2022. O n O ct ob er 

2κ͕ 2022͕ F,FA announced the validation and 

approval of two new credit score models͕ 

FIK 10d and santage^core κ͘0͕ for use by 

the nterprises͘ Wlans for implementation are 

underway͘ Kn March 2ϯ͕ 202ϯ͕ F,FA announced 

a p ub l ic engagem ent p rocess t o sol icit inp ut 

f rom indust ry st ak ehol ders on p rop osed 

implementation milestones͘

Fintech 

In 2022͕ F,FA established an Kffice of Financial 

dechnology ;Fintech KfficeͿ to support 

Agency priorities related to the adoption and 

deployment of fintech͘ dhe Fintech Kffice is 

designed as a cent ral iz ed resource f or F H F A t o 

beƩer understand mortgageͲrelated innovations͕ 

general t rends, and em erging risk s in t he use of 

fintech͘ dhe Fintech Kffice facilitates responsible 

innovation across F,FA͛s regulated entities͕ 

balancing the value of new ideas͕ products͕ 

68 See hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬMediaͬWuďlicīairsͬWagesͬF,F-Wuďlishes-Final-Rule-on-redit-Score-Models͘asƉdž.

and operational approaches with the need for 

effective risŬ management and governance͘

In conũunction with the launch of the Fintech 

Kffice in :uly 2022͕ F,FA issued a ZeƋuest for 

Information ;ZFIͿ soliciting feedbacŬ on the role 

of technology in housing finance͕ with the goal 

of dev el op ing a b roader underst anding of t he 

current landscape of innovation throughout 

m ort gage p rocesses. F H F A al so host ed a l ist ening 

session in O ct ob er 2022 t o sol icit p ub l ic inp ut 

on the role of technology in housing finance 

and how the Agency could most constructively 

interact with staŬeholders to facilitate 

responsible innovation͘ dhe nterprises have 

al so hel p ed F H F A underst and b arriers t o t ak ing 

advantage of such opportunities͘ 

F H F A inst ruct ed t he E nt erp rises t o sup p ort t he 

Agency͛s efforts to understand how fintech is 

affecting mortgage marŬets and its potential to 

improve access to affordable and sustainable 

homeownership͕ rental opportunities͕ mortgage 

finance system efficiency͕ and service to 

underserv ed m ark et s.

hR>ͬh> and h /nitiatiǀes 

dhe nterprises continued their efforts in 2022 to 

l ev erage t echnol ogy and dat a t o f urt her p rom ot e 

efficiency and cost savings in mortgage processes 

with a focus on additional consumer information 

and ap p raisal dat a.

I n M ay 2022, F H F A and t he E nt erp rises p ub l ished 

new reƋuirements for lenders to use the 

^upplemental onsumer Information Form ;^IFͿ 

as part of the conventional loan application 

process beginning in March 202ϯ͘ dhe ^IF 

collects information both about the borrower͛s 

l anguage p ref erence, if any , and ab out any 

homebuyer education or housing counseling 

the borrower received͘ dhat information helps 

inf orm l enders of t he needs of t heir increasingl y 

diverse clientele and enables lenders to beƩer 

serve borrowers͘ do further support those goals͕ 
70 Federal Housing Finance Agency

in J ul y 2022, t he E nt erp rises p ost ed up dat ed 

translations of the ^IF in five languages 

;^panish͕ traditional hinese͕ sietnamese͕ 

K orean, and T agal og) .69

dhe nterprises are also continuing a multiͲyear 

p roj ect b egun in 2018 t o im p rov e ap p raisal 

data Ƌuality and consistency by updating the 

U nif orm A p p raisal D at aset ( U A D ) and al igning it 

with current mortgage industry data standards͘ 

In addition͕ the proũect entails replacing all 

edžisting appraisal forms with a single dynamic 

hniform Zesidential Appraisal Zeport ;hZAZͿ 

that reŇects current and future appraisal 

dat a needs. T his p roj ect has b een driv en b y 

edžtensive feedbacŬ from and collaboration 

with appraisers͕ lenders͕ vendors͕ consumer 

adv ocat es, and ot her indust ry st ak ehol ders. 

D uring 2022, t he E nt erp rises sup p ort ed t he 

^eptember publication of the Mortgage Industry 

^tandards Maintenance Krganinjation ;MI^MKͿ 

reference model vϯ͘ς for public comment and 

began development of a communications and 

education strategy to ensure that industry 

staŬeholders have the information they need to 

maŬe adoption of the updated hA and hZAZ 

successful͘ In addition͕ the nterprises focused 

on creating the resources necessary to begin 

and sustain mortgage industry efforts for hA 

implementation͘ 

do begin the multiͲyear rollout phase͕ in March 

202ϯ the nterprises published on their websites 

an indust ry p l ay b ook , t he U A D t echnical 

specifications͕ various guides͕ and sample 

ap p raisal rep ort s.70 T he U A D f orm s and redesign 

effort remain a priority on the 202ϯ ^corecard͕ 

and the nterprises will continue to address 

staŬeholder feedbacŬ and provide additional 

69 See hƩƉs͗ͬͬsinglefamily͘fanniemae͘comͬmulti-language-resources-lenders, hƩƉs͗ͬͬsf͘freddiemac͘comͬǁorŬing-ǁith-usͬleƉtranslated-mortgage-documents/overview, and hƩƉs͗ͬͬǁǁǁ͘Ĭfa͘goǀͬMortgagedranslations.

70 See hƩƉs͗ͬͬsinglefamily͘fanniemae͘comͬdeliǀeringͬuniform-mortgage-data-Ɖrogramͬuniform-aƉƉraisal-dataset and hƩƉs͗ͬͬ

sf.freddiemac.com/tools-learning/uniform-mortgage-data-program/uad. 

71 DĞůĞŐĂƚĞĚ UŶĚĞƌǁƌŝƟŶŐ ĂŶĚ SĞƌǀŝĐŝŶŐ ;DUSͿ ŝƐ ƚŚĞ ƚƌĂĚĞŵĂƌŬ ĚĞƐŝŐŶĂƟŽŶ ĨŽƌ FĂŶŶŝĞ DĂĞ͛Ɛ ĂƉƉƌŽǀĞĚ DƵůƟĨĂŵŝůLJ SĞůůĞƌͬSĞƌǀŝĐĞƌ 

ŶĞƚǁŽƌŬ͘ OƉƟŐŽ ŝƐ ƚŚĞ ƚƌĂĚĞŵĂƌŬ ĚĞƐŝŐŶĂƟŽŶ ĨŽƌ FƌĞĚĚŝĞ DĂĐ͛Ɛ ĂƉƉƌŽǀĞĚ DƵůƟĨĂŵŝůLJ SĞůůĞƌͬSĞƌǀŝĐĞƌ ŶĞƚǁŽƌŬ͘

ref erence m at erial s and guides t hat sup p ort 

mortgage industry development efforts͘ 

MISMO Servicing Transfer 

C om m on and consist ent dat a st andards hel p 

maintain continuity of servicer operations͕ 

including foreclosure prevention activities 

and miniminjing adverse effects on borrowers 

due t o errors during serv icing t ransf ers. T he 

nterprises continued to support the MI^MK 

^ervicing dransfers evelopment torŬ 'roup 

;t'Ϳ͕ which is an industryͲled effort to create 

a st andardiz ed serv icing t ransf er dat aset and 

best practices for the transfer process͘ dhe 

t' includes mortgage servicers͕ technology 

vendors͕ and other industry participants͕ as 

well as the nterprises͕ F,FA͕ the onsumer 

Financial Wrotection ureau ;FWͿ͕ and other 

interested parties͘ dhe nterprises͛ participation 

in the t' allows them to provide insights on 

transfer reƋuirements specific to nterprise 

l oans, incl uding dat a t hat need t o b e t ransf erred 

to maintain servicing continuity for nterprise 

loans͘ dhe nterprises will continue to support 

the t' in 202ϯ͘

Small Multifamily >ender ccess 

T hroughout 2022, t he E nt erp rises researched 

and assessed opportunities to increase access 

to the nterprises͛ multifamily products for 

sm al l and regional l enders. A s p art of t his 

research͕ the nterprises reviewed inƋuiries from 

prospective lenders seeŬing more information 

on b ecom ing a F annie M ae D el egat ed 

hnderwriting and ^ervicing ;h^Ϳ lender or a 

Freddie Mac Kptigo lender and identified the 

freƋuency with which lenders failed to meet 

v arious E nt erp rise el igib il it y req uirem ent s.71 I n 
Report to the Congress 2022 71

CONSERVATORSHIPS OF THE ENTERPRISES

addition to understanding the freƋuency with 

which lenders that submiƩed inƋuiries were not 

meeting various eligibility reƋuirements͕ the 

nterprises were able to assess their current 

coverage of the multifamily lender marŬet͘ dhe 

nterprises submiƩed recommendations to F,FA 

that would increase access to their multifamily 

products for small lenders͘ dhe nterprises will 

continue to worŬ with F,FA to implement their 

recommended actions to edžpand access to 

multifamily products in 202ϯ͘ 

Uniform Mortgage-Backed Security 

In 2022͕ the nterprises provided F,FA with 

recurring rep ort s rel at ed t o unif orm m ort gagebacŬed securities ;hM^Ϳ issuance͕ pooling 

decisions͕ and other maƩers potentially affecting 

U M B S m ark et p erf orm ance and st ab il it y . I n t urn, 

F,FA continued to monitor cash Ňow alignment 

between the nterprises͛ hM^ and reviewed 

p rop osed p ool ing and discl osure changes 

for potential risŬs that could threaten hM^ 

marŬet functioning͘ F,FA continued to ensure 

alignment of hM^ pooling practices͕ policies͕ 

and p rocedures t o f urt her sup p ort al igned 

p rep ay m ent p erf orm ance, m ark et l iq uidit y , and 

t he m ission of t he E nt erp rises t o f ost er l iq uid, 

efficient͕ competitive͕ and resilient national 

housing finance marŬets͘ 

Manage Eeǁ Multifamily Wurchases to 

omƉly ǁith aƉ and īordaďility 

Requirements 

B eginning in 2015, F H F A , as conserv at or, has set 

a y earl y cap in t he C onserv at orship S corecard 

that limits the amount of multifamily loans that 

each nterprise can purchase͘ dhe multifamily 

cap f urt hers F H F A ’ s conserv at orship goal s of 

m aint aining t he p resence of t he E nt erp rises as 

a bacŬstop for the multifamily finance marŬet 

and supporting financing for affordable and 

underserved marŬets͕ while not impeding the 

participation of private capital͘ y managing 

to the multifamily caps͕ the nterprises help 

maintain stability in the multifamily marŬet and 

p rov ide l iq uidit y f or m ission- driv en housing.

I n O ct ob er 2021, F H F A announced a cap f or 

calendar year 2022 of Ψϳ8 billion for each 

nterprise͕ for a combined total of Ψ1ρς billion͘ 

do ensure a focus on affordable housing and 

underserv ed m ark et s, F H F A direct ed t hat at 

least ρ0 percent of each nterprise͛s multifamily 

l oan p urchases b e m ission- driv en and at l east 

25 p ercent ( up f rom 20 p ercent in 2021) b e 

affordable to tenants at ς0 percent of AMI or 

below͘

dhe 2022 ^corecard generally defined missionͲ

driven affordable housing as housing affordable 

for residents at 80 percent of AMI or below͕ 

with special provisions for rural housing͕ 

manufactured housing communities͕ loans to 

finance energy or water efficiency improvements͕ 

and tenants living in edžpensive rental marŬets͘ 

F or rural housing, a l oan is m ission- driv en if t he 

p rop ert y is in a D ut y t o S erv e ( D T S ) - designat ed 

rural area and affordable to residents at 100 

percent of AMI or below͘ For manufactured 

housing communities͕ a loan is missionͲdriven if 

it is eligible for credit under the d^ regulation͘ 

For loans to finance energy or water efficiency 

im p rov em ent s, a l oan is m ission- driv en if unit 

rents are affordable to tenants at ς0 percent of 

AMI or below͘ Furthermore͕ a loan is missionͲ

driven if unit rents are affordable to tenants at 

100 percent of AMI or below in costͲburdened 

rent er m ark et s and at 120 p ercent of A M I or 

below in very costͲburdened renter marŬets͘

ach nterprise remained below the Ψϳ8 

billion multifamily cap for 2022͕ at Ψςε͘2 billion 

and Ψϳ2͘8 billion for Fannie Mae and Freddie 

Mac͕ respectively͘ In addition͕ each nterprise 

surp assed t he m inim um req uirem ent s of at 

l east 50 p ercent m ission- driv en and 25 p ercent 

affordable shares of multifamily acƋuisitions͘ 

Figure 28 provides further information on 

each nterprise͛s multifamily activity͕ including 

missionͲdriven activities͘
72 Federal Housing Finance Agency

Figure ϮΘ͗ nterƉrise Multifamily ctiǀity in ϮϬϮϮ 

Fannie Mae Freddie Mac

$ Billion Wercent $ Billion Wercent

dotal non-mission ǀolume $22.2 32.1% $22.7 31.1%

dotal mission-driǀen ǀolumea $47.0 67.9% $50.2 68.9%

dotal mission-driǀen ǀolume Λ ςϬй M/b $21.6 32.5% $23.9 33.4%

Loans on manufactured housing communities $1.9 2.7% $1.2 1.7%

Financing for targeted affordable housing properties $8.7 12.6% $11.8 16.2%

Loans on small multifamily properties $2.0 2.9% $3.0 4.1%

Loans on properties located in rural areas $2.5 3.6% $2.1 2.8%

Loans on seniors housing $0.5 0.8% $0.7 0.9%

Loans on units affordable to those @ 80% AMIc $33.8 48.9% $39.0 53.6%

Loans on units affordable to those @ 100% AMIc $6.6 9.6% $5.7 7.9%

Loans on units affordable to those @ 120% AMIc $1.3 1.9% $2.1 2.9%

Loans to finance energy or water efficiency improvementsd $1.4 2.0% $0.4 0.6%

Source͗ Fannie Mae and Freddie Mac

a

 FŽƌ ŵŽƌĞ ŝŶĨŽƌŵĂƟŽŶ ŽŶ ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ĐĂƚĞŐŽƌŝĞƐ͕ ƐĞĞ ƚŚĞ 2022 Scorecard, Appendix A: Multifamily Definitions͕ Ɖ͘ ρ͗ hƩƉs͗ͬͬǁǁǁ͘

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ĚƌŝǀĞŶ ĐĂƚĞŐŽƌŝĞƐ ĚŽ ŶŽƚ ĂĚĚ ƚŽ ƚŚĞ ƚŽƚĂůƐ ĨŽƌ Ăůů ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ůŽĂŶƐ ďĞĐĂƵƐĞ ƐŽŵĞ ůŽĂŶƐ ƋƵĂůŝĨLJ ƵŶĚĞƌ ŵŽƌĞ ƚŚĂŶ ŽŶĞ ĐĂƚĞŐŽƌLJ͘ 

SƵĐŚ ĚŽƵďůĞ ĐŽƵŶƟŶŐ ŝƐ ŶŽƚ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ͞TŽƚĂů ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ǀŽůƵŵĞ͘͟ IŶ ĂĚĚŝƟŽŶ͕ ƐŽŵĞ ůŽĂŶƐ ŽŶůLJ ƉĂƌƟĂůůLJ ƋƵĂůŝĨLJ ĨŽƌ ŵŝƐƐŝŽŶͲ

ĚƌŝǀĞŶ ĨŽƌ ƐŽŵĞ ĐĂƚĞŐŽƌŝĞƐ͘ OŶůLJ ƚŚĞ ƋƵĂůŝĨLJŝŶŐ ƉŽƌƟŽŶ ŽĨ Ă ůŽĂŶ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƚŽƚĂů ĨŽƌ ĞĂĐŚ ĐĂƚĞŐŽƌLJ͘ IĨ ƚŚĞ ůŽĂŶ ƋƵĂůŝĮĞƐ ĨŽƌ 

ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ƵŶĚĞƌ ŵŽƌĞ ƚŚĂŶ ŽŶĞ ĐĂƚĞŐŽƌLJ͕ ƚŚĞ ŐƌĞĂƚĞƐƚ ƉŽƌƟŽŶ ŽĨ ƚŚĞ ůŽĂŶ ƚŚĂƚ ƋƵĂůŝĮĞƐ ĨŽƌ ĂŶLJ ĐĂƚĞŐŽƌLJ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ 

͞TŽƚĂů ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ǀŽůƵŵĞ͘͟

ď

 LŽĂŶ ƉƵƌĐŚĂƐĞƐ ƚŚĂƚ ŵĞĞƚ ƚŚĞ ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ǀŽůƵŵĞ Λ ς0й ŽĨ ADI ƌĞƋƵŝƌĞŵĞŶƚ ŵĂLJ ĂůƐŽ ŵĞĞƚ ƚŚĞ ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ǀŽůƵŵĞ 

ƌĞƋƵŝƌĞŵĞŶƚ͘

c

 FHFA ĐůĂƐƐŝĮĞƐ ĂƐ ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ƵŶŝƚƐ ǁŚŽƐĞ ƌĞŶƚƐ ĂƌĞ ĂīŽƌĚĂďůĞ ƚŽ ƚĞŶĂŶƚƐ Ăƚ ǀĂƌŝŽƵƐ ŝŶĐŽŵĞ ƚŚƌĞƐŚŽůĚƐ͕ ďĂƐĞĚ ŽŶ ĞĂĐŚ ŝŶĚŝǀŝĚƵĂů 

ƌĞŶƚĞƌ ŵĂƌŬĞƚ͘ TŚŝƐ ĞŶƚĂŝůƐ ĐůĂƐƐŝĮĐĂƟŽŶ ĂƐ ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ĮŶĂŶĐŝŶŐ ĨŽƌ ƵŶŝƚƐ ĂīŽƌĚĂďůĞ ƚŽ ŚŽƵƐĞŚŽůĚ ŝŶĐŽŵĞƐ Ăƚ Θ0й ŽĨ ĂƌĞĂ 

ŵĞĚŝĂŶ ŝŶĐŽŵĞ ;ADIͿ Žƌ ďĞůŽǁ ŝŶ ŵŽƐƚ ĂƌĞĂƐ͕ Ăƚ ϭ00й ŽĨ ADI Žƌ ďĞůŽǁ ŝŶ ĐŽƐƚͲďƵƌĚĞŶĞĚ ĂƌĞĂƐ͕ ĂŶĚ Ăƚ ϭ20й ŽĨ ADI Žƌ ďĞůŽǁ ŝŶ 

ǀĞƌLJ ĐŽƐƚͲďƵƌĚĞŶĞĚ ĂƌĞĂƐ͕ ƐĞĞ ƚŚĞ 2022 Scorecard, Appendix A: Multifamily Definitions͕ Ɖ͘ ρ͘

d

 FHFA ĐůĂƐƐŝĮĞƐ ĂƐ ŵŝƐƐŝŽŶͲĚƌŝǀĞŶ ůŽĂŶƐ ƚŽ ĮŶĂŶĐĞ ĞŶĞƌŐLJ Žƌ ǁĂƚĞƌ ĞĸĐŝĞŶĐLJ ŝŵƉƌŽǀĞŵĞŶƚƐ ǁŚŽƐĞ ƵŶŝƚ ƌĞŶƚƐ ĂƌĞ ĂīŽƌĚĂďůĞ ƚŽ 

ŚŽƵƐĞŚŽůĚ ŝŶĐŽŵĞƐ Ăƚ ς0й ŽĨ ADI Žƌ ďĞůŽǁ͕ ƐĞĞ ƚŚĞ 2022 Scorecard, Appendix A: Multifamily Definitions͕ Ɖ͘ ρ͘
Report to the Congress 2022 73

CONSERVATORSHIPS OF THE ENTERPRISES

OPERATE THE 

BUSINESS IN A SAFE 

AND SOUND MANNER 

T he second goal under t he 2022 S corecard 

req uired t he E nt erp rises t o op erat e t he b usiness 

in a saf e and sound m anner. W it hin t his 

category͕ F,FA established the following specific 

obũectives͕ each discussed further below͕ to 

guide the worŬ of the nterprises͗

• E nsure t hat each E nt erp rise is resil ient t o 

operational͕ marŬet͕ credit͕ economic͕ and 

cl im at e risk s.

• dransfer a significant amount of credit 

risk t o p riv at e inv est ors, reducing risk t o 

tadžpayers͘ 

• E nsure C S S op erat es in a saf e and 

sound m anner in sup p ort of E nt erp rise 

securitinjation activities͘

Ensure that the Enterprise is Resilient to 

OƉerational͕ MarŬet͕ redit͕ conomic͕ and 

Climate Risks 

do ensure nterprise resilience to significant 

risk s, t he 2022 S corecard inst ruct ed t he 

E nt erp rises t o:

• Address edžamination and supervision 

findings promptly͘ 

• M aint ain l iq uidit y at l ev el s req uired b y 

F,FA and sufficient to sustain nterprise 

operations through severe stress events͘ 

• Maintain effective risŬ management 

systems appropriate for entities that need 

t o m inim iz e risk t o cap it al as t hey reb uil d 

their capital buffers͘ 

• nsure a governance structure edžists to 

prioritinje the effects of climate change 

t hroughout E nt erp rise decision m ak ing. 

72 IŶ ĂĚĚŝƟŽŶ ƚŽ ƐĂĨĞƚLJ ĂŶĚ ƐŽƵŶĚŶĞƐƐ DRAƐ͕ FHFA ŝƐƐƵĞƐ DRAƐ ĐŽŶĐĞƌŶŝŶŐ ĨĂŝƌ ůĞŶĚŝŶŐ ĂŶĚ ĚŝǀĞƌƐŝƚLJ ĂŶĚ ŝŶĐůƵƐŝŽŶ͘ 

• ontinue to ensure a successful transition 

away from LIKZ to approved alternative 

reference rates by continuing systems 

dev el op m ent and announcing p l ans f or t he 

transition of legacy products͘ 

ddress edžamination and suƉerǀision 

Įndings ƉromƉtly 

dimely remediation of maƩers reƋuiring 

aƩention ;MZAsͿ is critical to improving the 

saf et y and soundness of t he E nt erp rises. D uring 

2022, each E nt erp rise rem ediat ed 90 p ercent of 

F,FAͲidentified safety and soundness MZAs72 b y 

their due dates or had reƋuested an edžtension 

within the appropriate timeframe͘ For MZAs 

with approved edžtensions͕ the nterprises 

provided remediation plans within the reƋuired 

timeframes͘

Enterprise Liquidity 

T he E nt erp rises are req uired t o m aint ain l iq uidit y 

at levels reƋuired by F,FA and sufficient to 

sustain nterprise operations through severe 

st ress ev ent s. I n 2022, t he E nt erp rises rep ort ed 

satisfactory liƋuidity numbers daily to F,FA͘

Enterprise Risk Management Systems 

hnder the 2022 ^corecard͕ F,FA worŬed with 

t he E nt erp rises t o ensure t hat t heir b usiness 

resiliency͕ information technology operations͕ 

data management͕ and information security 

p rogram s adeq uat el y address saf et y and 

soundness concerns.

T o accom p l ish t hose ends, t he E nt erp rises 

each continued to implement leadingͲedge 

t echnol ogies t o p rot ect t he securit y and 

confidentiality of sensitive information and to 

resp ond t o em erging cy b ersecurit y t hreat s. 

F H F A al so inst ruct ed t he E nt erp rises t o f ocus 

on ensuring that remediation programs were 

adeq uat el y f unded and t hat any gap s or 

identified control weaŬnesses were remediated 

in a timely manner͘ dhe nterprises monitored 
74 Federal Housing Finance Agency

continuously for system anomalies and 

cybersecurity incidents͕ which they reported to 

F H F A .

In 2022͕ the nterprises tooŬ significant steps to 

im p rov e t heir b usiness resil iency and t echnical 

recovery capabilities͘ oth nterprises have 

est ab l ished crisis m anagem ent and incident 

resp onse p rogram s t o resp ond t o m aj or 

operational or technical incidents͕ with tests 

conduct ed t hroughout t he y ear t o m easure 

performance against recovery time and recovery 

point obũectives͘ In addition to these capabilities͕ 

the nterprises have established multiͲyear 

plans for moderninjing their missionͲcritical 

infrastructure͕ with a specific focus on systems 

that are essential for providing liƋuidity to 

the mortgage marŬet͘ Eeither nterprise had 

significant downtime nor an outage that affected 

the nterprise͛s operations͘

Climate Risks 

O v er t he course of 2022, t he E nt erp rises 

engaged in worŬ with F,FA and made progress 

in k ey cl im at e change and env ironm ent al , 

social͕ and governance ;^'Ϳϳϯ f ocus areas: dat a 

and research͕ assessing climate edžposure͕ ^' 

reporting and disclosure͕ governance͕ green 

bonds͕ and consumer protection͘ 

I n 2022, each E nt erp rise t ook st ep s t o enhance 

it s gov ernance st ruct ure rel at ed t o cl im at e. B ot h 

E nt erp rises b egan t he b uil d- out of t heir cl im at e 

risŬ frameworŬs and associated Ŭey components͘ 

dhese included risŬ identification and 

assessm ent , cont rol s, m onit oring, and int ernal 

and edžternal reporting processes͘ Additionally͕ 

the nterprises began to incorporate ^' and 

cl im at e change int o t heir corp orat e st rat egy and 

strategic planning͘ dhis included seƫng annual 

73 ESG ĞŶĐŽŵƉĂƐƐĞƐ ĐŽŶƐŝĚĞƌĂƟŽŶƐ ŽĨ ĞŶǀŝƌŽŶŵĞŶƚĂů͕ ƐŽĐŝĂů͕ ĂŶĚ ŐŽǀĞƌŶĂŶĐĞ ĨĂĐƚŽƌƐ͘ FŽƌ ƚŚĞ EŶƚĞƌƉƌŝƐĞƐ͕ ESG ĐŽǀĞƌƐ ƚŚĞŝƌ ǁŽƌŬ ƚŽ 

ĞŶŚĂŶĐĞ ĞŶǀŝƌŽŶŵĞŶƚĂů ƐƵƐƚĂŝŶĂďŝůŝƚLJ ǁŝƚŚŝŶ ƚŚĞ ŚŽŵĞƐ ƚŚĞLJ ĮŶĂŶĐĞ͕ ƚŽ ĂĚǀĂŶĐĞ ĐŽŶƐƵŵĞƌ ĂĐĐĞƐƐ ƚŽ ƐĂĨĞ͕ ƌĞƐŝůŝĞŶƚ͕ ĂŶĚ ĂīŽƌĚĂďůĞ 

ŚŽƵƐŝŶŐ ŽƉƉŽƌƚƵŶŝƟĞƐ ŝŶ Ă ƐƵƐƚĂŝŶĂďůĞ ŵĂŶŶĞƌ͕ ĂŶĚ ƚŽ ĞŵďĞĚ ĐůŝŵĂƚĞ ĐŽŶƐŝĚĞƌĂƟŽŶƐ ǁŝƚŚŝŶ ƚŚĞŝƌ ďŽĂƌĚ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ 

processes.

74 See hƩƉs͗ͬͬǁǁǁ͘freddiemac͘comͬaďoutͬƉdfͬFreddie ͅMac ͅSS ͅϮϬϮϭ ͅReƉort͘Ɖdf. 

75 See hƩƉs͗ͬͬǁǁǁ͘fanniemae͘comͬmediaͬκρϳϮςͬdisƉlay. 

goals for their boards of directors and updating 

commiƩee charters to oversee climateͲrelated 

financial risŬ͘ dhe nterprises also improved their 

understanding of the effect of climate change 

on consum ers. B ot h E nt erp rises dev el op ed 

shortͲterm consumer protection climate change 

roadmaps with delineated obũectives͕ strategies͕ 

and m et rics.

T he E nt erp rises al so m ade p rogress in v ol unt ary 

^' reporting͘ Freddie Mac published its 2021 

^ustainability Accounting ^tandards oard ;^A^Ϳ 

rep ortϳκ on Kctober ϯ͕ 2022͕ and updated its 

2021 ^A^ metrics to align with Fannie Mae͛s 

2021 ^A^ reporting͘ Fannie Mae published its 

2021 ^' report75 on ecember 1ϯ͕ 2022͕ which 

represented an edžpansion from its 2020 ^A^ 

report͘ dhe 2021 report included information 

related to Fannie Mae͛s priority ^' topics͕ 

al ignm ent t o t he S A S B st andard, and al ignm ent 

to recommendations from the dasŬforce on 

C l im at e R el at ed F inancial D iscl osures. I n 2022, 

the nterprises also continued to worŬ closely 

with F,FA on topics related to climate research͕ 

scenario anal y sis, and addressing dat a gap s. T his 

worŬ continues in 202ϯ͘ 

>/OR dransition 

In 2022͕ the nterprises continued to worŬ 

with F,FA to transition away from reliance 

on LI B O R and LI B O R - b ased p roduct s. T he 

nterprises͛ efforts prepared them for a prudent 

transition away from LIKZ in advance of LIKZ 

discontinuation͕ currently scheduled for :une ϯ0͕ 

202ϯ͘ In addition͕ the nterprises have helped 

educate marŬet participants about the reference 

rate transition͘
Report to the Congress 2022 75

CONSERVATORSHIPS OF THE ENTERPRISES

uring 2022͕ the nterprises transitioned from 

LIKZͲbased derivative activity to alternative 

derivatives͕ having transitioned away from 

LIKZͲbased debt͕ singleͲfamily and multifamily 

adj ust ab l e- rat e m ort gages ( A R M s) , col l at eral iz ed 

mortgage rate obligations͕ and credit risŬ transfer 

;ZdͿ securities during 2020͘ 

T he E nt erp rises al so p rep ared l egacy LI B O R 

transition plans describing edžpected timelines͕ 

assumptions͕ and dependencies for transitioning 

certain edžisting legacy LIKZ products͘ Kn 

D ecem b er 22, 2022, t he E nt erp rises announced 

t heir S O F R - b ased rep l acem ent rat es f or l egacy 

LI B O R p roduct s, b ased on t he b enchm ark 

rep l acem ent s sel ect ed b y t he B oard of 

'overnors of the Federal Zeserve ^ystem in its 

regulation implementing the Adũustable Interest 

R at e ( LI B O R ) A ct .76

T he E nt erp rises al so hav e hel p ed educat e 

marŬet participants about the planned reference 

rate transition͘ ach nterprise updated its 

LIKZ transition website to provide servicers 

information on the transition of legacy LIKZ 

contracts͕ resources for edžisting refinance 

options that borrowers could consider for 

refinancing edžisting singleͲfamily LIKZ AZMs͕ 

and linŬs to the FW website͘ dhe nterprises 

regul arl y up dat e t heir j oint l y p roduced LI B O R 

dransition WlaybooŬ describing the steps they 

have planned to taŬe in the transition away 

from LIKZ͘ In addition͕ the nterprises have 

updated the transitionͲrelated FreƋuently AsŬed 

Yuestions ;FAYsͿ posted to their websites͘77

F,FA worŬed with the nterprises to ensure their 

preparedness for the discontinuation of LIKZ 

and continued to ensure that transition efforts 

would be prioritinjed across F,FA͘ dhe nterprises 

share Ƌuarterly data with F,FA measuring 

changes in edžposures to LIKZ through the 

LIKZ cessation date͘ do ensure the nterprises 

76 See 12 CFR part 253.

77 See hƩƉs͗ͬͬcaƉitalmarŬets͘fanniemae͘comͬliďor-transition and hƩƉs͗ͬͬǁǁǁ͘freddiemac͘comͬaďoutͬreference-rates-transition.

transition away from LIKZ in a safe and sound 

manner͕ F,FA reviewed their LIKZ edžposures͕ 

their evaluation of provisions in edžisting LIKZ 

contracts͕ and their transition documents͕ 

including updates on transition plans͕ the LIKZ 

dransition WlaybooŬ͕ and the FAYs͘

 In 202ϯ͕ nterprises will continue worŬ to be 

operationally ready to transition edžisting legacy 

LIKZ contracts to alternative rates͘

Seller/Servicer Eligibility Requirements 

F,FA and the nterprises remain continually 

focused on mitigating the risŬ presented by 

the nterprises͛ counterparties͘ F,FA worŬed 

closely with the nterprises to conduct analyses 

and p rop ose req uirem ent s f or non- dep osit ory 

counterparties that addressed lessons learned 

from the KsI 1ε pandemic͕ including͗ 

• ffect of higher delinƋuencies and costs 

associated with servicing mortgage loans͕ 

edžposing the nterprises to increased 

l ev el s of count erp art y risk ; 

• Eeed to cover seller risŬ stemming from 

l iq uidit y chal l enges; 

• Eeed for higher reƋuirements for 

l arge non- dep osit ory serv icers t hat are 

im p ort ant t o t he m ort gage serv icing 

system and that hold a substantial portion 

of E nt erp rise serv icing; and 

• Eeed to differentiate servicer liƋuidity 

reƋuirements based on differences in 

remiƩance type͘

In February 2022͕ F,FA proposed new minimum 

financial eligibility reƋuirements for nterprise 

sellerͬservicers͕ which were finalinjed in the 

third Ƌuarter of 2022͘ dhe new reƋuirements 
76 Federal Housing Finance Agency

will strengthen reƋuired capital and liƋuidity for 

sellerͬservicers͕ provide transparency͕ and create 

consistency across firms with different business 

m odel s. F H F A al so req uires t he E nt erp rises t o 

consider risŬ edžposure from their contractual 

relationships with sellerͬservicers and assess͕ 

monitor͕ and taŬe appropriate actions to address 

the risŬs to which they are edžposed in their 

business relationships with third parties͘ 

F,FA and the nterprises engaged with 

servicing industry participants͕ regulators͕ and 

ot her st ak ehol ders t o ob t ain t heir f eedb ack 

before finalinjing the reƋuirements͘ Most of the 

reƋuirements will be effective in ^eptember 

202ϯ͕ and some will be phased in over longer 

p eriods.

dransfer a SigniĮcant mount of redit RisŬ 

to Private Investors 

Single-Family Credit Risk Transfer

dhe nterprises͛ Zd programs continue to be a 

core p art of t he E nt erp rises’ singl e- f am il y credit 

guarant ee b usiness. T he p rogram s reduce risk 

to tadžpayers by transferring credit risŬ to private 

capital primarily through securities issuances 

and insuranceͬreinsurance Zd transactions͘ 

I n M arch 2022, F H F A am ended t he E nt erp rise 

Zegulatory apital FrameworŬ to beƩer 

encourage t he E nt erp rises t o engage in C R T 

transactions and to facilitate an environment 

where leverage is not the binding capital 

const raint f or t he E nt erp rises.78 T hose changes 

create incentives for the nterprises to distribute 

credit risk t o p riv at e inv est ors t hrough C R T rat her 

t han ret aining t hat risk .

U nder t he 2022 S corecard, F H F A req uired t he 

nterprises to transfer a significant amount of 

singl e- f am il y credit risk t o p riv at e inv est ors. T he 

^corecard targeted fidžedͲrate loans with terms 

greater than 20 years and Lds ratios above ς0 

p ercent f or risk t ransf er. S uch l oans rep resent a 

substantial amount of the credit risŬ associated 

78 See Θϳ FR ϭκϳϳ0 ;DĂƌ͘ ϭς͕ 2022Ϳ͕ ĐŽĚŝĮĞĚ Ăƚ ϭ2 CFR ƉĂƌƚ ϭ2κ0͘

with all singleͲfamily newly acƋuired mortgages͘ 

I n 2022, desp it e chal l enging m acroeconom ic 

conditions͕ the nterprises achieved a record 

l ev el of C R T v ol um e. T he E nt erp rises t ransf erred 

credit risŬ on singleͲfamily mortgage loans with a 

total hW of approdžimately Ψ1͘1 trillion and total 

risŬ in force ;ZIFͿ of approdžimately Ψϯς billion͘ 

^ince the beginning of the programs in 201ϯ͕ the 

nterprises have transferred a portion of credit 

risŬ on loans with approdžimately Ψς͘2 trillion in 

hW and total ZIF of about Ψ1εϳ billion͘

Multifamily Credit Risk Transfer

I n 2022, t ransf erring credit risk t o t he p riv at e 

sect or al so rem ained an int egral p art of t he 

multifamily business model for both nterprises͘ 

U nder t he 2022 S corecard, t he E nt erp rises 

were reƋuired to transfer a significant amount 

of multifamily credit risŬ to private investors͘ 

Fannie Mae transferred risŬ on approdžimately 

Ψϳ0 billion of its multifamily production through 

its h^ program͘ Additionally͕ during the year͕ 

Fannie Mae edžecuted one multifamily insuranceͬ

reinsurance transaction transferring credit risŬ 

on approdžimately Ψ1ϯ billion of acƋuisitions with 

total ZIF of approdžimately Ψϯκ0 million͘ 

Freddie Mac͛s program continued to transfer 

a significant amount of credit risŬ through 

its multifamily securitinjation program that 

focuses on seniorͬsubordinate structures via 

capital marŬets transactions͘ dhrough its <Ͳdeal 

p rogram , F reddie M ac t ransf erred credit risk 

on approdžimately Ψκϳ billion of multifamily 

new acƋuisitions in 2022͘ Additionally͕ Freddie 

Mac edžecuted two companion capital marŬets 

and insuranceͬreinsurance Zd transactions͕ 

transferring credit risŬ on approdžimately Ψ12 

billion of acƋuisitions with total ZIF of Ψρε0 

m il l ion.
Report to the Congress 2022 77

CONSERVATORSHIPS OF THE ENTERPRISES

Non-Performing and Re-Performing Loan 

Sales 

ZisŬ transfer activity under the 2022 ^corecard 

included sales of less liƋuid assets͕ specifically 

nonͲperforming loans ;EWLsͿ and reͲperforming 

loans ;ZWLsͿ͘ EWL and ZWL sales reduce the 

numbers of delinƋuent loans and of loans with 

irregul ar p ay m ent hist ories in t he E nt erp rises’ 

porƞolios͘ dhese sales transfer a significant 

am ount of credit risk t o p riv at e inv est ors, 

reducing risŬ to tadžpayers͘ dhe nterprises 

completed sales of ZWLs representing 

approdžimately Ψϳ͘ρ billion in hW through 

both structured and whole loan sales͘ dhe 

nterprises completed sales of EWLs representing 

approdžimately Ψ1͘ρ billion in seriously delinƋuent 

hW͘ dhe EWLs were sold as whole loans in large 

national pools and geographically concentrated 

sm al l er p ool s. 

F H F A im p oses req uirem ent s on t he E nt erp rises 

t o f acil it at e t hese sal es. T he E nt erp rises are 

reƋuired to post details of EWL and ZWL auctions 

on their public websites͕ including notices of 

upcoming sales and sales results͘ Additionally͕ 

the nterprises are reƋuired to offer training to 

potential bidders to encourage participation in 

EWL and ZWL auctions͘ dhe nterprises are also 

reƋuired to provide F,FA with updates on marŬet 

conditions͕ edžecution levels͕ and potential 

changes to the EWL and ZWL sales programs͕ and 

submit data for semiͲannual EWL sales reports 

based on F,FA reporting templates͘ 

As a condition of these sales͕ F,FA and the 

nterprises impose reƋuirements on EWL and 

ZWL buyers designed to achieve more favorable 

outcomes for borrowers than would result 

from foreclosure͘ ata collected and submiƩed 

on EWL sales to the nterprises continue to 

show higher nonͲforeclosure outcomes for 

borrowers included in EWL sales͘ dhe nterprises 

worŬed with F,FA to incorporate KsIͲ1ε 

pandemic borrower protections into the EWL 

and ZWL sales reƋuirements͘ ^uch protections 

include incorporation of foreclosure or eviction 

moratoriums related to the KsIͲ1ε pandemic 

ap p l icab l e t o singl e- f am il y m ort gage l oans t hat 

are owned or securitinjed by the nterprises͕ 

including any future edžtensions͕ as well as 

additional efforts to prioritinje ownerͲoccupant 

buyers when foreclosure cannot be avoided͘

Ensure CSS Operates in a Safe and Sound 

Manner 

T hroughout 2022, C S S f ocused on m aint aining 

t he resil iency of t he E nt erp rises’ m ort gagebacŬed securities plaƞorm to support the 

safety and soundness of the housing finance 

marŬet and reducing unnecessary edžpenses as 

the nterprises rebuild capital͘ Additionally͕ in 

2022͕ ^^ began efforts to further bolster its 

enterpriseͲwide risŬ management practices͘

OTHER 

CONSERVATORSHIP 

ACTIVITIES

Boards of Directors 

As conservator͕ F,FA reviews the appointment of 

new directors serving on the board of directors 

of each E nt erp rise. 

In 2022͕ F,FA reviewed and approved the 

elections of <evin havers and LuŬe ,ayden 

t o serv e on F reddie M ac’ s b oard of direct ors, 

leaving the board with 12 independent members 

as of y ear- end 2022.

F,FA also reviewed and approved the 

appointment of K Wriscilla Almadovar to serve 

on Fannie Mae͛s board of directors͕ as well as 

tenure edžtensions for Amy Alving and iane 

Eordin to continue serving on Fannie Mae͛s 

board of directors͕ leaving the board with nine 

indep endent m em b ers as of y ear- end 2022. 

^heila air announced her resignation from the 

b oard in A p ril 2022, and b oard m em b er M ik e 

,eid was appointed to the chair by the board 

with F,FA approval͘
78 Federal Housing Finance Agency

Management 

F,FA͕ as conservator͕ worŬed closely with 

Fannie Mae in its selection to replace its K͕ 

,ugh Frater͕ whose resignation was effective in 

2022. I n D ecem b er 2022, F annie M ae ap p oint ed 

Wriscilla Almodovar as the new Fannie Mae K͘ 

F annie M ae’ s p resident , D av e B enson, had b een 

serving as Interim K and returned to his duties 

as president following the appointment of the 

new K͘ 

nterƉrise omƉensation 

Eo material changes were made to the 

nterprises͛ džecutive ompensation Wlans 

in 2022, al t hough F H F A im p l em ent ed sev eral 

policy changes that affected nterprise 

edžecutive compensation͘ F,FA now reƋuires the 

nterprises to limit base salaries to Ψς00͕000 

only for edžecutive officers79 rat her t han f or al l 

employees͘ In addition͕ F,FA no longer reƋuires 

t he E nt erp rises t o sub m it f or F H F A ap p rov al 

any proposed increase in compensation for an 

employee or any new hire͛s compensation solely 

because the target total direct compensation 

eƋuals or edžceeds Ψς00͕000͘ F,FA continues 

t o req uire t he E nt erp rises t o def er at - risk 

79 FŽƌ ƚŚŝƐ ƉƵƌƉŽƐĞ͕ ͞ĞdžĞĐƵƟǀĞ ŽĸĐĞƌ͟ ŝƐ ĚĞĮŶĞĚ Ăƚ ϭ2 CFR ϭ2ϯ0͘2͘

80 See ϭ2 U͘S͘C͘ Α κρϭΘ ŶŽƚĞ͘ TŚĞ EƋƵŝƚLJ ŝŶ GŽǀĞƌŶŵĞŶƚ CŽŵƉĞŶƐĂƟŽŶ AĐƚ ŽĨ 20ϭρ ĂƉƉůŝĞƐ ƚŽ ĂŶ EŶƚĞƌƉƌŝƐĞ ŝŶ ĐŽŶƐĞƌǀĂƚŽƌƐŚŝƉ Žƌ 

ƌĞĐĞŝǀĞƌƐŚŝƉ͖ ĚƵƌŝŶŐ ƚŚĂƚ ƟŵĞ͕ ƚŚĞ AĐƚ ĞīĞĐƟǀĞůLJ ůŝŵŝƚƐ ƚŚĞ ĂŶŶƵĂů ĚŝƌĞĐƚ ĐŽŵƉĞŶƐĂƟŽŶ ĨŽƌ ƚŚĞ CEO ƚŽ ŶŽ ŵŽƌĞ ƚŚĂŶ Ψς00͕000͕ 

ƉƌŽǀŝĚĞĚ ŽŶůLJ ĂƐ ďĂƐĞ ƐĂůĂƌLJ͘ tŚŝůĞ FĂŶŶŝĞ DĂĞ͛Ɛ ƉƌĞƐŝĚĞŶƚ͕ DĂǀĞ ĞŶƐŽŶ͕ ĐŽŶĐƵƌƌĞŶƚůLJ ƐĞƌǀĞĚ ĂƐ ŝŶƚĞƌŝŵ CEO ;ĨƌŽŵ DĂLJ ƚŽ 

DĞĐĞŵďĞƌ 2022Ϳ͕ ŚĞ ǁĂƐ ĐŽŵƉĞŶƐĂƚĞĚ ĨŽƌ ŚŝƐ ƐĞƌǀŝĐĞ ĂƐ ƉƌĞƐŝĚĞŶƚ ŽŶůLJ͖ Dƌ͘ ĞŶƐŽŶ ĚŝĚ ŶŽƚ ƌĞĐĞŝǀĞ ĂŶLJ ĐŽŵƉĞŶƐĂƟŽŶ ĨŽƌ ŚŝƐ 

ƐĞƌǀŝĐĞ ĂƐ ŝŶƚĞƌŝŵ CEO͘

compensation earned by edžecutive officers 

for two years͕ but half of atͲrisŬ deferred 

compensation earned in 2022 by senior vice 

presidents and above who were hired before 

:anuary 1͕ 2020͕ will be paid out in 202ϯ and 

half will be paid in 202κ͘ ompensation for the 

E nt erp rises’ C E O s is m aint ained at a st at ut ory 

limit that applies during any time the nterprise 

is in conserv at orship .80 A s sup erv isor, F H F A is 

st at ut oril y req uired t o p rohib it each E nt erp rise 

from providing compensation to its edžecutive 

officers that is not ͞reasonable and comparable͟ 

with compensation for employment in other 

similar businesses involving similar duties and 

responsibilities͘ F,FA continues to closely 

edžamine all compensation reƋuests by the 

nterprises and maintains an active dialogue 

with each nterprise about current and future 

compensation actions͘
Report to the Congress 2022 79

RESEARCH AND PUBLICATIONS
80 Federal Housing Finance Agency

RESEARCH AND PUBLICATIONS

I n t his C hap t er

Reports to Congress................................ 81

House Price Index .................................. 82

Public Use Databases.............................. 83

Eational Mortgage ataďase Wrogram.... 83

Uniform Appraisal Dataset 

ggregate Statistics................................ 83

Economic Summits and 

Research Wuďlications............................. 84
Report to the Congress 2022 81

RESEARCH AND PUBLICATIONS

REPORTS TO 

CONGRESS

D uring 2022, F H F A p ub l ished al l rep ort s req uired 

by statute͕ as well as research papers related 

to housing and marŬet conditions͘ Zeports and 

publications are posted on F,FA͛s website at 

www͘F,FA͘gov͘ 

Wursuant to reƋuirements under federal law͕ 

incl uding H E R A and t he D odd- F rank A ct , 

F,FA submiƩed all reƋuired annual reports 

to ongress in 2022͘ Additionally͕ as reƋuired 

by statute͕ F,FA submiƩed monthly reports 

on the number of loan modifications and 

other foreclosure prevention activities of the 

E nt erp rises.

Guarantee Fee Study – H E R A req uires F H F A 

t o conduct an ongoing st udy of t he guarant ee 

f ees charged b y F annie M ae and F reddie M ac. 

In Eovember 2022͕ F,FA released its 1κth 

annual Guarantee Fee Study Report. T he rep ort 

edžamines the fees charged by the nterprises 

for guaranteeing conventional singleͲfamily 

m ort gages in 2021, incl uding t he am ount of 

t hese f ees and t he crit eria used t o det erm ine 

them͘ dhe report utilinjed aggregated data 

col l ect ed f rom t he E nt erp rises.

Annual Housing Report ʹ F,FA submiƩed its 

1κth Annual Housing Report t o C ongress in 

O ct ob er 2022. T his rep ort det ail s t he E nt erp rises’ 

p erf orm ance in 2021 under t heir housing goal s 

and D ut y t o S erv e st at ut ory req uirem ent s, 

as well as information on other aspects of 

the nterprises͛ loan purchase and refinance 

activities͘

FHLBank Advance Collateral Study – H E R A 

req uires F H F A t o sub m it t o C ongress an annual 

rep ort on t he col l at eral p l edged t o t he F H LB ank s. 

In ecember 2022͕ F,FA released its 1κth Report 

on Collateral Pledged to the Federal Home Loan 

Banks, b ased on t he resul t s of t he F H LB ank 

81 FHFA ŝƐ Ă ŶŽŶͲĂƉƉƌŽƉƌŝĂƚĞĚ AŐĞŶĐLJ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ĚŽĞƐ ŶŽƚ ƵƟůŝnjĞ ƚŚĞ :ƵĚŐĞŵĞŶƚ FƵŶĚ͘

C ol l at eral D at a S urv ey and cov ering dat a as of 

t he f ourt h q uart er of 2021.

No FEAR Act Report ʹ dhe Eotification and 

Federal mployee Antidiscrimination and 

Zetaliation Act of 2002 ;Eo FAZ ActͿ reƋuires 

f ederal agencies t o b e p ub l icl y account ab l e 

for violations of antidiscrimination and 

whistleblower protection laws͘

F ederal agencies m ust p ub l ish on t heir p ub l ic 

websites Ƌuarterly and annual data related to 

f ederal sect or E q ual E m p l oy m ent O p p ort unit y 

com p l aint s, reim b urse t he T reasury D ep art m ent 

J udgm ent F und f or any p ay m ent s m ade, 81

and notify employees and applicants for 

em p l oy m ent ab out t heir right s under t he f ederal 

antidiscrimination and whistleblower laws͘ In 

M arch 2022, F H F A p ub l ished t he Fiscal Year (FY) 

2021 No FEAR Act Annual Report to Congress, 

covering fiscal years 201ϳ through 2021͘

OMWI Annual Report – T he D odd- F rank A ct 

reƋuires most federal financial regulators to 

establish an Kffice of Minority and tomen 

I ncl usion ( O M W I ) . F H F A ’ s O M W I is resp onsib l e 

for leading the Agency͛s efforts to advance 

div ersit y , eq uit y , and incl usion and dev el op ing 

st andards f or: 1) t he racial , et hnic, and 

gender diversity of the worŬforce and senior 

management͖ 2Ϳ increased participation of 

minorityͲ and womenͲowned businesses in 

F,FA programs and contracts͖ and ϯͿ assessing 

the diversity policies and practices of entities 

regulated by F,FA͘ Also͕ ^ection 111ς;fͿ of ,ZA 

req uires F H F A t o seek div ersit y at al l l ev el s of 

its worŬforce͕ consistent with the demographic 

div ersit y of t he U nit ed S t at es. I n M arch 2022, 

F,FA submiƩed its annual OMWI Report to 

Congress detailing the activities of F,FA͛s KMtI 

during 2021.

Federal Property Manager’s Report/Foreclosure 

Wreǀention ReƉort – T he E m ergency E conom ic 

^tabilinjation Act of 2008 directs Federal Wroperty 
82 Federal Housing Finance Agency

Managers ;FWMͿ to develop and implement plans 

to madžiminje assistance for homeowners and 

encourage serv icers of underl y ing m ort gages 

t o t ak e adv ant age of p rogram s t o m inim iz e 

foreclosures͘ ach FWM is also reƋuired to report 

t o C ongress t he num b er and t y p es of l oan 

modifications and the number of foreclosures 

during the reporting period͘ F,FA is a designated 

FWM in its role as conservator of Fannie Mae and 

F reddie M ac. F H F A del iv ered al l m ont hl y and 

Ƌuarterly FWM reports to ongress throughout 

2022.

/nterest Rate isƉarities nalysis – F H F A is 

req uired t o rep ort t o C ongress annual l y on “ t he 

actions taŬen͕ and being taŬen͕ by the irector to 

carry out͟8 2 which authorinjes F,FA to reƋuire the 

nterprises to submit information from which 

F,FA may assess whether loan pricing by lenders 

results in disparities for minority borrowers 

compared with nonͲminority borrowers of similar 

creditworthiness͘

If F,FA maŬes a preliminary finding that a paƩern 

of disparities edžists for a lender͕ F,FA must refer 

that finding to the appropriate regulatory or 

enforcement agency for further review͘

F H F A ’ s screening m et hodol ogy inv ol v es 

regression anal y sis of t he annual p ercent age 

rate ;AWZͿ controlling for numerous credit 

and underwriting factors that may inŇuence 

the AWZ͘ ,owever͕ F,FA cannot control for all 

possible factors that may edžplain disparities 

and is not authorinjed to review the policies or 

practices of any individual lender͘ dhe screening 

methodology Ňags for a preliminary finding 

and referral of any lender with an AWZ disparity 

identified as statistically significant in each loan 

product͘ dhe analysis supporting the preliminary 

finding utilinjes the data maintained by the 

E nt erp rises and incl udes onl y l oans p urchased b y 

t he E nt erp rises.

82 See ϭ2 U͘S͘C͘ Α κρςϭ;ĚͿ

83 TŚĞ ĮŐƵƌĞƐ ƐƵŵ ƚŽ ŵŽƌĞ ƚŚĂŶ ϭ00й ďĞĐĂƵƐĞ Ă ƌĞĨĞƌƌĂů ĐĂŶ ďĞ ŐĞŶĞƌĂƚĞĚ ĚƵĞ ƚŽ Ă ĚŝƐƉĂƌŝƚLJ ĨŽƌ ŵŽƌĞ ƚŚĂŶ ŽŶĞ ŐƌŽƵƉ͘

In 2022͕ F,FA referred preliminary findings 

of a paƩern of disparities to regulators or 

enforcement agencies with ũurisdiction to 

conduct edžaminations or investigations into 

potential pricing discrimination͕ based on 

statistical analysis of data covering 2021͘ AWZ 

disparities of 10 basis points or more͕ aŌer 

regression adũustment͕ constituted ϯ2 percent 

of the preliminary findings͘ A referral was 

com m onl y generat ed b ecause of a disp arit y 

for Latino borrowers versus nonͲLatino white 

borrowers ;ςς% of referralsͿ͕ followed by lacŬ 

borrowers ;ρκ%Ϳ͕ American Indian borrowers 

;κ%Ϳ͕ Asian borrowers ;1%Ϳ͕ and Wacific Islander 

borrowers ;1%Ϳ͘8ϯ

hief ata Oĸcer͛s nnual ReƉort – T he 

Foundations for videnceͲased WolicymaŬing 

Act of 2018͕ Wub͘ L͘ Eo͘ 11ρͲκϯρ͕ 1ϯ2 ^tat͘ 

ρρ2ε ;201εͿ ;͞vidence Act͟Ϳ and κκ h͘^͘͘ Α 

ϯρ20;eͿ reƋuire the hief ata Kfficer ;KͿ to 

submit to the ommiƩee on ,omeland ^ecurity 

and 'overnmental Affairs of the ^enate and 

the ommiƩee on Kversight and 'overnment 

Zeform of the ,ouse of Zepresentatives an 

annual rep ort on t he com p l iance of t he agency 

with the reƋuirements of κκ h͘^͘͘ ^ubchapter 

I ʹ Federal Information Wolicy͘ F,FA submiƩed 

it s 2021 C D O A nnual R ep ort t o C ongress in A p ril 

2022.

HOUSE PRICE INDEX

In 2022͕ F,FA continued its regular publication 

of house price indedžes ;,WIͿ͕ including ͞all 

transactions͟ and ͞purchaseͲonly͟ measures 

using dat a ob t ained f rom t he E nt erp rises, as 

well as ͞edžpandedͲdata͟ measures that also 

use Federal ,ousing Administration and county 

recorder data͘ ^uch measures are estimated 

using different underlying data sources͕ and all 

p rov ide readings of house p rice m ov em ent s at 
Report to the Congress 2022 83

RESEARCH AND PUBLICATIONS

various geographic granularities͘ dhese standard 

indedžes are produced Ƌuarterly and monthly͘

PUBLIC USE 

DATABASES

T he S af et y and S oundness A ct req uires F H F A 

t o m ak e av ail ab l e t o t he p ub l ic l oan- l ev el dat a 

submiƩed by the nterprises in the reports 

reƋuired under ^ection ϯ0ε;mͿ of Fannie Mae͛s 

harter Act and ^ection ϯ0ϳ;eͿ of Freddie Mac͛s 

harter Act͕ edžcept for certain proprietary 

information and personally identifiable 

information͘ F,FA is reƋuired to maŬe publicly 

av ail ab l e E nt erp rise dat a el em ent s anal ogous 

t o t hose req uired t o b e rep ort ed b y m ort gage 

originat ors under t he H om e M ort gage D iscl osure 

A ct at t he census t ract l ev el . T he S af et y and 

S oundness A ct al so req uires F H F A t o m ak e p ub l ic 

certain highͲcost securitinjed loan data it collects 

to compare the characteristics of highͲcost loans 

the nterprises purchase and securitinje͘ F,FA 

is req uired t o rel ease t he dat a b y S ep t em b er 

ϯ0 of the year following the year the mortgages 

were acƋuired by an nterprise͘ For 2022͕ F,FA 

rel eased t he req uired 2021 dat a t o t he p ub l ic 

through its Wublic hse atabase͘ dhe Wublic hse 

atabase contains census tractͲ and nationalͲ

l ev el dat a b y E nt erp rise, f or b ot h singl e- f am il y 

and multifamily mortgages͘

NATIONAL MORTGAGE 

DATABASE PROGRAM

dhe Eational Mortgage atabase program is 

ũointly funded and managed by F,FA and FW 

and is designed t o p rov ide a rich source of 

information about the h͘^͘ mortgage marŬet͘ It 

has t hree p rim ary com p onent s:

1. Eational Mortgage atabase ;EMΠͿ

84 TŚĞ ƐƚĂƚƵƚĞ ĂůƐŽ ĐĂůůƐ ĨŽƌ ƚŚĞ ƐƵƌǀĞLJ ƚŽ ŝŶĐůƵĚĞ Ă ĚĞƚĞƌŵŝŶĂƟŽŶ ŽĨ ǁŚĞƚŚĞƌ ƐƵďƉƌŝŵĞ ĂŶĚ ŶŽŶƚƌĂĚŝƟŽŶĂů ďŽƌƌŽǁĞƌƐ ǁŽƵůĚ ƋƵĂůŝĨLJ ĨŽƌ 

ƉƌŝŵĞ ůĞŶĚŝŶŐ͘ ĞĐĂƵƐĞ ŽĨ ƵŶĐĞƌƚĂŝŶƚLJ ĂƌŽƵŶĚ ĚĞĮŶŝŶŐ ƚŚĞ ĐŽŶĐĞƉƚ ŽĨ ƐƵďƉƌŝŵĞ ;see IŶƚĞƌĂŐĞŶĐLJ SƚĂƚĞŵĞŶƚ ŽŶ SƵďƉƌŝŵĞ DŽƌƚŐĂŐĞ 

LĞŶĚŝŶŐ͕ ϳ2 FR ϯϳρςε ;:ƵůLJ ϭ0͕ 200ϳͿͿ ĂŶĚ ƚŚĞ ƉĂƵĐŝƚLJ ŽĨ ĚĂƚĂ ŽŶ ƚŚĞ ƐƵďƉƌŝŵĞ ŵĂƌŬĞƚ͕ ŝƚ ŚĂƐ ŶŽƚ ďĞĞŶ ĨĞĂƐŝďůĞ ƚŽ ŝŶĐŽƌƉŽƌĂƚĞ ƐƵĐŚ 

ĚĞƚĞƌŵŝŶĂƟŽŶƐ ŝŶ ƚŚĞ NDD͘

2. Eational ^urvey of Mortgage Kriginations 

;E^MKͿ

ϯ͘ American ^urvey of Mortgage orrowers 

( A S M B )

Wursuant to reƋuirements of the ^afety and 

^oundness Act͕ the EM program conducts a 

m ont hl y m ort gage m ark et surv ey t o col l ect dat a 

on the characteristics of individual mortgages 

and the credit history of borrowers͘ dhe survey 

cov ers m ort gages t hat are and are not el igib l e 

f or p urchase b y F annie M ae and F reddie 

Mac͕ including subprime and nontraditional 

m ort gages.8κ

dhe EM and its components collect data 

for a nationally representative sample of 

mortgages͘ In 2022͕ the Ƌuarterly E^MK survey 

was administered four times͕ and a public use 

file with data for 201ϯ to 2020 originations 

was released in ecember 2022͘ dhe A^M 

survey focusing on borrowers transitioning from 

mortgage forbearance was conducted in 2022͘

E ach q uart er, F H F A al so up dat ed aggregat e 

statistics datasets that are derived from the 

EM͗ Eational Eew Zesidential Mortgage 

^tatistics͕ Eational and ^tate Level Kutstanding 

Zesidential Mortgage ^tatistics͕ and Eational and 

^tate Level Zesidential Mortgage Werformance 

^tatistics͘

UNIFORM APPRAISAL 

DATASET AGGREGATE 

STATISTICS

I n O ct ob er 2022, F H F A p ub l ished aggregat e 

statistics from the hniform Appraisal ataset 

;hAͿ͕ the first comprehensive publicly available 

dat a on ap p raisal s. T he A gency used ap p raisal 

records collected from 201ϯ through the second 

q uart er of 2022 on E nt erp rise singl e- f am il y 
84 Federal Housing Finance Agency

properties to create a data file of more than 2ϯ 

million hA aggregate statistics͕ in a manner 

that protects borrower privacy͘ Aggregate 

statistics for nterprise singleͲfamily appraisals 

can be grouped by neighborhood characteristics͕ 

property characteristics͕ and geographic levels 

;national͕ state plus the istrict of olumbia 

and Wuerto Zico͕ Metropolitan ^tatistical Areas 

( M S A s) or M et rop ol it an D iv isions, count y , and 

census t ract ) . F H F A p ub l ishes t he U A D A ggregat e 

^tatistics Ƌuarterly͘

ECONOMIC SUMMITS 

AND RESEARCH 

PUBLICATIONS

Economic Summits – F H F A host ed E conom ic 

^ummits on May 2ρ͕ 2022͕ and Eovember 

1͕ 2022͘ dhese summits brought edžternal 

perspectives from edžperts and researchers 

worŬing in areas relevant to F,FA͛s mission 

of ov erseeing t he saf et y and soundness of it s 

regulated entities͘ dhe first summit͛s theme was 

housing challenges edžacerbated by KsIͲ1ε 

with a focus on longstanding issues and 

homeownership gaps͘ dhe second summit͛s 

theme was climateͲrelated financial risŬ with a 

focus on climate scenario analysis and the effects 

of climate change on vulnerable communities͘ 

S p eak ers f rom p riv at e indust ry , academ ia, F H F A , 

and other government agencies participated in 

t he sum m it s.

Research Wuďlications – I n 2022, F H F A p ub l ished 

four new worŬing papers͘ dhe original research 

in these worŬing papers represents contributions 

to the academic͕ practitioner͕ and policy 

communities in the areas of housing finance 

and regional and urb an econom ics. W hil e F H F A 

p rov ides ap p rov al f or t he research p roj ect s 

consistent with F,FA obũectives͕ the papers 

reŇect the views of the authors͕ not F,FA͘

Working Paper 22-01: Mortgage Appraisal 

Waivers and Prepayment Speeds – T his p ap er 

edžamines factors affecting the use of appraisal 

waivers for mortgages guaranteed by Fannie 

Mae and Freddie Mac and the effect of appraisal 

waivers on prepayment speeds͘ dhe alignment 

of Freddie Mac͛s eligibility criteria with those of 

Fannie Mae around the start of the KsIͲ1ε 

pandemic was associated with an increase in the 

use of appraisal waivers͘ onditional on satisfying 

the basic eligibility criteria͕ appraisal waivers are 

more common for refinance loans͕ loans serviced 

by nonbanŬs͕ and less risŬy borrowers͘ Appraisal 

waivers were associated with higher conditional 

p rep ay m ent rat es during 2020, b ut t o a l esser 

edžtent in 2021 as refinancing activity slowed͘ 

Much of this association can be edžplained by 

correlations between appraisal waivers and other 

ob serv ab l e det erm inant s of p rep ay m ent sp eeds.

Working Paper 22-02: Housing Supply and 

Liquidity in the COVID-19 Era – T his p ap er 

documents changes in national housing supply 

and liƋuidity during the KsIͲ1ε era using a 

suit e of m ont hl y indices, ranging f rom sum m ary 

statistics ;mean and median time on the 

marŬet͕ proportion of homes sold͕ etc͘Ϳ to more 

adv anced econom et ric indices t hat can address 

censoring and unob serv ed het erogeneit y . R esul t s 

indicat e a sharp st ruct ural b reak in m ost of t he 

indices near the start of KsIͲ1ε in March 

2020͕ though each indedž͛s most liŬely breaŬ date 

varies by a few months͘ dhe findings suggest that 

the start of the pandemic saw a supply decrease͕ 

followed by an immediate and sustained price 

increase͘ Listings became more liŬely to be 

withdrawn͕ but those that sold did so faster 

relative to preͲKsI levels͕ indicating a change 

in the distribution of housing marŬet liƋuidity͘ 

Finally͕ results suggest that there were different 

types of structural breaŬs͕ specifically changes in 

t he l ev el , sl op e, and seasonal it y of t he indices.

Working Paper 22-03: Applying Seasonal 

Adjustments to Housing Markets – H ouse p rice 

seasonal it y has b een increasing ov er t he l ast 

decade, b ut adj ust m ent s hav e rem ained l argel y 

unchanged in com m onl y used p ub l ic dat a. T his 

paper shows how seasonal adũustments worŬͶ

both theoretically and applied to observed 
Report to the Congress 2022 85

RESEARCH AND PUBLICATIONS

transactionsͶwhen constructing ,WIs͘ dhis 

paper finds the seasonality in the housing 

m ark et is not unif orm across geograp hies. 

vidence is provided about where adũustments 

are more necessary͕ how oŌen they should be 

recalculated͕ and how weatherͲrelated variables͕ 

as well as social and industry characteristics 

impact differences between the adũusted and 

nonͲadũusted ,WI͘ dhis paper also finds the 

differences between previous and updated 

adũusted indices are relatively small͕ with slight 

im p rov em ent in recent y ears.

Working Paper 22-04: Effects of Mortgage 

Interest Rates on House Price Appreciation: The 

Role of Payment Constraints – T his research 

edžamines the effects of mortgage interest rates 

on house prices in the 100 largest h͘^͘ cities͕ 

with appreciation driven by both shortͲrun 

dynamics and convergence towards longͲrun 

econom ic f undam ent al s. T he nat ure of t he 

longͲrun eƋuilibrium depends on the elasticity 

of housing sup p l y , and t he sp eed of adj ust m ent 

t o t his l ong- run eq uil ib rium dep ends on t he 

degree to which borrowers are near monthly 

deb t serv ice p ay m ent const raint s. A ccordingl y , 

t he p ass- t hrough of m ort gage int erest rat es t o 

house prices is location and timeͲvarying͘ dhis 

has implications for understanding of monetary 

p ol icy t ransm ission, sy st em ic risk , and t he rol e of 

household finances in the macroeconomy͘
86 Federal Housing Finance Agency

FHFA OPERATIONS AND 

PERFORMANCE

I n t his C hap t er

Performance and 

Program Assessment .............................. 87

Financial OƉerations ............................... 87
Report to the Congress 2022 87

OPERATIONS AND PERFORMANCE

PERFORMANCE 

AND PROGRAM 

ASSESSMENT 

F H F A p ub l ished a st rat egic p l an f or t he A gency 

in April 2022 that reŇects the Agency͛s priorities 

as regul at or of t he F ederal H om e Loan B ank 

S y st em and as regul at or and conserv at or of t he 

E nt erp rises. T he p l an set s t hree st rat egic goal s: 

1Ϳ ^ecure the regulated entities͛ safety and 

soundness͖ 2Ϳ Foster housing finance marŬets 

that promote eƋuitable access to affordable and 

sustainable housing͖ and ϯͿ Zesponsibly steward 

F H F A ’ s inf rast ruct ure. 

Kn Eovember 1ρ͕ 2022͕ F,FA published 

it s annual Performance and Accountability 

Report ;WAZͿ͕ summarinjing performance and 

achievements during Fz 2022͘ F,FA identified 

in the WAZ a total of ϯϯ performance measures 

and associat ed t arget s t o m onit or p rogress 

toward achieving the Agency͛s strategic goals 

and strategic obũectives͘ F,FA met the targets for 

ϯ0 of these measures͕ representing a ε1 percent 

success rat e. T he ov eral l resul t s indicat e p rogress 

toward achieving F,FA͛s goals and mission͘

In March 202ϯ͕ the Association of 'overnment 

Accountants awarded F,FA its 1ρth consecutive 

ertificaƚe for xcellence in Accounƚaďiliƚy 

ZeportinŐ ;AZͿ͕ for Fz 2022͘ dhe AZ is 

p resent ed t o agencies t hat hav e dem onst rat ed 

edžcellence in integrating performance and 

accountability reporting͘ Agencies must receive 

unmodified opinions on their financial reports 

f rom an indep endent audit or t o b e el igib l e f or 

the award͘

FINANCIAL 

OPERATIONS

Financial Highlights

T he S af et y and S oundness A ct aut horiz es F H F A 

t o col l ect annual assessm ent s f rom it s regul at ed 

entities to pay its edžpenses and maintain a 

worŬing capital fund͘ In Fz 2022͕ F,FA assessed 

the regulated entities a total of Ψϯ1ϳ͘ρ million͕ 

including Ψκε͘ε million to support the Kffice 

of Inspector 'eneral͘ F,FA issues assessment 

notices to the regulated entities semiannually͕ 

with the collections occurring on Kctober 1 and 

April 1͘ dhe Financial ^ummary for Fz 2022 can 

be found in F,FA͛s WAZ on pages 22Ͳ28͕ with the 

full set of audited financial statements on pages 

81Ͳ10ϯ͘

In accordance with ,ZA͕ F,FA is authorinjed to 

retain a worŬing capital fund for unforeseen or 

emergent reƋuirements͕ which can be funded 

t hrough a sp ecial assessm ent t o t he regul at ed 

entities or through retention of unobligated 

balances at the end of the fiscal year͘ At the end 

of Fz 2022͕ the F,FA worŬing capital fund had a 

balance of Ψϯϳ million͕ down from Ψϯ8͘κ million 

in Fz 2021͘
88 Federal Housing Finance Agency

FEDERAL HOUSING FINANCE 

OVERSIGHT BOARD ASSESSMENT
Report to the Congress 2022 89

FEDERAL HOUSING FINANCE OVERSIGHT BOARD ASSESSMENT 

FEDERAL HOUSING 

FINANCE OVERSIGHT 

BOARD ASSESSMENT

June 2023

^ection 110ϯ of the ,ousing and conomic 

R ecov ery A ct of 2008 ( H E R A ) req uires t hat 

t he F ederal H ousing F inance A gency ( F H F A ) 

D irect or’ s A nnual R ep ort t o C ongress incl ude 

an assessm ent of t he F ederal H ousing F inance 

Kversight oard or any of its members with 

resp ect t o:

• T he saf et y and soundness of F H F A ’ s 

regulated entities͕ Fannie Mae and Freddie 

M ac ( t he E nt erp rises) and t he F ederal 

H om e Loan B ank s ( F H LB ank s) ;

• Any material deficiencies in the conduct of 

the operations of the regulated entities͖

• dhe overall operational status of the 

regulated entities͖ and

• An evaluation of the performance of the 

regulated entities in carrying out their 

respective missions͘

A s a b asis f or t his assessm ent , F H F A ’ s A nnual 

Zeport provides a review of these maƩers͘ dhe 

assessm ent of t he F ederal H ousing F inance 

Kversight oard follows͗

Housing Markets

In 2022͕ F,FA and the nterprises continued 

responding to mortgage marŬet needs resulting 

from the KsIͲ1ε pandemic͘ In the third year 

of t he p andem ic, t he E nt erp rises’ t em p orary 

sel l ing and serv icing p ol icies l argel y rem ained 

unchanged and f ocused on p reserv ing m ort gage 

marŬet liƋuidity͕ home retention͕ and risŬ 

m anagem ent . F H F A and t he E nt erp rises 

are edžamining lessons learned from the 

pandemic to inform the edžisting loss mitigation 

frameworŬ͕ with the goal of improving the 

ab il it y of m ort gage serv icers t o assist st ruggl ing 

homeowners in retaining their homes͕ while 

m inim iz ing l osses t o t he E nt erp rises and 

tadžpayers͘ For edžample͕ based on the success of 

the KsIͲ1ε payment deferral͕ F,FA announced 

in March 202ϯ that the nterprises would 

enhance their payment deferral policies to allow 

borrowers facing financial hardship to defer up to 

sidž months of mortgage payments as part of the 

standard loss mitigation toolŬit͘ 

A t y ear- end 2022, a m aj orit y of t he com b ined 

2͘ϯ million nterprise KsIͲ1ε forbearance 

actions had been resolved through selfͲcure 

of any p ast due p ay m ent s, p erm anent l oss 

mitigation solutions͕ such as KsIͲ1ε Wayment 

eferral͕ or loan payoffs through either refinance 

transactions or home sales͘ elinƋuencies 

remain below preͲpandemic norms at both 

nterprises͘ As of yearͲend 2022͕ approdžimately 

81͕000 nterprise borrowers remained in active 

KsIͲ1ε forbearance͘

A s t he count ry em erges f rom t he p andem ic, 

t here is uncert aint y ab out t he l ong- t erm 

effects on housing finance marŬets͘ Wrior to 

the pandemic͕ house prices were growing at 

a m oderat e rat e and m ort gage int erest rat es 

were stable͕ yet housing inventory remained 

low͘ For more than two years subseƋuent to the 

onset of the pandemic͕ house price growth was 

historically high͕ fueled in part by low inventories 

of homes for sale and historically low mortgage 

rat es during t he p andem ic. I n F eb ruary 2022, 

yearͲoverͲyear house price growth peaŬed at 

1ε͘2 percent according to the F,FA WurchaseͲ

Knly ,ouse Wrice Indedž͘ In 2022͕ mortgage rates 

increased rapidly͕ which dampened demand but 

did not resol v e t he sup p l y chal l enges and raised 

affordability concerns for those who are looŬing 

to buy͘ Freddie Mac͛s weeŬly survey of lenders 

nationwide indicated that the average rate for 

ϯ0Ͳyear fidžed rate mortgages͕ including points͕ 

reached a peaŬ of ϳ͘08 percent during the weeŬs 

of Kctober 2ϳ and Eovember 10͕ 2022͕ before 

declining to ς͘κ2 percent at yearͲend͘
90 Federal Housing Finance Agency

F,FA continues to monitor new and evolving 

challenges facing the regulated entities and the 

nation͛s housing finance system͘ 

Enterprises

dhe nterprises were chartered by ongress 

t o p rov ide st ab il it y in t he secondary housing 

finance marŬet͕ respond appropriately to 

t he p riv at e cap it al m ark et , p rov ide ongoing 

assist ance t o t he secondary m ort gage m ark et , 

including activities relating to mortgages for 

lowͲ and moderateͲincome families involving a 

reasonab l e econom ic ret urn t hat m ay b e l ess 

than the return earned on other activities͕ and to 

p rom ot e access t o m ort gage credit b y increasing 

t he l iq uidit y of m ort gage inv est m ent s. C onsist ent 

with their statutory missions͕ the nterprises 

have continued to provide liƋuidity͕ stability͕ and 

affordability in the secondary mortgage marŬet 

during t heir conserv at orship s. 

T he E nt erp rises hav e op erat ed in 

conserv at orship s since 2008. T he U .S . 

D ep art m ent of t he T reasury ( T reasury 

epartmentͿ continues to provide the 

nterprises with financial support through the 

^enior Wreferred ^tocŬ Wurchase Agreements 

;W^WAsͿ͘ Ψ2ρκ billion of the dreasury 

D ep art m ent ’ s f unding com m it m ent rem ains 

av ail ab l e t o t he E nt erp rises.

T he T reasury D ep art m ent and F H F A hav e 

amended the W^WAs multiple times͘ Most 

recently͕ in :anuary 2021͕ the parties edžecuted 

leƩer agreements that͕ among other changes͕ 

allow the nterprises to retain capital up to their 

regulatory minimums͕ including buffers͕ set forth 

in the nterprise Zegulatory apital FrameworŬ 

( E R C F ) . A s a resul t of t hese am endm ent s t o 

the W^WAs and the subseƋuent accumulation of 

retained earnings͕ the nterprises have grown 

their combined net worth to Ψεϳ͘ϯ billion as of 

yearͲend 2022͘ As of ecember ϯ1͕ 2022͕ Fannie 

Mae͛s net worth was Ψς0͘ϯ billion͕ while Freddie 

Mac͛s was Ψϯϳ͘0 billion͘

T he F ederal H ousing E nt erp rises F inancial S af et y 

and S oundness A ct of 1992 req uires F H F A 

to establish͕ by regulation͕ risŬͲbased capital 

req uirem ent s f or t he E nt erp rises t o ensure t hat 

each E nt erp rise op erat es in a saf e and sound 

manner͕ which includes maintaining sufficient 

cap it al and reserv es t o sup p ort t he risk s t hat 

arise in the operations and management of each 

E nt erp rise. F H F A est ab l ished such req uirem ent s 

in the 2020 ZF along with new leverage and 

buffer capital reƋuirements͘ In 2022͕ F,FA 
Report to the Congress 2022 91

FEDERAL HOUSING FINANCE OVERSIGHT BOARD ASSESSMENT 

amended the capital frameworŬ to refine the 

leverage buffer and the risŬͲbased capital 

t reat m ent f or ret ained credit risk t ransf er ( C R T ) 

edžposures͕ introduce additional capitalͲrelated 

p ub l ic discl osure req uirem ent s, and req uire t he 

E nt erp rises t o dev el op , m aint ain, and sub m it 

annual cap it al p l ans t o F H F A . T hese am endm ent s 

p rom ot e t ransp arency , encourage sound risk 

management practices͕ and provide incentives 

f or t he E nt erp rises t o dist rib ut e acq uired 

credit risŬ to private investors͘ hnder the new 

am endm ent s, t he E nt erp rises each p ub l ished 

their first capital disclosures in the first Ƌuarter 

of 202ϯ and delivered their first capital plans 

to F,FA in May 202ϯ͘ dhe plans contain certain 

m andat ory el em ent s, incl uding an assessm ent 

of the edžpected sources and uses of capital over 

a planning horinjon that reŇects the nterprise͛s 

sinje and compledžity͕ assuming both edžpected and 

stressful conditions͘ In the first Ƌuarter of 202ϯ͕ 

F,FA issued an additional notice of proposed 

rulemaŬing that would enhance the ZF to 

beƩer align the capital reƋuirements to the risŬs 

p osed b y t he E nt erp rises’ b usinesses and f urt her 

al ign t he E R C F t o t he req uirem ent s in t he U .S . 

banŬing frameworŬ͘

dhe ZF reƋuires the nterprises upon edžit 

f rom conserv at orship t o m aint ain higher l ev el s 

of capital than prior to conservatorship to satisfy 

t heir risk - b ased cap it al req uirem ent s, l ev erage 

ratio reƋuirements͕ and prescribed buffer 

amounts͘ ased on their financial condition as 

of ecember ϯ1͕ 2022͕ the nterprises together 

would be reƋuired to hold approdžimately Ψϯ0ϳ 

billion in adũusted total capital͕ of which at least 

Ψ2ς2 billion would need to be tier 1 capital and 

Ψ22ε billion would need to be common eƋuity 

tier 1 capital͘ dhe ZF reƋuires the nterprises 

t o m eet al l risk - b ased cap it al req uirem ent s and 

leverage ratio reƋuirements͘ omparing the tier 

1 capital reƋuirements provides an indication 

of whether an nterprise is constrained by its 

risk - b ased cap it al req uirem ent s or it s l ev erage 

ratio reƋuirements͘ Fannie Mae͛s tier 1 risŬͲ

based capital reƋuirement plus buffer of Ψ1ρ8 

billion ;eƋuivalent to ϯ͘ρ percent of adũusted 

total assetsͿ edžceeds its tier 1 leverage capital 

reƋuirement plus buffer of Ψ1ϯϳ billion ;ϯ͘0 

p ercent of adj ust ed t ot al asset s) . F reddie 

Mac͛s tier 1 risŬͲbased capital reƋuirement 

plus buffer of Ψ10κ billion ;eƋuivalent to 2͘8 

p ercent of adj ust ed t ot al asset s) is sim il ar t o it s 

tier 1 leverage capital reƋuirement plus buffer 

of Ψ10κ billion ;2͘8 percent of adũusted total 

assetsͿ͘ espite considerable growth in each 

nterprise͛s loss absorbing capacity ;net worthͿ͕ 

available capital remains in deficit͕ in large part 

because the ^enior Wreferred ^tocŬ issued by the 

nterprises is edžcluded from regulatory capital͘ 

dhe nterprises remain undercapitalinjed͕ with 

a com b ined adj ust ed t ot al risk - b ased cap it al 

shorƞall of Ψκ21 billion͕ which edžceeds their 

adj ust ed t ot al risk - b ased cap it al req uirem ent s 

and buffers due to the nterprises͛ accumulated 

deficits͘

T o m aint ain saf et y and soundness, t he 

nterprises continue to manage their credit͕ 

marŬet͕ liƋuidity͕ and operational risŬs as new 

chal l enges em erge. C redit risk m anagem ent 

rem ains a p riorit y f or b ot h E nt erp rises, 

given the effects of the KsIͲ1ε pandemic 

on borrowers͕ partially mitigated by many 

borrowers successfully edžiting forbearance 

programs͕ and current home prices͕ which are 

significantly above the longͲrun trend level͘ 

džposure to nonbanŬ mortgage companies 

increased in 2021, p rim aril y due t o increased 

sal es t o t he E nt erp rises and serv icing v ol um es. 

Zelated nterprise risŬ management practices 

continue to address the heightened edžposure͘ 

MarŬet risŬ edžposures declined yearͲoverͲyear 

as the nterprises shranŬ retained porƞolios 

and employed effective funding and hedging 

strategies for the singleͲfamily and multifamily 

business lines͘ oth nterprises edžceed F,FA 

guidance and edžpectations for liƋuidity by 

m aint aining a l arge v ol um e of high- q ual it y 

l iq uid asset s. W hil e b ot h E nt erp rises em p l oy 

information security programs͕ operational risŬs 

remain elevated given increased edžposure to 

cy b ersecurit y t hreat s.
92 Federal Housing Finance Agency

In August 2022͕ F,FA and the 'overnment 

Eational Mortgage Association ;'innie MaeͿ 

issued a j oint announcem ent of t heir up dat ed 

minimum financial eligibility reƋuirements for 

sellerͬservicers and issuers͘ dhese updates 

improve upon the prior frameworŬ by 

strengthening sellerͬservicer net worth͕ capital͕ 

and liƋuidity reƋuirements and beƩer tailoring 

the minimum reƋuirements associated with 

different types of loans and risŬ edžposures͘ 

Wrompted by the changing nature of the h͘^͘ 

housing finance system͕ these enhanced 

eligibility reƋuirements reŇect 'innie Mae and 

F,FA͛s shared goals to promote confidence 

in approved issuers and sellerͬservicers and 

im p rov e t he saf et y and soundness of t he U .S . 

mortgageͲbacŬed securities ecosystem through 

al l econom ic cy cl es.

I n A ugust 2022, F H F A rel eased it s annual rep ort 

p rov iding t he resul t s of t he annual st ress t est s 

t hat t he E nt erp rises are req uired t o conduct 

under t he D odd- F rank W al l S t reet R ef orm and 

onsumer Wrotection Act ;oddͲFranŬ ActͿ͘ As 

am ended, t he D odd- F rank A ct req uires cert ain 

financial institutions with more than Ψ2ρ0 billion 

in assets that are regulated by a federal financial 

regul at ory agency t o conduct annual st ress 

tests to determine whether they can absorb 

losses resulting from severely adverse economic 

conditions͘ dhe report provides updated 

information on possible ranges of future financial 

results of the nterprises under such conditions͘

I n 2022, t he E nt erp rises generat ed a com b ined 

net income of Ψ22͘2 billion͕ down from Ψϯκ͘ϯ 

billion in 2021͘ dhe decline in net income was 

p rim aril y due t o credit reserv e b uil d- up driv en 

by a combination of higher interest rates and 

lower forecasted home prices͘ oth nterprises 

are subũect to volatility in their financial results 

p rim aril y due t o changes in int erest rat es 

and credit loss edžpectations͘ do miniminje the 

effects of interest rate Ňuctuations and mitigate 

accounting volatility in its financial results͕ 

F reddie M ac im p l em ent ed f air v al ue hedge 

accounting in 201ϳ͘ Fannie Mae implemented 

fair value hedge accounting in the first Ƌuarter of 

2021.

In 2022 and 202ϯ͕ F,FA oversaw several changes 

t o t he E nt erp rises’ singl e- f am il y m ort gage p ricing 

frameworŬ͘ dhe changes were implemented to 

reŇect the nterprises͛ transition to the ZF 

cap it al req uirem ent s and t o increase sup p ort 

for creditworthy borrowers limited by income 

or by wealth͕ while ensuring a level playing 

field for small and large sellers͕ fostering capital 

accumulation͕ and achieving viable returns on 

E R C F cap it al . T he changes incl uded general 

increases in upfront fees for cashͲout refinance 

l oans, second hom e l oans, and high b al ance 

loans while eliminating upfront fees for many 

firstͲtime homebuyers͕ lowͲincome borrowers͕ 

and underserved communities͘ In addition͕ 

the upfront fee matrices were redesigned and 

recalibrated to beƩer reŇect risŬs as measured 

b y t he E R C F . A f ee of 50 b asis p oint s f or 

commingled nterprise securities was introduced 

and then revised to ε͘ϯϳρ basis points͘ Kn May 

1ρ͕ 202ϯ͕ F,FA issued a reƋuest for input to 

sol icit p ub l ic f eedb ack on t he goal s and p ol icy 

priorities for the nterprises͛ singleͲfamily 

mortgage pricing frameworŬ͘

I n 2022, t he E nt erp rises p urchased singl e- f am il y 

mortgages with a combined unpaid principal 

balance ;hWͿ of Ψ1͘1ς trillion͕ compared to 

Ψ2͘ρ8 trillion hW in 2021͘ dhe nterprises 

purchased a combined volume of multifamily 

mortgages with a hW of Ψ1κ2 billion in 

2022͕ compared to Ψ1κ0 billion in 2021͘ As of 

ecember ϯ1͕ 2022͕ the nterprises guaranteed 

debt securities funding approdžimately Ψϳ͘κ 

trillion in singleͲfamily and multifamily 

m ort gages. 

S ince 2015, F H F A has set annual cap s on t he 

volume of multifamily mortgages an nterprise 

can p urchase t o ensure t hat t he E nt erp rises 

provide appropriate support to the multifamily 

sector͕ especially missionͲdriven affordable 

housing͕ without displacing private capital͘ In 

2022, at l east 50 p ercent of each E nt erp rise’ s 
Report to the Congress 2022 93

FEDERAL HOUSING FINANCE OVERSIGHT BOARD ASSESSMENT 

multifamily mortgage purchases were reƋuired 

to be missionͲdriven affordable housing and 

at least 2ρ percent of their purchases were 

reƋuired to be affordable to households at 

or below ς0 percent of Area Median Income 

;AMIͿ͘ oth nterprises edžceeded the minimum 

missionͲdriven reƋuirements in 2022͘ In addition͕ 

each nterprise remained below its volume cap 

of Ψϳ8 billion for the 2022 calendar year due to 

changing marŬet conditions͕ including strong 

activity from private capital sources in the first 

half of the year͕ followed by rising interest rates 

and low transaction volume in the second half of 

t he y ear. 

dhe nterprises are subũect to annual affordable 

housing goal s cov ering t heir p urchases of singl efamily mortgages and multifamily mortgages͘ 

I n 2022, F H F A det erm ined t hat F annie M ae 

and F reddie M ac m et al l t he singl e- f am il y goal 

req uirem ent s f or 2021. T he E nt erp rises al so 

met each of their multifamily housing goal 

req uirem ent s f or 2021. E nt erp rise p erf orm ance 

on the 2022 goals will be evaluated later in 

202ϯ͘ In ecember 2022͕ F,FA issued a final 

rule on the 202ϯͲ202κ multifamily housing 

goal s f or F annie M ae and F reddie M ac. T he 

rule implemented new multifamily benchmarŬ 

levels for the nterprises and established a new 

p ercent age- b ased m et hodol ogy f or m easuring 

the multifamily housing goals͘ 

I n sup p ort of t he E nt erp rises’ st at ut ory 

dut y t o serv e t hree underserv ed m ark et s – 

manufactured housing͕ affordable housing 

preservation͕ and rural housing ʹ the nterprises 

est ab l ish D ut y t o S erv e U nderserv ed M ark et s 

Wlans ;WlansͿ͘ In 2022͕ both nterprises 

surpassed their Wlans͛ multifamily loan purchase 

targets supporting residential economic diversity͕ 

loan purchases in developments with LowͲ

Income ,ousing dadž redits͕ and manufactured 

housing communities with certain pad lease 

protections͘ dhe nterprises also surpassed 

their Wlans͛ singleͲfamily loan purchase targets 

in high needs rural regions and in shared eq uit y 

transactions͘ 

T he E nt erp rises al so m ade st at ut oril y req uired 

contributions of a combined Ψρκρ million to 

t he U .S . D ep art m ent of H ousing and U rb an 

D ev el op m ent ’ s ( H U D ) H ousing T rust F und and 

t he T reasury D ep art m ent ’ s C ap it al M agnet F und 

b ased on t he am ount of t he E nt erp rises’ 2022 

new business purchases͘ dhese contributions 

support affordable housing and community 

development initiatives across the country͘

I n 2022, F H F A t ook m eaningf ul st ep s t o adv ance 

fairness and eƋuity in the housing finance 

sy st em . I n A ugust 2022, F H F A announced 

that the nterprises would reƋuire servicers 

t o ob t ain and m aint ain f air l ending dat a on 

loans owned by the nterprises͘ F,FA adopted 

int ernal p rocedures t o gov ern F H F A ’ s f air l ending 

and fair housing compliance edžaminations 

of t he E nt erp rises. F H F A al so issued up dat ed 

fair lending data that provide the public with 

information on mortgage application approval 

rates and loan acƋuisition shares by consumer 

raceͬethnicity for each nterprise͘ In :une 

2022͕ in consultation with F,FA͕ the nterprises 

released Ƌuitable ,ousing Finance Wlans 

for 2022Ͳ202κ͘ In addition͕ F,FA continued 

to coordinate with the onsumer Financial 

Wrotection ureau ;FWͿ͕ ,h͕ and the 

Wroperty Appraisal and saluation Ƌuity ;WAsͿ 

I nt eragency T ask F orce t o st rengt hen f ederal 

enforcement of fair lending laws͘
94 Federal Housing Finance Agency

FHLBanks

F,FA has continued its supervision and oversight 

t o ensure t hat t he F H LB ank s op erat e saf el y and 

soundl y and rem ain f ocused on t heir m ission, 

which is to provide liƋuidity to their members 

and housing associat es t hrough adv ances and 

other financial products in support of housing 

and com m unit y dev el op m ent .

I n A ugust 2022, F H F A announced t he l aunch of 

a comprehensive review of the F,LanŬ ^ystem͘ 

T he p urp ose of t he FHLBank System at 100: 

Focusing on the Future initiative is to ensure 

the F,LanŬs remain positioned to meet the 

needs of the communities they serve͘ In addition 

to soliciting wriƩen input from the public͕ the 

review convened public listening sessions and 

roundt ab l e discussions across t he count ry . F H F A 

edžpects to issue a report on this initiative later in 

202ϯ͘

T he F H LB ank s hav e rem ained f ocused on 

p rov iding l iq uidit y t o t heir m em b ers t hrough 

originating advances ;loansͿ͕ purchasing whole 

mortgage loans͕ and facilitating offͲbalance 

sheet p rogram s. F H F A cal cul at es a core m ission 

achievement ratio that approdžimates the 

F H LB ank s’ f unding of m ission- orient ed asset s, 

and t he F H LB ank S y st em ( t he S y st em ) m et a 

p ref erred l ev el of at l east 70 p ercent at y earend 2022͘ Additionally͕ each F,LanŬ funds 

an Affordable ,ousing Wrogram pursuant to 

st at ut ory and F H F A regul at ory req uirem ent s.

H ist orical l y , short - and l ong- t erm adv ances t o 

m em b ers and housing associat es hav e b een 

t he p rincip al m ission asset of t he F H LB ank s. 

A dv ances are p rim aril y col l at eral iz ed b y 

residential mortgage loans͕ commercial real 

est at e l oans, and gov ernm ent and agency 

securities͘ In 2022͕ the F,LanŬs͛ business of 

advances to members continued to operate 

effectively and without credit losses͘

AŌer four consecutive years of declines͕ 

advances increased substantially by Ψκςϳ͘8 

billion͕ or 1ϯϯ͘2 percent yearͲoverͲyear͕ in 

2022. A l l 11 F H LB ank s rep ort ed increases in 

adv ances during t he p eriod, p rim aril y driv en b y 

commercial banŬ members utilinjing advances 

to help fund loan growth͘ Eotably͕ from 201ϳ 

to 2021͕ the F,LanŬ ^ystem edžperienced four 

consecutive years with lower yearͲend advance 

outstanding balances͘ Although advances grew 

by Ψ1ςρ͘κ billion in the first Ƌuarter of 2020 

to Ψ80ς͘ε billion͕ because of marŬet pressures 

caused by KsIͲ1ε͕ they declined significantly 

to Ψκ22͘ς billion by yearͲend 2020 and then 

decl ined f urt her in 2021. T he 10 l argest hol ding 

company borrowers accounted for 2ς͘ρ percent 

of aggregat e adv ances out st anding at y ear- end 

2022͕ in line with 2ς͘κ percent the previous 

year͘ 'enerally͕ F,LanŬs with higher levels 

of adv ances hav e one or m ore v ery l arge 

commercial banŬ borrowers in their districts͘ 

R ecord decl ines in b ank dep osit s y ear- ov er- y ear 

f urt her cont rib ut ed t o F H LB m em b ers’ rel iance 

on adv ances t o sup p ort l iq uidit y .

^ystem onͲbalance sheet whole mortgage loans 

totaled Ψρς͘1 billion at yearͲend 2022͕ up from 

Ψρρ͘ς billion at yearͲend 2021͘ KffͲbalance sheet 

programs include leƩers of credit and mortgage 

delivery programs͘ LeƩers of credit͕ which allow 

m em b ers t o div ersif y col l at eral f or securing 

public unit deposits͕ had a total notional value 

of Ψ1ςε͘κ billion at yearͲend 2022͘ Mortgage 

del iv ery p rogram s t o F annie M ae and t hirdparty investors͕ which are offͲbalance sheet for 

the F,LanŬs͕ had a combined volume of Ψ1͘ς 

billion in 2022͕ compared with Ψϳ͘1 billion in 

2021͘ dhese programs provide members with 

alternative conduits to move mortgages off their 

balance sheets͕ to allow additional mortgage 

originations͘ dhe volume of these programs 

at the F,LanŬs fell in 2022 aŌer significant 

increases in interest rates in 2022 slowed 

m ort gage p urchases across t he S y st em .

As of ecember ϯ1͕ 2022͕ all 11 F,LanŬs 

significantly edžceeded the minimum κ͘0 percent 

regulatory capital ratio͘ dhe regulatory capitalͲ

toͲassets ratio for the F,LanŬ ^ystem was 

ρ͘ς percent at the end of 2022͕ down from ς͘ϳ 
Report to the Congress 2022 95

FEDERAL HOUSING FINANCE OVERSIGHT BOARD ASSESSMENT 

percent at the end of 2021͕ as asset growth 

outpaced capital growth͘ Zetained earnings͕ a 

critical component of F,LanŬ capital͕ was Ψ2κ͘ς 

b il l ion or 2.0 p ercent of asset s at y ear- end 2022, 

up from Ψ22͘8 billion or ϯ͘1 percent of assets in 

2021.

All F,LanŬs were profitable in 2022͖ no 

F H LB ank rep ort ed a q uart erl y or annual l oss 

for the year͘ Aggregate net income totaled Ψϯ͘2 

billion͕ up from Ψ1͘8 billion in 2021͘ dhe increase 

was primarily a result of growth in ^ystem assets͕ 

which increased to Ψ1͘2 trillion in 2022 from 

Ψϳ2ϯ͘κ billion in 2021͕ as well as positive income 

effects from higher interest rates in 2022͘

In 2022͕ the F,LanŬs continued their 

contributions to their Affordable ,ousing 

Wrograms ;A,WͿ͕ which provide funds͕ through 

their members͕ for the purchase͕ construction͕ 

or rehabilitation of affordable ownerͲoccupied 

and rental housing for very lowͲ and lowͲ or 

moderateͲincome households͘ In addition to 

their competitive programs that award funds 

p rim aril y t o rent al p roj ect s, t he F H LB ank s al so 

provide homeowner assistance for purchase and 

rehabilitation of properties͘ ^ince the program͛s 

inception in 1εε0͕ the F,LanŬs have awarded 

approdžimately Ψϳ͘ς billion through the A,W͕ 

assisting more than one million households͘ In 

addition͕ during 2022͕ the F,LanŬs edžtended 

funds totaling over Ψκ͘ε billion to members 

t hrough ot her com m unit y inv est m ent p rogram s 

f or housing and econom ic dev el op m ent p roj ect s.

In March 202ϯ͕ the F,LanŬs edžperienced 

significant member advance demand because of 

banŬing sector volatility caused by the failures 

of ^ilicon salley anŬ and ^ignature anŬ͘ oth 

institutions were members and active borrowers 

of the F,LanŬs͕ with balances at yearͲend 2022 

of Ψ1ρ billion and Ψ11 billion͕ respectively͘ As 

t hese m em b ers cam e under increased st ress, t he 

F,LanŬs worŬed with federal and state banŬ 

regulators to ensure funding was provided to 

t he t roub l ed b ank s b y t he F H LB ank S y st em or 

the Federal Zeserve iscount tindow͘ F,FA͛s 

forthcoming report on its review of the F,LanŬ 

^ystem will consider the role of the F,LanŬs 

during p eriods of st rain. 

dhe elevated advance demand in March 202ϯ 

edžceeded previous financial marŬet disruptions 

;e͘g͕͘ 2008 and 2020Ϳ͕ with total advances 

outstanding rising to Ψ1͕0κρ billion and total 

debt outstanding rising to Ψ1͕κρε billion as of 

March ϯ1͕ 202ϯ͘ Advance balances subseƋuently 

declined from peaŬ March 202ϯ levels as banŬing 

sector contagion fears lessened͖ however͕ as of 

the end of May͕ advance balances remain well 

ab ov e t heir l ev el s p rior t o t his st ress ev ent . T he 

F H LB ank s m aint ained st rong l iq uidit y and l ending 

capacity through the sector disruption and did 

not incur an adv ance credit l oss. 

Conclusion

As reŇected in the Annual Zeport͕ F,FA engaged 

in significant efforts to oversee the nterprises 

and F H LB ank s during 2022. W hil e chal l enges 

remain for the regulated entities͕ including 

t he ongoing conserv at orship s of F annie M ae 

and Freddie Mac͕ F,FA continues to meet its 

statutory obligations͘ 

Sandra L. Thompson

Chair

F ederal H ousing F inance O v ersight B oard

Marcia L. Fudge

Secretary

U .S . D ep art m ent of H ousing and U rb an 

D ev el op m ent

Gary Gensler

Chair

h͘^͘ ^ecurities and džchange ommission 

Janet L. Yellen

Secretary

U .S . D ep art m ent of t he T reasury
96 Federal Housing Finance Agency

LEGISLATIVE RECOMMENDATIONS

I n t his C hap t er

Third-Party Service Provider 

džamination uthority ........................... 97

Enterprise Regulatory Capital ................. 98

Housing Finance Reform......................... 99
Report to the Congress 2022 97

LEGISLATIVE RECOMMENDATIONS

THIRDͳPARTY 

SERVICE PROVIDER 

EXAMINATION 

AUTHORITY

F,FA͛s regulated entities rely on thirdͲparty 

service providers for a wide range of services͕ 

some of which are critical to their operations͘ 

dhe nterprises͕ for edžample͕ rely on mortgage 

sellers to originate mortgages consistent with 

their underwriting standards and documentation 

req uirem ent s, and on serv icers t o col l ect 

payments from borrowers͕ advance some 

p ay m ent s t o inv est ors in m ort gage- b ack ed 

securities͕ and perform loss mitigation on 

non- p erf orm ing l oans. T he F H LB ank s and 

t he E nt erp rises rel y on t hird- p art y serv ice 

providers for data security and other information 

t echnol ogy serv ices.

dhese thirdͲparty relationships can pose risŬs 

related to mortgage origination and servicing͕ 

information security͕ and business continuity͕ 

am ong ot her saf et y and soundness issues, 

and F,FA edžpects each regulated entity to 

im p l em ent a p rogram t o m anage such t hirdp art y risk s. U nl ik e ot her f ederal saf et y and 

soundness supervisors͕ however͕ F,FA does not 

have edžpress statutory authority as supervisor 

to edžamine services provided to its regulated 

entities͘ As a result͕ F,FA͛s authority to assess 

the impact of thirdͲparty relationships on the 

safe and sound operations of its regulated 

entities is limited͘ tith regard to the nterprises͕ 

F H F A rel ies on conserv at orship aut horit y t o 

req uire t hat t he E nt erp rises incl ude p rov isions 

in t heir t hird- p art y cont ract s on access t o 

information about service providers and to 

edžercise the nterprise͛s contractual right to 

obtain such information as is necessary to 

fulfill F,FA͛s statutory safety and soundness 

responsibilities͘ F,FA does not have similar 

85 See GAO RĞƉŽƌƚ ϭςͲ2ϳΘ͕ NŽŶďĂŶŬ DŽƌƚŐĂŐĞ SĞƌǀŝĐĞƌƐ͗ džisting Regulatory Oǀersight ould ďe Strengthened.

86 See 2022 Annual Report, Financial Stability Oversight Council, p. 72.

authority over the F,LanŬs͕ which are not in 

conserv at orship .

dhe 'overnment Accountability Kffice ;'AKͿ 

has recom m ended t hat C ongress p rov ide 

F,FA authority to edžamine third parties that 

do business with the regulated entities similar 

to the authorities conferred upon the federal 

b ank ing agencies t hrough a p rov ision in t he 

B ank S erv ice C om p any A ct .85 T he F inancial 

S t ab il it y O v ersight C ouncil ( F S O C ) m ade a sim il ar 

recommendation in its 2022 Annual Report, as 

it has f or t he p ast sev eral y ears.86 In addition͕ 

F,FA͛s Inspector 'eneral has identified thirdͲ

party oversight as a top risŬ͕ specifically finding 

that F,FA is challenged to effectively oversee the 

E nt erp rises’ m anagem ent of risk s rel at ed t o t heir 

counterparties and third parties due to the lacŬ 

of st at ut ory aut horit y .

Wrior F,FA irectors have supported granting 

the Agency this authority͕ and F,FA continues to 

concur with F^K͛s and 'AK͛s recommendations͘ 

Accordingly͕ in order to identify and mitigate 

risk s t o t he saf et y and soundness of F H F A ’ s 

regulated entities͕ F,FA recommends that 

ongress authorinje F,FA to edžamine the records͕ 

operations͕ and facilities of each material service 

provider to a regulated entity with regard to the 

services provided to the regulated entity͘ tere 

C ongress t o grant F H F A such aut horit y , giv ing 

F,FA tailored parity with other federal financial 

regulators͕ the Agency would be in a beƩer 

position to achieve its statutory duty to ensure 

the safe and sound operations of the nterprises 

and F H LB ank s.

If given edžpress edžamination authority͕ F,FA 

would also be able to coordinate with other 

f ederal saf et y and soundness sup erv isors in 

their edžamination activities regarding thirdͲparty 

service providers͕ thereby increasing efficiency 

and reducing b urden. 
98 Federal Housing Finance Agency

ENTERPRISE 

REGULATORY CAPITAL

I n 2008, C ongress am ended F H F A ’ s aut horiz ing 

statute to give F,FA relatively broad authority to 

p rescrib e regul at ory cap it al req uirem ent s f or t he 

nterprises͘ dhe 2008 amendments͕ however͕ 

did not update the outdated definitions of 

regul at ory cap it al f rom t he original aut horiz ing 

statute͘ hnliŬe the h͘^͘ banŬing frameworŬ͕ 

these statutory definitions include͕ without 

l im it s, cert ain cap it al el em ent s t hat t end t o hav e 

l ess l oss- ab sorb ing cap acit y during a p eriod 

of financial stress͕ such as deferred tadž assets 

( D T A s) . F H F A ’ s aut horiz ing st at ut e does not 

edžpressly permit F,FA to adũust the statutory 

capital definitions by regulation͘

dhe shortcomings in the statutory definitions of 

cap it al coul d p ose saf et y and soundness risk s. 

uring the financial crisis͕ marŬet confidence 

in t he E nt erp rises col l ap sed in m id- 2008 ev en 

when Fannie Mae and Freddie Mac had total 

capital͕ as defined by statute͕ of Ψρρ͘ς billion and 

Ψκ2͘ε billion and net dAs of Ψ20͘ς billion and 

Ψ18͘κ billion͕ respectively͘ Yuestions about the 

E nt erp rises’ sol v ency l ik el y arose in p art b ecause 

of their sinjeable dAs͕ which had less lossͲ

absorbing capacity during a period of negative 

income but still counted toward regulatory 

capital͘ ^pecifically͕ while the nterprises͛ 

com b ined t ot al cap it al p er t he st at ut e t ot al ed 

Ψε8͘ρ billion͕ their combined adjusted t ot al 

capital per the definition in the h͘^͘ banŬing 

frameworŬ totaled only Ψ2ε͘ς billion ʹ a marŬed 

difference͘

F,FA͛s nterprise Zegulatory apital FrameworŬ 

;ZFͿ͕ as set forth by regulation in 2020 and 

amended in 2022͕ mitigates the risŬ posed by 

the edžisting statutory definitions of capital by 

prescribing supplemental minimum and buffer 

capital reƋuirements based on definitions 

of regul at ory cap it al used b y t he f ederal 

b ank ing regul at ors. W hil e t hese sup p l em ent al 

req uirem ent s shoul d ensure t hat each E nt erp rise 

m aint ains adeq uat e high- q ual it y regul at ory 

cap it al t hroughout t he econom ic cy cl e, t he 

sup p l em ent al req uirem ent s int roduce som e 
Report to the Congress 2022 99

LEGISLATIVE RECOMMENDATIONS

additional compledžity to an already compledž 

capital frameworŬ͘ If ongress were to give 

F,FA the same Ňedžibility as the federal 

b ank ing regul at ors b y am ending or rem ov ing 

the statutory capital definitions͕ F,FA could 

streamline the capital regulation͘

HOUSING FINANCE 

REFORM

T he E nt erp rises ent ered conserv at orship s 

in ^eptember 2008 and have now been in 

this state for more than 1κ years͘ then the 

conservatorships were initiated͕ it was not 

edžpected that they would continue for such a 

long period of time͘

As conservator͕ F,FA has taŬen actions to 

improve the condition of the nterprises͘ 

S ince 2008, F H F A has direct ed ref orm s t o t heir 

practices and standards͕ management and 

transfer of risŬs͕ underwriting and loss mitigation 

policies͕ and securitinjation infrastructure͘ 

T he E nt erp rises hav e b egun t o b uil d t heir 

cap it al reserv es t o m eet t he req uirem ent s of 

t he E R C F , al t hough each E nt erp rise rem ains 

undercapitalinjed͘ ,owever͕ there are other 

maƩers that could be addressed to further 

ensure a saf e, sound, and eq uit ab l e secondary 

housing finance system͘ Addressing such 

maƩers may reƋuire authority F,FA does not 

currently possess͘ For edžample͕ changes to 

t he E nt erp rises’ chart er act s, adj ust m ent s t o 

t heir st at ut ory b usiness m odel , t he nat ure of 

any government guarantee and the creation 

of reserv es f unded b y E nt erp rise guarant ee 

f ees t o b e accessed in t he case of l osses, t he 

ability to charter new nterprises͕ and other 

st ruct ural ref orm s inv ol v e p ol icy decisions t hat 

are b ey ond F H F A ’ s st at ut ory aut horit y . I t rem ains 

with ongress to determine the structure of the 

E nt erp rises and t he secondary m ort gage m ark et 

f or t he p ost - conserv at orship env ironm ent .

M oreov er, C ongress and F H F A are not t he onl y 

organinjations that must be involved in addressing 

t he E nt erp rises’ conserv at orship s and t he 

future of the h͘^͘ housing finance system͘ dhe 

h͘^͘ epartment of the dreasury͕ which holds a 

significant economic interest in the nterprises͕ 

and other Federal agencies will need to resolve 

a series of out st anding issues as p art of t he 

p rocess t o end t he conserv at orship s. I n t he 

meantime͕ the Agency will focus on building the 

E nt erp rises’ cap it al reserv es, im p rov ing t heir 

saf et y and soundness, and ensuring t hat t hey 

continue to meet their mission obligations͘
APPENDIX
AƉƉĞŶĚŝdž TĂďůĞ ŽĨ CŽŶƚĞŶƚƐ

Table 1. Fannie Mae Mortgage Purchases .......... 102

Table 1a. Fannie Mae Mortgage Purchases 

DĞƚĂŝů ďLJ TLJƉĞ ŽĨ LŽĂŶ ........................................... 103

Table 1b͘ FĂŶŶŝĞ DĂĞ PƵƌĐŚĂƐĞƐ ŽĨ DŽƌƚŐĂŐĞͲ

RĞůĂƚĞĚ SĞĐƵƌŝƟĞƐ Ͳ PĂƌƚ ϭ ..................................... 104

Table 1b. FĂŶŶŝĞ DĂĞ PƵƌĐŚĂƐĞƐ ŽĨ DŽƌƚŐĂŐĞͲ

RĞůĂƚĞĚ SĞĐƵƌŝƟĞƐ Ͳ PĂƌƚ 2͕ PƌŝǀĂƚĞͲLĂďĞů DĞƚĂŝů .... 105

Table 2. Fannie Mae MBS Issuances ................... 106

Table 3. Fannie Mae Earnings ............................. 107

Table 4. Fannie Mae Balance Sheet .................... 108

Table 4a. Fannie Mae Total MBS Outstanding 

Detail ..................................................................... 109

Table 5. Fannie Mae Mortgage Assets Held for 

IŶǀĞƐƚŵĞŶƚ DĞƚĂŝůƐ ................................................. 110

Table 5a. Fannie Mae Mortgage Assets Held for 

IŶǀĞƐƚŵĞŶƚ DĞƚĂŝů Ͳ tŚŽůĞ LŽĂŶƐ .......................... 111

Table 5b. Fannie Mae Mortgage Assets Held 

ĨŽƌ IŶǀĞƐƚŵĞŶƚ DĞƚĂŝů Ͳ PĂƌƚ ϭ͕ DŽƌƚŐĂŐĞͲRĞůĂƚĞĚ 

SĞĐƵƌŝƟĞƐ ............................................................... 112

Table 5b. Fannie Mae Mortgage Assets Held 

ĨŽƌ IŶǀĞƐƚŵĞŶƚ DĞƚĂŝů Ͳ PĂƌƚ 2͕ DŽƌƚŐĂŐĞͲRĞůĂƚĞĚ 

SĞĐƵƌŝƟĞƐ͕ PƌŝǀĂƚĞͲLĂďĞů DĞƚĂŝů .............................. 113

Table 5b. Fannie Mae Mortgage Assets Held 

ĨŽƌ IŶǀĞƐƚŵĞŶƚ DĞƚĂŝů Ͳ PĂƌƚ ϯ͕ DŽƌƚŐĂŐĞͲRĞůĂƚĞĚ 

SĞĐƵƌŝƟĞƐ ............................................................... 114

Table 6. FĂŶŶŝĞ DĂĞ FŝŶĂŶĐŝĂů DĞƌŝǀĂƟǀĞƐ .......... 115

Table 7. FĂŶŶŝĞ DĂĞ NŽŶŵŽƌƚŐĂŐĞ IŶǀĞƐƚŵĞŶƚƐ 116

Table 8. Fannie Mae Mortgage Asset Quality ..... 117

Table 9. Fannie Mae Statutory Capital ................ 118

Table 9a. FĂŶŶŝĞ DĂĞ SƵƉƉůĞŵĞŶƚĂů CĂƉŝƚĂů ...... 119

Table 10. Freddie Mac Mortgage Purchases ...... 120

Table 10a. Freddie Mac Mortgage Purchases Detail 

By Type of Loan ..................................................... 121

Table 10b. FƌĞĚĚŝĞ DĂĐ PƵƌĐŚĂƐĞƐ ŽĨ DŽƌƚŐĂŐĞͲ

RĞůĂƚĞĚ SĞĐƵƌŝƟĞƐ Ͳ PĂƌƚ ϭ ..................................... 122

Table 10b. FƌĞĚĚŝĞ DĂĐ PƵƌĐŚĂƐĞƐ ŽĨ DŽƌƚŐĂŐĞͲ

RĞůĂƚĞĚ SĞĐƵƌŝƟĞƐ Ͳ PĂƌƚ 2͕ PƌŝǀĂƚĞͲLĂďĞů DĞƚĂŝů .... 123

Table 11. Freddie Mac MBS Issuances ............... 124

Table 12. Freddie Mac Earnings ......................... 125

Table 13. Freddie Mac Balance Sheet ................ 126

Table 13a. Freddie Mac Total MBS 

Outstanding Detail................................................. 127

Table 14. Freddie Mac Mortgage Assets 

HĞůĚ ĨŽƌ IŶǀĞƐƚŵĞŶƚ DĞƚĂŝů .................................... 128

Table 14a. Freddie Mac Mortgage Assets 

HĞůĚ ĨŽƌ IŶǀĞƐƚŵĞŶƚ DĞƚĂŝů Ͳ tŚŽůĞ LŽĂŶƐ ............. 129

Table 14b. Freddie Mac Mortgage Assets Held 

ĨŽƌ IŶǀĞƐƚŵĞŶƚ DĞƚĂŝů Ͳ PĂƌƚ ϭ͕ DŽƌƚŐĂŐĞͲRĞůĂƚĞĚ 

SĞĐƵƌŝƟĞƐ ............................................................... 130

Table 14b. Freddie Mac Mortgage Assets Held 

ĨŽƌ IŶǀĞƐƚŵĞŶƚ DĞƚĂŝů Ͳ PĂƌƚ 2͕ DŽƌƚŐĂŐĞͲRĞůĂƚĞĚ 

SĞĐƵƌŝƟĞƐ͕ PƌŝǀĂƚĞͲLĂďĞů DĞƚĂŝů .............................. 131

Table 14b. Freddie Mac Mortgage Assets Held 

ĨŽƌ IŶǀĞƐƚŵĞŶƚ DĞƚĂŝů Ͳ PĂƌƚ ϯ͕ DŽƌƚŐĂŐĞͲRĞůĂƚĞĚ 

SĞĐƵƌŝƟĞƐ ............................................................... 132

Table 15. FƌĞĚĚŝĞ DĂĐ FŝŶĂŶĐŝĂů DĞƌŝǀĂƟǀĞƐ ...... 133

Table 16. FƌĞĚĚŝĞ DĂĐ NŽŶŵŽƌƚŐĂŐĞ 

IŶǀĞƐƚŵĞŶƚƐ ........................................................... 134

Table 17. Freddie Mac Mortgage Asset Quality . 135

Table 18. Freddie Mac Statutory Capital ............ 136

Table 18a. FƌĞĚĚŝĞ DĂĐ SƵƉƉůĞŵĞŶƚĂů CĂƉŝƚĂů .. 137

Table 19. FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬƐ CŽŵďŝŶĞĚ 

SƚĂƚĞŵĞŶƚ ŽĨ IŶĐŽŵĞ ............................................. 138

Table 20. FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬƐ CŽŵďŝŶĞĚ 

Balance Sheet ........................................................ 139

Table 21. FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬƐ 

NĞƚ IŶĐŽŵĞ ............................................................ 140

Table 22. FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬƐ AĚǀĂŶĐĞƐ 

Outstanding ........................................................... 141

Table 23. FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬƐ RĞŐƵůĂƚŽƌLJ 

Capital ................................................................... 142

Table 24. LŽĂŶ Lŝŵŝƚ VĂůƵĞƐ ................................ 143

Table 25. Mortgage Interest Rates ..................... 145

Table 26. HŽƵƐŝŶŐ DĂƌŬĞƚ AĐƟǀŝƚLJ ..................... 146

Table 27. tĞŝŐŚƚĞĚ RĞƉĞĂƚ SĂůĞƐ HŽƵƐĞ PƌŝĐĞ IŶĚĞdž 

;AŶŶƵĂů DĂƚĂͿ ........................................................ 147
102 Federal Housing Finance Agency

Table 1. Fannie Mae Mortgage Purchases

Period Purchases ($ in Millions)

Single-Family Mortgages Multifamily Mortgages Total Mortgage Purchasesa

 ($) Mortgage-Related Securitiesb

Q4 2022 85,711 18,579 104,290 1,159

Q3 2022 118,157 15,943 134,100 1,097

Q2 2022 172,981 18,674 191,655 1,642

Q1 2022 240,185 16,018 256,203 2,634

Annual Data

2022 617,034 69,214 686,248 6,532

2021 1,356,149 69,404 1,425,553 14,163

2020 1,359,973 75,652 1,435,625 28,237

2019 597,987 69,798 667,785 60,883

2018 452,026 65,079 517,105 80,982

2017 504,119 65,438 569,557 85,535

2016 583,744 55,024 638,768 72,175

2015 475,031 42,032 517,063 49,554

2014 382,747 28,620 411,367 24,885

2013 733,242 28,558 761,800 36,848

2012 835,994 33,394 869,388 26,874

2011 558,249 24,226 582,475 20,760

2010 607,827 17,302 625,129 44,495

2009 700,253 19,912 720,165 161,562

2008 582,947 34,288 617,235 77,523

2007 659,366 45,302 704,668 69,236

2006 524,379 20,646 545,025 102,666

2005 537,004 21,485 558,489 62,232

2004 588,119 16,386 604,505 176,385

2003 1,322,193 31,196 1,353,389 408,606

2002 804,192 16,772 820,964 268,574

2001 567,673 19,131 586,804 209,124

2000 227,069 10,377 237,446 129,716

1999 316,136 10,012 326,148 169,905

1998 354,920 11,428 366,348 147,260

1997 159,921 6,534 166,455 50,317

1996 164,456 6,451 170,907 46,743

1995 126,003 4,966 130,969 36,258

1994 158,229 3,839 162,068 25,905

1993 289,826 4,135 293,961 6,606

1992 248,603 2,956 251,559 5,428

1991 133,551 3,204 136,755 3,080

1990 111,007 3,180 114,187 1,451

1989 80,510 4,325 84,835 NŽƚ AƉƉůŝĐĂďůĞ ĞĨŽƌĞ ϭεε0 

1988 64,613 4,170 68,783

1987 73,942 1,733 75,675

1986 77,223 1,877 79,100

1985 42,543 1,200 43,743

1984 27,713 1,106 28,819

1983 26,339 140 26,479

1982 25,929 10 25,939

1981 6,827 2 6,829

1980 8,074 27 8,101

1979 10,798 9 10,807

1978 12,302 3 12,305

1977 4,650 134 4,784

1976 3,337 295 3,632

1975 3,646 674 4,320

1974 4,746 2,273 7,019

1973 4,170 2,082 6,252

1972 2,596 1,268 3,864

1971 2,742 1,298 4,040

a

 IŶĐůƵĚĞƐ ůĞŶĚĞƌͲŽƌŝŐŝŶĂƚĞĚ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ ŝƐƐƵĂŶĐĞƐ͕ ĐĂƐŚ ƉƵƌĐŚĂƐĞƐ͕ ĂŶĚ ĐĂƉŝƚĂůŝnjĞĚ ŝŶƚĞƌĞƐƚ͘ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ 

ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘ EdžĐůƵĚĞƐ ĚĞůŝŶƋƵĞŶƚ ůŽĂŶƐ ƉƵƌĐŚĂƐĞĚ ĨƌŽŵ DS ƚƌƵƐƚƐ͘

ď

 NŽƚ ŝŶĐůƵĚĞĚ ŝŶ ƚŽƚĂů ŵŽƌƚŐĂŐĞ ƉƵƌĐŚĂƐĞƐ͘ IŶĐůƵĚĞƐ ƉƵƌĐŚĂƐĞƐ ŽĨ FĂŶŶŝĞ DĂĞ DS ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ ĂŶĚ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ 

ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ IŶĐůƵĚĞƐ ĂĐƟǀŝƚLJ ĨƌŽŵ ƐĞƩůĞŵĞŶƚƐ ŽĨ ĚŽůůĂƌ ƌŽůůƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ƉƵƌĐŚĂƐĞƐ ĂŶĚ ƐĂůĞƐ ŽĨ ƐĞĐƵƌŝƟĞƐ ďƵƚ ĚŽĞƐ ŶŽƚ ŝŶĐůƵĚĞ ĂĐƟǀŝƚLJ ĨƌŽŵ ƐĞƩůĞŵĞŶƚƐ ŽĨ ĚŽůůĂƌ ƌŽůůƐ 

ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ƐĞĐƵƌĞĚ ĮŶĂŶĐŝŶŐƐ͘
Report to the Congress 2022 103

APPENDIX: HISTORICAL DATA TABLES

Table 1a. Fannie Mae Mortgage Purchases Detail by Type of Loan

Period

Purchases ($ in Millions)a

Single-Family Mortgages Multifamily Mortgages

Total Mortgage 

Purchases ($)

onǀentional FHA/VA/RDc

Total Single-Family 

Mortgages ($) onǀentional ($) FHA/RDc

 ($) dotal Multifamily 

Mortgages ($) Fixed-Rateb ($) AdjustableRate ($) Seconds ($) Total ($) Fixed-Ratec

 ($) AdjustableRate($) Total ($)

Q4 2022 83,967 1,617 — 85,584 10 117 127 85,711 18,579 18,579 104,290

Q3 2022 116,159 1,883 — 118,042 14 101 115 118,157 15,943 15,943 134,100

Q2 2022 171,350 1,519 — 172,869 12 100 112 172,981 18,674 18,674 191,655

Q1 2022 238,402 1,684 — 240,086 14 85 99 240,185 16,018 16,018 256,203

Annual Data

2022 609,878 6,703 — 616,581 50 403 453 617,034 69,214 — 69,214 686,248

2021 1,348,700 6,966 0 1,355,666 116 367 483 1,356,149 69,404 0 69,404 1,425,553

2020 1,354,899 4,296 0 1,359,195 163 615 778 1,359,973 75,652 0 75,652 1,435,625

2019 592,235 4,523 0 596,758 90 1,139 1,229 597,987 69,798 0 69,798 667,785

2018 442,778 7,736 0 450,514 114 1,398 1,512 452,026 65,079 0 65,079 517,105

2017 489,487 13,160 1 502,648 111 1,360 1,471 504,119 65,438 0 65,438 569,557

2016 573,415 8,834 3 582,252 98 1,394 1,492 583,744 55,024 0 55,024 638,768

2015 459,201 14,245 4 473,450 73 1,508 1,581 475,031 42,032 0 42,032 517,063

2014 363,716 17,324 8 381,048 11 1,688 1,699 382,747 28,620 0 28,620 411,367

2013 713,326 17,785 13 731,124 210 1,908 2,118 733,242 28,558 0 28,558 761,800

2012 806,065 27,142 19 833,226 613 2,155 2,768 835,994 33,394 0 33,394 869,388

2011 517,469 36,837 27 554,333 524 3,392 3,916 558,249 24,226 0 24,226 582,475

2010 565,531 38,023 68 603,622 516 3,689 4,205 607,827 17,299 3 17,302 625,129

2009 663,763 23,108 0 686,871 1,136 12,246 13,382 700,253 19,517 395 19,912 720,165

2008 517,673 46,910 6 564,589 1,174 17,184 18,358 582,947 34,288 0 34,288 617,235

2007 583,253 64,133 34 647,420 1,237 10,709 11,946 659,366 45,302 0 45,302 704,668

2006 429,930 85,313 130 515,373 1,576 7,430 9,006 524,379 20,644 2 20,646 545,025

2005 416,720 111,935 116 528,771 2,285 5,948 8,233 537,004 21,343 142 21,485 558,489

2004 527,456 46,772 51 574,279 9,967 3,873 13,840 588,119 13,684 2,702 16,386 604,505

2003 1,236,045 64,980 93 1,301,118 18,032 3,043 21,075 1,322,193 28,071 3,125 31,196 1,353,389

2002 738,177 48,617 40 786,834 15,810 1,548 17,358 804,192 15,089 1,683 16,772 820,964

2001 534,115 25,648 1,137 560,900 5,671 1,102 6,773 567,673 17,849 1,282 19,131 586,804

2000 187,236 33,809 726 221,771 4,378 920 5,298 227,069 9,127 1,250 10,377 237,446

1999 293,188 12,138 1,198 306,524 8,529 1,084 9,613 316,137 8,858 1,153 10,011 326,148

1998 334,367 14,273 1 348,641 5,768 511 6,279 354,920 10,844 584 11,428 366,348

1997 136,329 21,095 3 157,427 2,062 432 2,494 159,921 5,936 598 6,534 166,455

1996 146,154 15,550 3 161,707 2,415 334 2,749 164,456 6,199 252 6,451 170,907

1995 104,901 17,978 9 122,888 3,009 106 3,115 126,003 4,677 289 4,966 130,969

1994 139,815 16,340 8 156,163 1,953 113 2,066 158,229 3,620 219 3,839 162,068

1993 274,402 14,420 29 288,851 855 120 975 289,826 3,919 216 4,135 293,961

1992 226,332 21,001 136 247,469 1,055 79 1,134 248,603 2,845 111 2,956 251,559

1991 114,321 17,187 705 132,213 1,300 38 1,338 133,551 3,183 21 3,204 136,755

1990 95,011 14,528 654 110,193 799 15 814 111,007 3,165 15 3,180 114,187

1989 60,794 17,692 521 79,007 1,489 14 1,503 80,510 4,309 16 4,325 84,835

1988 35,767 27,492 433 63,692 823 98 921 64,613 4,149 21 4,170 68,783

1987 60,434 10,675 139 71,248 2,649 45 2,694 73,942 1,463 270 1,733 75,675

1986 58,251 7,305 498 66,054 11,155 14 11,169 77,223 1,877 0 1,877 79,100

1985 29,993 10,736 871 41,600 927 16 943 42,543 1,200 0 1,200 43,743

1984 17,998 8,049 937 26,984 729 0 729 27,713 1,106 0 1,106 28,819

1983 18,136 4,853 1,408 24,397 1,942 0 1,942 26,339 128 12 140 26,479

1982 19,311 3,210 1,552 24,073 1,856 0 1,856 25,929 0 10 10 25,939

1981 4,260 107 176 4,543 2,284 0 2,284 6,827 0 2 2 6,829

1980 2,802 0 0 2,802 5,272 0 5,272 8,074 0 27 27 8,101

1979 5,410 0 0 5,410 5,388 0 5,388 10,798 0 9 9 10,807

1978 5,682 0 0 5,682 6,620 0 6,620 12,302 0 3 3 12,305

1977 2,366 0 0 2,366 2,284 0 2,284 4,650 0 134 134 4,784

1976 2,513 0 0 2,513 824 0 824 3,337 0 295 295 3,632

1975 547 0 0 547 3,099 0 3,099 3,646 0 674 674 4,320

1974 1,128 0 0 1,128 3,618 0 3,618 4,746 0 2,273 2,273 7,019

1973 939 0 0 939 3,231 0 3,231 4,170 0 2,082 2,082 6,252

1972 55 0 0 55 2,541 0 2,541 2,596 0 1,268 1,268 3,864

1971 0 0 0 0 2,742 0 2,742 2,742 0 1,298 1,298 4,040

a

 IŶĐůƵĚĞƐ ůĞŶĚĞƌͲŽƌŝŐŝŶĂƚĞĚ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ ŝƐƐƵĂŶĐĞƐ͕ ĐĂƐŚ ƉƵƌĐŚĂƐĞƐ͕ ĂŶĚ ĐĂƉŝƚĂůŝnjĞĚ ŝŶƚĞƌĞƐƚ͘ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ 

ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘ EdžĐůƵĚĞƐ ĚĞůŝŶƋƵĞŶƚ ůŽĂŶƐ ƉƵƌĐŚĂƐĞĚ ĨƌŽŵ DS ƚƌƵƐƚƐ͘

ď

 IŶĐůƵĚĞƐ ďĂůůŽŽŶ ůŽĂŶƐ͘ PƌŝŽƌ ƚŽ 20ϭ2͕ ŝŶĐůƵĚĞƐ ĞŶĞƌŐLJ ůŽĂŶƐ͘

c

 RD ƌĞĨĞƌƐ ƚŽ ůŽĂŶƐ ŐƵĂƌĂŶƚĞĞĚ ďLJ ƚŚĞ U͘S͘DĞƉĂƌƚŵĞŶƚ ŽĨ AŐƌŝĐƵůƚƵƌĞ RƵƌĂů DĞǀĞůŽƉŵĞŶƚ ;RDͿ ůŽĂŶ ƉƌŽŐƌĂŵƐ͘ FHA ƐƚĂŶĚƐ ĨŽƌ FĞĚĞƌĂů HŽƵƐŝŶŐ AĚŵŝŶŝƐƚƌĂƟŽŶ͘ VA ƐƚĂŶĚƐ ĨŽƌ DĞƉĂƌƚŵĞŶƚ 

ŽĨ VĞƚĞƌĂŶƐ AīĂŝƌƐ͘
104 Federal Housing Finance Agency

daďle ϭď͘ Fannie Mae Wurchases of Mortgage-Related Securities - Wart ϭ

Period

Purchases ($ in millions)a

Fannie Mae Securities Other Securities

Mortgage 

Revenue 

Bonds

($)

Total 

MortgageRelated 

Securities

($)

Single-Family

Multifamily

($)

Total Fannie 

Mae

($)

Freddie Mac Ginnie Mae

Total PrivateLabel

($)

Single-Family

Multifamily

($)

Total Freddie 

Mac

($)

Single-Family AdjustableRate

($)

Multifamily

($)

Total Ginnie 

Mae

($) Fixed-Rate

($)

AdjustableRate

($)

Fixed-Rate

($)

AdjustableRate

($)

Fixed-Rate

($)

Q4 2022 52 21 1,003 1,076 29 — — 29 54 — — 54 — — 1,159

Q3 2022 5 — 1,062 1,067 22 — — 22 8 — — 8 — — 1,097

Q2 2022 22 3 1,571 1,596 1 — — 1 45 — — 45 — — 1,642

Q1 2022 7 16 2,553 2,576 3 — — 3 55 — — 55 — — 2,634

Annual Data

2022 86 40 6,189 6,315 55 — — 55 162 — — 162 — — 6,532

2021 1,368 341 11,202 12,911 131 0 0 131 913 208 0 1,121 0 0 14,163

2020 7,818 86 12,529 20,433 159 0 0 159 6,899 746 0 7,645 0 0 28,237

2019 34,332 299 12,795 47,426 136 10 0 146 12,164 1,147 0 13,311 0 0 60,883

2018 48,622 781 12,980 62,383 105 12 0 117 16,546 1,936 0 18,482 0 0 80,982

2017 52,765 1,382 16,337 70,484 1,341 0 0 1,341 13,150 560 0 13,710 0 0 85,535

2016 38,597 1,062 16,119 55,778 3,416 20 0 3,436 12,593 368 0 12,961 0 0 72,175

2015 26,384 1,214 10,710 38,308 3,417 21 0 3,438 7,519 289 0 7,808 0 0 49,554

2014 9,097 1,538 9,939 20,574 1,433 124 0 1,557 2,557 197 0 2,754 0 0 24,885

2013 21,506 1,017 7,422 29,945 3,832 217 0 4,049 2,792 62 0 2,854 0 0 36,848

2012 14,327 842 8,786 23,955 1,102 16 0 1,118 1,745 56 0 1,801 0 0 26,874

2011 6,052 1,025 11,020 18,097 1,908 207 0 2,115 447 93 8 548 0 0 20,760

2010 27,694 301 8,000 35,995 7,095 117 0 7,212 1,263 1 24 1,288 0 0 44,495

2009 92,189 326 5,531 98,046 61,861 158 0 62,019 1,495 0 0 1,495 0 2 161,562

2008 56,894 10,082 1,023 67,999 3,649 3,168 0 6,817 0 128 0 128 2,295 284 77,523

2007 16,126 8,277 506 24,909 2,017 4,055 0 6,072 0 35 0 35 37,435 785 69,236

2006 23,177 14,826 429 38,432 1,044 5,108 0 6,152 77 0 0 77 57,787 218 102,666

2005 8,273 6,344 888 15,505 121 3,449 0 3,570 0 0 0 0 41,369 1,788 62,232

2004 42,214 21,281 1,159 64,654 6,546 8,228 0 14,774 0 0 0 0 90,833 6,124 176,385

2003 341,461 5,842 1,225 348,528 19,340 502 0 19,842 36 0 0 36 34,032 6,168 408,606

2002 238,711 4,219 1,572 244,502 7,856 101 0 7,957 4,425 0 0 4,425 7,416 4,273 268,574

2001

Not 

AǀĂŝůĂďůĞ 

Before 

2002 

Not 

AǀĂŝůĂďůĞ 

Before 

2002 

Not 

AǀĂŝůĂďůĞ 

Before 

2002 

180,582

Not 

AǀĂŝůĂďůĞ 

Before 

2002 

Not 

AǀĂŝůĂďůĞ 

Before 

2002 

Not 

AǀĂŝůĂďůĞ 

Before 

2002 

20,072

Not 

AǀĂŝůĂďůĞ 

Before 

2002 

Not 

AǀĂŝůĂďůĞ 

Before 

2002 

Not 

AǀĂŝůĂďůĞ 

Before 

2002 

333 3,513 4,624 209,124

2000 104,904 10,171 2,493 8,466 3,682 129,716

1999 125,498 6,861 17,561 16,511 3,474 169,905

1998 104,728 21,274 2,738 15,721 2,799 147,260

1997 39,033 2,119 3,508 4,188 1,469 50,317

1996 41,263 779 2,197 777 1,727 46,743

1995 30,432 2,832 20 752 2,222 36,258

1994 21,660 571 2,321 0 1,353 25,905

1993 6,275 0 0 0 331 6,606

1992 4,930 0 0 0 498 5,428

1991 2,384 0 0 0 696 3,080

1990 977 0 0 0 474 1,451

Source: Fannie Mae

a

 IŶĐůƵĚĞƐ ƉƵƌĐŚĂƐĞƐ ŽĨ FĂŶŶŝĞ DĂĞ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ͘ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ IŶĐůƵĚĞƐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ 

ƐĞƩůĞĚ͘ IŶĐůƵĚĞƐ ĂĐƟǀŝƚLJ ĨƌŽŵ ƐĞƩůĞŵĞŶƚƐ ŽĨ ĚŽůůĂƌ ƌŽůůƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ƉƵƌĐŚĂƐĞƐ ĂŶĚ ƐĂůĞƐ ŽĨ ƐĞĐƵƌŝƟĞƐ ďƵƚ ĚŽĞƐ ŶŽƚ ŝŶĐůƵĚĞ ĂĐƟǀŝƚLJ ĨƌŽŵ ƐĞƩůĞŵĞŶƚƐ ŽĨ ĚŽůůĂƌ ƌŽůůƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ 

ĂƐ ƐĞĐƵƌĞĚ ĮŶĂŶĐŝŶŐƐ͘
Report to the Congress 2022 105

APPENDIX: HISTORICAL DATA TABLES

daďle ϭď͘ Fannie Mae Wurchases of Mortgage-Related Securities - Wart Ϯ͕ Wriǀate->aďel etail

Period

Purchases ($ in millions)a

Private-Label

Single-Family

Multifamily

($)

Total Private-Label

($) Manufactured 

Housing

($)

Subprime Alt-A Other

Fixed-Rate

($)

Adjustable-Rate

($)

Fixed-Rate

($)

Adjustable-Rate

($)

Fixed-Rate

($)

Adjustable-Rate

($)

Q4 2022 0 0 0 0 0 0 0 0 0

Q3 2022 0 0 0 0 0 0 0 0 0

Q2 2022 0 0 0 0 0 0 0 0 0

Q1 2022 0 0 0 0 0 0 0 0 0

Annual Data

2022 0 0 0 0 0 0 0 0 0

2021 0 0 0 0 0 0 0 0 0

2020 0 0 0 0 0 0 0 0 0

2019 0 0 0 0 0 0 0 0 0

2018 0 0 0 0 0 0 0 0 0

2017 0 0 0 0 0 0 0 0 0

2016 0 0 0 0 0 0 0 0 0

2015 0 0 0 0 0 0 0 0 0

2014 0 0 0 0 0 0 0 0 0

2013 0 0 0 0 0 0 0 0 0

2012 0 0 0 0 0 0 0 0 0

2011 0 0 0 0 0 0 0 0 0

2010 0 0 0 0 0 0 0 0 0

2009 0 0 0 0 0 0 0 0 0

2008 0 0 637 175 0 0 987 496 2,295

2007 0 343 15,628 38 5,250 0 178 15,998 37,435

2006 0 0 35,606 1,504 10,469 0 518 9,690 57,787

2005 0 0 24,469 3,574 12,535 118 571 102 41,369

2004 0 176 66,827 7,064 14,935 221 1,509 101 90,833

2003 0 0 25,769 7,734 370 98 0 61 34,032

2002 56 181 4,963 1,756 0 43 381 36 7,416

2001 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2002 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2002 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2002 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2002 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2002 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2002 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2002 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2002 3,513

2000 8,466

1999 16,511

1998 15,721

1997 4,188

1996 777

1995 752

Source: Fannie Mae

a

 ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ IŶĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘ CĞƌƚĂŝŶ ĂŵŽƵŶƚƐ ƉƌĞǀŝŽƵƐůLJ ƌĞƉŽƌƚĞĚ ĨŽƌ LJĞĂƌƐ ďĞĨŽƌĞ 200ϳ 

ŚĂǀĞ ĐŚĂŶŐĞĚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƌĞĐůĂƐƐŝĨLJŝŶŐ ĐĞƌƚĂŝŶ ƐĞĐƵƌŝƟĞƐ͘
106 Federal Housing Finance Agency

Table 2. Fannie Mae MBS Issuances

Period

usiness ctiǀity ($ in millions)

MBS Issuancesa

Single-Family MBS

($)

Multifamily MS

($)

Total MBS

($)

Multiclass MSb,c

($)

Q4 2022 84,574 18,579 103,153 7,668

Q3 2022 125,846 15,943 141,789 8,659

Q2 2022 174,453 18,674 193,127 17,302

Q1 2022 243,131 16,018 259,149 21,992

Annual Data

2022 628,004 69,214 697,218 55,621

2021 1,387,747 69,420 1,457,167 75,060

2020 1,336,377 75,715 1,412,092 105,656

2019 591,088 69,862 660,950 68,026

2018 470,478 64,327 534,805 57,940

2017 514,000 66,363 580,363 68,883

2016 582,817 55,020 637,837 73,269

2015 472,471 43,923 516,394 63,433

2014 375,676 31,997 407,673 59,608

2013 733,111 31,403 764,514 121,237

2012 827,749 37,738 865,487 151,239

2011 564,606 34,066 598,672 139,819

2010 603,247 26,499 629,746 179,767

2009 791,418 16,435 807,853 100,846

2008 536,951 5,862 542,813 67,559

2007 622,458 7,149 629,607 112,563

2006 476,161 5,543 481,704 124,856

2005 500,759 9,379 510,138 123,813

2004 545,635 6,847 552,482 94,686

2003 1,196,730 23,336 1,220,066 260,919

2002 731,133 12,497 743,630 170,795

2001 514,621 13,801 528,422 139,403

2000 204,066 7,596 211,662 39,544

1999 292,192 8,497 300,689 55,160

1998 315,120 11,028 326,148 84,147

1997 143,615 5,814 149,429 85,415

1996 144,201 5,668 149,869 30,780

1995 106,269 4,187 110,456 9,681

1994 128,385 2,237 130,622 73,365

1993 220,485 959 221,444 210,630

1992 193,187 850 194,037 170,205

1991 111,488 1,415 112,903 112,808

1990 96,006 689 96,695 68,291

1989 66,489 3,275 69,764 41,715

1988 51,120 3,758 54,878 17,005

1987 62,067 1,162 63,229 9,917

1986 60,017 549 60,566 2,400

1985 23,142 507 23,649 Not Issued Before 1986 

1984 13,087 459 13,546

1983 13,214 126 13,340

1982 13,970 Not Issued Before 1983 13,970

1981 717 717

Source: Fannie Mae

a

 LĞŶĚĞƌͲŽƌŝŐŝŶĂƚĞĚ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ ƉůƵƐ ŝƐƐƵĂŶĐĞƐ ĨƌŽŵ FĂŶŶŝĞ DĂĞ͛Ɛ ŝŶǀĞƐƚŵĞŶƚ ƉŽƌƞŽůŝŽ͘ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ 

ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘

ď

 ĞŐŝŶŶŝŶŐ ŝŶ 200ς͕ ŝŶĐůƵĚĞƐ ŐƌĂŶƚŽƌ ƚƌƵƐƚƐ͕ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚ ĐŽŶĚƵŝƚƐ͕ ĂŶĚ ƐƚƌŝƉƉĞĚ DS ďĂĐŬĞĚ ďLJ FĂŶŶŝĞ DĂĞ ĐĞƌƟĮĐĂƚĞƐ͘

c

 ĞŐŝŶŶŝŶŐ ǁŝƚŚ ƚŚĞ ŝŶƚƌŽĚƵĐƟŽŶ ŽĨ ƐŝŶŐůĞ ƐĞĐƵƌŝƚLJ ŝŶ :ƵŶĞ 20ϭε͕ ŝŶĐůƵĚĞƐ ƚŚĞ ƉŽƌƟŽŶ ŽĨ FƌĞĚĚŝĞ DĂĐͲŝƐƐƵĞĚ ƐĞĐƵƌŝƟĞƐ͘
Report to the Congress 2022 107

APPENDIX: HISTORICAL DATA TABLES

Table 3. Fannie Mae Earnings

Period

Earnings ($ in Millions)

Net Interest Incomea,b Guarantee Fee Incomea dministratiǀe džƉenses Credit Related Expense 

(Income)c Net Income (Loss) Return on Equityd

Q4 2022 7,092 4 856 3,398 1,426 NͬA

Q3 2022 7,124 4 870 2,521 2,436 NͬA

Q2 2022 7,808 3 795 251 4,653 NͬA

Q1 2022 7,399 3 808 201 4,408 NͬA

2022 29,423 14 3,329 6,371 12,923 NͬA

2021 29,587 57 3,065 ;ρ͕0εϳͿ 22,176 NͬD 

2020 24,866 62 3,068 855 11,805 NͬD 

2019 20,962 69 3,023 3,496 14,160 NͬD 

2018 20,951 171 3,059 2,692 15,959 NͬD 

2017 20,733 96 2,737 ;ϭ͕ρ20Ϳ 2,463 NͬD 

2016 21,295 109 2,741 ;ϭ͕ρϭϭͿ 12,313 NͬD 

2015 21,409 128 3,050 834 10,954 NͬD 

2014 19,968 175 2,777 ;ϯ͕Θ22Ϳ 14,208 NͬD 

2013 22,404 205 2,545 ;ϭϭ͕ϳΘΘͿ 83,963 NͬD 

2012 21,501 212 2,367 ;ϭ͕ϭ0ςͿ 17,224 NͬD 

2011 19,281 227 2,370 27,498 ;ϭς͕ΘρρͿ NͬD 

2010 16,409 202 2,597 26,614 ;ϭκ͕0ϭκͿ NͬD 

2009 14,510 7,211 2,207 73,536 ;ϳϭ͕εςεͿ NͬD 

2008 8,782 7,621 1,979 29,809 ;ρΘ͕ϳ0ϳͿ NͬD 

2007 4,581 5,071 2,669 5,012 ;2͕0ρ0Ϳ ;ΘͿ

2006 6,752 4,250 3,076 783 4,059 11 

2005 11,505 4,006 2,115 428 6,347 20 

2004 18,081 3,784 1,656 363 4,967 17 

2003 19,477 3,432 1,454 353 8,081 28 

2002 18,426 2,516 1,156 273 3,914 15 

2001 8,090 1,482 1,017 78 5,894 40 

2000 5,674 1,351 905 94 4,448 26 

1999 4,894 1,282 800 127 3,912 25 

1998 4,110 1,229 708 261 3,418 25 

1997 3,949 1,274 636 375 3,056 25 

1996 3,592 1,196 560 409 2,725 24 

1995 3,047 1,086 546 335 2,144 21 

1994 2,823 1,083 525 378 2,132 24 

1993 2,533 961 443 305 1,873 25 

1992 2,058 834 381 320 1,623 27 

1991 1,778 675 319 370 1,363 28 

1990 1,593 536 286 310 1,173 34 

1989 1,191 408 254 310 807 31 

1988 837 328 218 365 507 25 

1987 890 263 197 360 376 24 

1986 384 175 175 306 105 10 

1985 139 112 142 206 ;ϳͿ ;ϭͿ

1984 ;ε0Ϳ 78 112 86 ;ϳϭͿ ;ϳͿ

1983 ;εͿ 54 81 48 49 5 

1982 ;κςκͿ 16 60 36 ;ϭε2Ϳ ;ϭεͿ

1981 ;κ2εͿ Ͳ 49 ;2ΘͿ ;20ςͿ ;ϭϳͿ

1980 21 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘϭ 44 19 14 1 

1979 322 46 35 162 11 

1978 294 39 36 209 17 

1977 251 32 28 165 15 

1976 203 30 25 127 14 

1975 174 27 16 115 14 

1974 142 23 17 107 15 

1973 180 18 12 126 20 

1972 138 13 5 96 19 

1971 49 15 4 61 14 

Source: Fannie Mae

NͬA с ŶŽƚ ĂƉƉůŝĐĂďůĞ

NͬD с ŶŽƚ ŵĞĂŶŝŶŐĨƵů

a

 AĚŽƉƟŽŶ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ ĞīĞĐƟǀĞ͕ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͕ ƐŝŐŶŝĮĐĂŶƚůLJ ĐŚĂŶŐĞĚ ƉƌĞƐĞŶƚĂƟŽŶ ŽĨ 

ƚŚĞƐĞ ůŝŶĞ ŝƚĞŵƐ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ FŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ LJĞĂƌƐ ĂƌĞ ŶŽƚ ĚŝƌĞĐƚůLJ ĐŽŵƉĂƌĂďůĞ ƚŽ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ͘ EīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͕ ŐƵĂƌĂŶƚLJ ĨĞĞ ŝŶĐŽŵĞ 

ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ƐĞĐƵƌŝƟnjĂƟŽŶ ĂĐƟǀŝƟĞƐ ŽĨ ĐŽŶƐŽůŝĚĂƚĞĚ ƚƌƵƐƚƐ ŝƐ ƌĞŇĞĐƚĞĚ ŝŶ ŶĞƚ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ͘

ď

 IŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŶĞƚ ŽĨ ŝŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ͘

c

 CƌĞĚŝƚͲƌĞůĂƚĞĚ ĞdžƉĞŶƐĞ ;ŝŶĐŽŵĞͿ ŝŶĐůƵĚĞ ƉƌŽǀŝƐŝŽŶ ;ďĞŶĞĮƚͿ ĨŽƌ ůŽĂŶ ůŽƐƐĞƐ ĂŶĚ ŐƵĂƌĂŶƚLJ ůŽƐƐĞƐ ;ĐŽůůĞĐƟǀĞůLJ͕ ĐƌĞĚŝƚ ůŽƐƐĞƐͿ ĂŶĚ ĨŽƌĞĐůŽƐĞĚ ƉƌŽƉĞƌƚLJ ĞdžƉĞŶƐĞ ;ŝŶĐŽŵĞͿ͘

d

 NĞƚ ŝŶĐŽŵĞ ;ůŽƐƐͿ ĂǀĂŝůĂďůĞ ƚŽ ĐŽŵŵŽŶ ƐƚŽĐŬŚŽůĚĞƌƐ ĚŝǀŝĚĞĚ ďLJ ĂǀĞƌĂŐĞ ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŵŵŽŶ ĞƋƵŝƚLJ͘
108 Federal Housing Finance Agency

Table 4. Fannie Mae Balance Sheet

End of Period

Balance Sheet

($ in Millions)

Total Assets a,b Total Mortgage 

Assetsa,c

Nonmortgage 

Investmentsd

Total Debt 

Outstandinga

Shareholders' Equity 

(eĮcit)a

Senior Preferred 

Stock

Fair Value of 

Net Assetsa

Mortgage Assets 

Held for Investment 

(Gross)e

Indebtednessf

Q4 2022 4,305,288 4,129,690 61,483 4,221,888 60,277 120,836 90,984 77,742 139,252

Q3 2022 4,289,453 4,117,322 78,652 4,207,814 58,840 120,836 80,729 83,982 134,914

Q2 2022 4,288,967 4,102,680 76,287 4,208,647 56,407 120,836 69,692 91,320 148,316

Q1 2022 4,285,029 4,061,869 97,910 4,208,797 51,758 120,836 68,653 102,750 183,351

Annual Data

2022 4,305,288 4,129,690 61,483 4,221,888 60,277 120,836 90,984 77,742 139,252

2021 4,229,166 3,979,314 104,343 4,158,191 47,357 120,836 54,883 109,221 202,484 

2020 3,985,749 3,672,154 158,729 3,935,736 25,259 120,836 ;ε͕κ2ϯͿ 162,650 290,019 

2019 3,503,319 3,354,125 53,158 3,467,386 14,608 120,836 16,762 153,611 182,247 

2018 3,418,318 3,273,303 68,529 3,391,920 6,240 120,836 22,640 179,153 232,471 

2017 3,345,529 3,207,909 48,692 3,330,054 ;ϯ͕ςΘςͿ 117,149 16,389 230,783 277,469 

2016 3,287,968 3,119,826 62,732 3,262,316 6,071 117,149 103 272,354 328,824 

2015 3,221,917 3,078,248 56,835 3,197,671 4,059 117,149 ;κ͕ϭϳϳͿ 345,103 389,496 

2014 3,248,176 3,097,727 50,416 3,222,155 3,720 117,149 ;ϭς͕ϳρκͿ 413,313 464,464 

2013 3,270,108 3,122,719 55,281 3,234,523 9,591 117,149 ;ϯϯ͕ϯϭΘͿ 490,701 534,211 

2012 3,222,422 3,094,127 50,450 3,189,517 7,224 117,149 ;ςς͕κρϭͿ 633,054 621,779 

2011 3,211,484 3,072,709 95,848 3,189,872 ;κ͕ρϳϭͿ 112,578 ;ϭ2ϳ͕ϳερͿ 708,414 742,293 

2010 3,221,972 3,103,772 44,503 3,197,000 ;2͕ρϭϳͿ 88,600 ;ϭ20͕2ϭ2Ϳ 788,771 793,878 

2009 869,141 745,271 57,782 774,554 ;ϭρ͕2ΘϭͿ 60,900 ;εΘ͕ϳ0ϭͿ 769,252 785,775 

2008 912,404 767,989 71,550 870,393 ;ϭρ͕ϯϭκͿ 1,000 ;ϭ0ρ͕ϭρ0Ϳ NŽƚ AƉƉůŝĐĂďůĞ 

Before 2009 

 NŽƚ AƉƉůŝĐĂďůĞ 

Before 2009 

2007 882,547 723,620 86,875 796,299 44,011 NŽƚ AƉƉůŝĐĂďůĞ 

Before 2008 35,799 

2006 843,936 726,434 56,983 767,046 41,506 43,699 

2005 834,168 736,803 46,016 764,010 39,302 42,199 

2004 1,020,934 925,194 47,839 953,111 38,902 40,094 

2003 1,022,275 919,589 59,518 961,280 32,268 28,393 

2002 904,739 820,627 39,376 841,293 31,899 22,130 

2001 799,948 706,347 65,982 763,467 18,118 22,675 

2000 675,224 607,731 52,347 642,682 20,838 20,677 

1999 575,308 523,103 37,299 547,619 17,629 20,525 

1998 485,146 415,434 58,515 460,291 15,453 14,885 

1997 391,673 316,592 64,596 369,774 13,793 15,982 

1996 351,041 286,528 56,606 331,270 12,773 14,556 

1995 316,550 252,868 57,273 299,174 10,959 11,037 

1994 272,508 220,815 46,335 257,230 9,541 10,924 

1993 216,979 190,169 21,396 201,112 8,052 9,126 

1992 180,978 156,260 19,574 166,300 6,774 9,096 

1991 147,072 126,679 9,836 133,937 5,547 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1992 

1990 133,113 114,066 9,868 123,403 3,941 

1989 124,315 107,981 8,338 116,064 2,991 

1988 112,258 100,099 5,289 105,459 2,260 

1987 103,459 93,665 3,468 97,057 1,811 

1986 99,621 94,123 1,775 93,563 1,182 

1985 99,076 94,609 1,466 93,985 1,009 

1984 87,798 84,135 1,840 83,719 918 

1983 78,383 75,247 1,689 74,594 1,000 

1982 72,981 69,356 2,430 69,614 953 

1981 61,578 59,629 1,047 58,551 1,080 

1980 57,879 55,589 1,556 54,880 1,457 

1979 51,300 49,777 843 48,424 1,501 

1978 43,506 42,103 834 40,985 1,362 

1977 33,980 33,252 318 31,890 1,173 

1976 32,393 31,775 245 30,565 983 

1975 31,596 30,820 239 29,963 861 

1974 29,671 28,666 466 28,168 772 

1973 24,318 23,589 227 23,003 680 

1972 20,346 19,652 268 19,239 559 

1971 18,591 17,886 349 17,672 460 

Source: Fannie Mae

a

 AĚŽƉƟŽŶ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͕ ƐŝŐŶŝĮĐĂŶƚůLJ ĐŚĂŶŐĞĚ ƉƌĞƐĞŶƚĂƟŽŶ 

ŽĨ ƚŚĞƐĞ ůŝŶĞ ŝƚĞŵƐ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ FŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ LJĞĂƌƐ ĂƌĞ ŶŽƚ ĚŝƌĞĐƚůLJ ĐŽŵƉĂƌĂďůĞ ƚŽ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ͘ AĚŽƉƟŽŶ ŽĨ ƚŚŝƐ ŐƵŝĚĂŶĐĞ ƌĞƐƵůƚĞĚ ŝŶ ƚŚĞ 

ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ƚŚĞ ƐƵďƐƚĂŶƟĂů ŵĂũŽƌŝƚLJ ŽĨ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ ƚƌƵƐƚƐ ĂŶĚ ƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ĂƐƐĞƚƐ ĂŶĚ ĚĞďƚ ŽĨ ƚŚĞ ƚƌƵƐƚƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ďĂůĂŶĐĞ ƐŚĞĞƚ͘

ď

 ĞŐŝŶŶŝŶŐ ŝŶ ϭεεΘ͕ ƚŚĞ ŐƵĂƌĂŶƚLJ ůŝĂďŝůŝƚLJ ĨŽƌ FĂŶŶŝĞ DĂĞ DS ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ ǁĂƐ ĐůĂƐƐŝĮĞĚ ĂƐ Ă ůŝĂďŝůŝƚLJ͘

c

 GƌŽƐƐ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ŶĞƚ ŽĨ ƵŶĂŵŽƌƟnjĞĚ ƉƵƌĐŚĂƐĞ ƉƌĞŵŝƵŵƐ͕ ĚŝƐĐŽƵŶƚƐ͕ ĐŽƐƚͲďĂƐŝƐ ĂĚũƵƐƚŵĞŶƚƐ͕ ĨĂŝƌͲǀĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ ŽŶ ƐĞĐƵƌŝƟĞƐ ĂŶĚ ůŽĂŶƐ͘ ĞŐŝŶŶŝŶŐ ŝŶ 2002͕ ĂŵŽƵŶƚƐ 

ŝŶĐůƵĚĞ ĨĂŝƌͲǀĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ ŽŶ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ĂŶĚ ƚƌĂĚŝŶŐ ƐĞĐƵƌŝƟĞƐ͕ ĂƐ ǁĞůů ĂƐ ŝŵƉĂŝƌŵĞŶƚƐ ŽŶ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ƐĞĐƵƌŝƟĞƐ͘ EdžĐůƵĚĞƐ ĂůůŽǁĂŶĐĞ ĨŽƌ ůŽĂŶ ůŽƐƐĞƐ ŽŶ ůŽĂŶƐ ŚĞůĚ ĨŽƌ 

ŝŶǀĞƐƚŵĞŶƚ͘ AŵŽƵŶƚƐ ĨŽƌ ϭεεε ƚŚƌŽƵŐŚ 200ϭ ŝŶĐůƵĚĞ ĐĞƌƚĂŝŶ ůŽĂŶƐ ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ ƉƌĞǀŝŽƵƐůLJ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚƐ͘

d

 DĂƚĂ ƌĞŇĞĐƚ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ ŶĞƚ ŽĨ ƵŶĂŵŽƌƟnjĞĚ ƉƵƌĐŚĂƐĞ ƉƌĞŵŝƵŵƐ͕ ĚŝƐĐŽƵŶƚƐ͕ ĐŽƐƚͲďĂƐŝƐ ĂĚũƵƐƚŵĞŶƚƐ͕ ĨĂŝƌͲǀĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚƐ ŽŶ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ĂŶĚ 

ƚƌĂĚŝŶŐ ƐĞĐƵƌŝƟĞƐ͘ SŝŶĐĞ 200ρ͕ ĂĚǀĂŶĐĞƐ ƚŽ ůĞŶĚĞƌƐ ŚĂǀĞ ŶŽƚ ďĞĞŶ ŝŶĐůƵĚĞĚ͘ AŵŽƵŶƚƐ ĨŽƌ ƉĞƌŝŽĚƐ ďĞĨŽƌĞ 200ρ ŵĂLJ ŝŶĐůƵĚĞ Žƌ ĐŽŶƐŝƐƚ ŽĨ ĂĚǀĂŶĐĞƐ ƚŽ ůĞŶĚĞƌƐ͘

e

 AŵŽƵŶƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ ŵĞĞƚ ƚŚĞ ĚĞĮŶŝƟŽŶ ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ŝŶ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŵĂdžŝŵƵŵ 

ĂŵŽƵŶƚ ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ƚŚĂƚ ŵĂLJ ďĞ ŚĞůĚ͘ TŚĞ ĂŵŽƵŶƚ ĨŽƌ 200ε ŝŶĐůƵĚĞƐ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͘ TŚĞ 200ε ĂŵŽƵŶƚ ǁŽƵůĚ ŚĂǀĞ ďĞĞŶ Ψϳϳ2͘ρ ďŝůůŝŽŶ ĞdžĐůƵĚŝŶŐ 

ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͘

f

 AƐ ĚĞĮŶĞĚ ŝŶ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ĨŽƌ 200ε ĂŶĚ ůĂƚĞƌ LJĞĂƌƐ͘
Report to the Congress 2022 109

APPENDIX: HISTORICAL DATA TABLES

Table 4a. Fannie Mae Total MBS Outstanding Detail

End of Period

Single-Family Mortgages ($ in Millions)a, b Multifamily Mortgages ($ in Millions)a ($ in Millions)

onǀentional FHA/VA c

onǀentional

($)

FHA/RDb

($)

dotal Multifamily

($)

Total MBS 

Outstandinga

($)

Multiclass MS 

Outstandingd

($) Fixed-Rate

($)

Adjustable-Rate

($)

Seconds

($)

Total

($)

Fixed-Rate

($)

Adjustable-Rate

($)

Total

($)

4Q 2022 3,554,873 30,362 34 3,585,269 2,041 417 2,458 429,306 533 429,839 4,017,566 345,222

3Q 2022 3,550,525 30,107 35 3,580,667 2,116 436 2,552 419,402 556 419,958 4,003,177 351,138

2Q 2022 3,537,042 29,999 37 3,567,078 2,168 462 2,630 414,181 595 414,776 3,984,484 356,272

1Q 2022 3,497,079 30,601 41 3,527,721 2,274 509 2,783 406,792 617 407,409 3,937,913 359,979

Annual Data

2022 3,554,873 30,362 34 3,585,269 2,041 417 2,458 429,306 533 429,839 4,017,566 345,222

2021 3,420,679 31,065 44 3,451,788 2,365 541 2,906 402,289 647 402,936 3,857,630 358,753

2020 3,131,865 38,388 64 3,170,317 2,563 873 3,436 369,598 711 370,309 3,544,062 397,124

2019 2,825,663 53,902 86 2,879,651 2,896 1,629 4,525 322,147 953 323,100 3,207,276 400,188

2018 2,722,503 68,267 111 2,790,881 3,355 1,966 5,321 285,996 1,028 287,024 3,083,226 401,777

2017 2,628,581 81,011 147 2,709,739 3,801 2,266 6,067 254,569 1,061 255,630 2,971,436 412,927

2016 2,546,156 87,681 200 2,634,037 4,372 2,795 7,167 214,199 1,145 215,344 2,856,548 421,442

2015 2,445,482 106,130 258 2,551,870 4,787 3,842 8,629 176,071 1,204 177,275 2,737,774 436,544

2014 2,418,717 114,519 329 2,533,565 9,964 83 10,047 147,117 1,237 148,354 2,691,966 460,997

2013 2,386,128 119,084 402 2,505,614 11,383 97 11,480 125,045 1,276 126,321 2,643,415 480,200

2012 2,267,031 137,836 515 2,405,382 14,188 114 14,302 99,899 1,463 101,362 2,521,046 503,349

2011 2,192,594 149,825 643 2,343,062 16,243 130 16,373 72,634 1,639 74,273 2,433,708 516,471

2010 2,172,092 150,378 805 2,323,275 17,167 144 17,311 57,206 1,785 58,991 2,399,577 507,268

2009 2,190,357 179,655 25 2,370,037 15,026 171 15,197 46,628 927 47,555 2,432,789 480,057

2008 2,035,020 203,206 31 2,238,257 12,903 214 13,117 37,298 787 38,085 2,289,459 481,137

2007 1,850,150 214,245 0 2,064,395 14,982 275 15,257 38,218 1,039 39,257 2,118,909 490,692

2006 1,484,147 230,667 0 1,714,814 18,615 454 19,069 42,184 1,483 43,667 1,777,550 456,970

2005 1,290,354 232,689 0 1,523,043 23,065 668 23,733 50,346 1,796 52,142 1,598,918 412,060

2004 1,243,343 75,722 0 1,319,065 31,389 949 32,336 47,386 9,260 56,646 1,408,047 368,567

2003 1,112,849 87,373 0 1,200,222 36,139 1,268 37,407 53,720 9,171 62,891 1,300,520 398,516

2002 875,260 75,430 0 950,690 36,057 1,247 37,304 47,025 5,420 52,445 1,040,439 401,406

2001 752,211 60,842 772 813,825 4,519 1,207 5,726 42,713 1,181 43,894 863,445 392,457

2000 599,999 61,495 1,165 662,659 6,778 1,298 8,076 35,207 780 35,987 706,722 334,508

1999 586,069 51,474 1,212 638,755 7,159 1,010 8,169 31,518 703 32,221 679,145 335,514

1998 545,680 56,903 98 602,681 5,340 587 5,927 28,378 157 28,535 637,143 361,613

1997 483,982 70,106 7 554,095 3,872 213 4,085 20,824 134 20,958 579,138 388,360

1996 460,866 65,682 9 526,557 4,402 191 4,593 16,912 111 17,023 548,173 339,798

1995 431,755 63,436 13 495,204 5,043 91 5,134 12,579 313 12,892 513,230 353,528

1994 415,692 55,780 18 471,490 5,628 0 5,628 8,908 319 9,227 486,345 378,733

1993 405,383 49,987 28 455,398 7,549 0 7,549 8,034 325 8,359 471,306 381,865

1992 360,619 45,718 43 406,380 9,438 0 9,438 8,295 331 8,626 424,444 312,369

1991 290,038 45,110 89 335,237 11,112 0 11,112 8,599 336 8,935 355,284 224,806

1990 225,981 42,443 121 268,545 11,380 0 11,380 7,807 343 8,150 288,075 127,278

1989 NŽƚ AǀĂŝůĂďůĞ 

Before 1990 

NŽƚ AǀĂŝůĂďůĞ 

Before 1990 

NŽƚ AǀĂŝůĂďůĞ 

Before 1990 

NŽƚ AǀĂŝůĂďůĞ 

Before 1990 

NŽƚ AǀĂŝůĂďůĞ 

Before 1990 

NŽƚ AǀĂŝůĂďůĞ 

Before 1990 

NŽƚ AǀĂŝůĂďůĞ 

Before 1990 

NŽƚ AǀĂŝůĂďůĞ 

Before 1990 

NŽƚ AǀĂŝůĂďůĞ 

Before 1990 

NŽƚ AǀĂŝůĂďůĞ 

Before 1990 216,512 64,826

1988 170,097 26,660

1987 135,734 11,359

1986 95,568 Not Issued 

Before 1987 

1985 54,552

1984 35,738

1983 25,121

1982 14,450

1981 717

1980 Not Issued 

ďĞĨŽƌĞ ϭεΘϭ 

Source: Fannie Mae

a

 UŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ ŽĨ FĂŶŶŝĞ DĂĞ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ ŚĞůĚ ďLJ ƚŚŝƌĚͲƉĂƌƚLJ ŝŶǀĞƐƚŽƌƐ͘ IŶĐůƵĚĞƐ ŐƵĂƌĂŶƚĞĞĚ ǁŚŽůĞ ůŽĂŶ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚ ĐŽŶĚƵŝƚƐ 

;REDICƐͿ ĂŶĚ ƉƌŝǀĂƚĞͲůĂďĞů ǁƌĂƉƐ ŶŽƚ ŝŶĐůƵĚĞĚ ŝŶ ŐƌĂŶƚŽƌ ƚƌƵƐƚƐ͘ TŚĞ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ ŽĨ ƌĞƐĞĐƵƌŝƟnjĞĚ FĂŶŶŝĞ DĂĞ DS ŝƐ ŝŶĐůƵĚĞĚ ŽŶůLJ ŽŶĐĞ͘

ď

 ĞŐŝŶŶŝŶŐ ŝŶ Yϯ 20ϭρ͕ ǁĞ ƌĞĐůĂƐƐŝĮĞĚ ĐĞƌƚĂŝŶ FĂŶŶŝĞ DĂĞ SŝŶŐůĞͲFĂŵŝůLJ ƐĞĐƵƌŝƟĞƐ ĨƌŽŵ ĮdžĞĚͲƌĂƚĞ ƚŽ ĂĚũƵƐƚĂďůĞͲƌĂƚĞ͘

c

 FHA ƐƚĂŶĚƐ ĨŽƌ FĞĚĞƌĂů HŽƵƐŝŶŐ AĚŵŝŶŝƐƚƌĂƟŽŶ͘ RD ƌĞĨĞƌƐ ƚŽ ůŽĂŶƐ ŐƵĂƌĂŶƚĞĞĚ ďLJ ƚŚĞ U͘S͘ DĞƉĂƌƚŵĞŶƚ ŽĨ AŐƌŝĐƵůƚƵƌĞ RƵƌĂů DĞǀĞůŽƉŵĞŶƚ ;RDͿ ůŽĂŶ ƉƌŽŐƌĂŵƐ͘ VA ƐƚĂŶĚƐ ĨŽƌ DĞƉĂƌƚŵĞŶƚ 

ŽĨ VĞƚĞƌĂŶƐ AīĂŝƌƐ͘

d

 ĞŐŝŶŶŝŶŐ ŝŶ 200ρ͕ ĐŽŶƐŝƐƚƐ ŽĨ ƐĞĐƵƌŝƟĞƐ ŐƵĂƌĂŶƚĞĞĚ ďLJ FĂŶŶŝĞ DĂĞ ĂŶĚ ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ DĂĞ ĐŽůůĂƚĞƌĂů͕ ŐƌĂŶƚŽƌ ƚƌƵƐƚƐ͕ ĂŶĚ REDICƐ͕ ĂƐ ǁĞůů ĂƐ ƐƚƌŝƉƉĞĚ DS ďĂĐŬĞĚ ďLJ FĂŶŶŝĞ DĂĞ 

ĐĞƌƟĮĐĂƚĞƐ͘
110 Federal Housing Finance Agency

Table 5. Fannie Mae Mortgage Assets Held for Investment Details

($ in Millions) a

End of Period Whole Loansb,c Fannie Mae Securitiesb,d Other Mortgage-Related Securitiesb,d,e Mortgage Assets Held for 

Investment (Gross)f

Q4 2022 55,717 19,577 2,448 77,742

Q3 2022 55,942 25,331 2,709 83,982

Q2 2022 64,599 23,780 2,941 91,320

Q1 2022 68,271 31,315 3,164 102,750

Annual Data

2022 55,717 19,577 2,448 77,742

2021 67,637 38,240 3,344 109,221

2020 119,479 39,085 4,086 162,650

2019 105,558 41,994 6,059 153,611

2018 126,675 45,405 7,073 179,153

2017 177,365 48,792 4,626 230,783

2016 220,069 42,054 10,231 272,354

2015 253,592 68,697 22,814 345,103

2014 285,610 92,819 34,884 413,313

2013 314,664 129,841 46,196 490,701

2012 371,708 183,964 77,382 633,054

2011 398,271 220,061 90,082 708,414

2010 427,074 260,429 101,268 788,771

2009 416,543 220,245 132,464 769,252

2008 429,493 228,950 133,753 792,196

2007 403,577 180,163 144,163 727,903

2006 383,045 199,644 146,243 728,932

2005 366,680 234,451 136,758 737,889

2004 400,157 344,404 172,648 917,209

2003 397,633 405,922 105,313 908,868

2002 323,244 380,383 96,152 799,779

2001 167,405 431,776 109,270 708,452

2000 152,634 351,066 106,551 610,251

1999 149,231 281,714 93,122 524,067

1998 155,779 197,375 61,361 414,515

1997 160,102 130,444 26,132 316,678

1996 167,891 102,607 16,554 287,052

1995 171,481 69,729 12,301 253,511

1994 170,909 43,998 7,150 222,057

1993 163,149 24,219 3,493 190,861

1992 134,597 20,535 2,987 158,119

1991 109,251 16,700 3,032 128,983

1990 101,797 11,758 3,073 116,628

1989 95,729 11,720 3,272 110,721

1988 92,220 8,153 2,640 103,013

1987 89,618 4,226 2,902 96,746

1986 94,167 1,606 2,060 97,833

1985 97,421 435 793 98,649

1984 87,205 477 427 88,109

1983 77,983 Not Available Before 1984 273 78,256

1982 71,777 37 71,814

1981 61,411 1 61,412

1980 57,326 1 57,327

1979 51,096 1 51,097

1978 43,315 Not Available Before 1979 43,315

1977 34,377 34,377

1976 32,937 32,937

1975 31,916 31,916

1974 29,708 29,708

1973 24,459 24,459

1972 20,326 20,326

1971 18,515 18,515

Source: Fannie Mae

a

 ĞŐŝŶŶŝŶŐ ŝŶ 20ϭ0͕ ĞdžĐůƵĚĞƐ ĞīĞĐƚ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͘ AŵŽƵŶƚƐ ĨŽƌ 

20ϭ0 ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ĨƌŽŵ ĂŵŽƵŶƚƐ ƉƌĞǀŝŽƵƐůLJ ƌĞƉŽƌƚĞĚ ƚŽ ƌĞŇĞĐƚ ƚŚŝƐ ĞdžĐůƵƐŝŽŶ͘

b

 UŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ͘ 

C

 AŵŽƵŶƚƐ ĨŽƌ 2002 ƚŽ 200ε ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĂƐ ůŽĂŶƐ Ăƚ ƉĞƌŝŽĚ ĞŶĚ͘ FŽƌ ϭεεε ƚŚƌŽƵŐŚ 200ϭ͕ ŝŶĐůƵĚĞƐ ĐĞƌƚĂŝŶ ůŽĂŶƐ ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ ĐůĂƐƐŝĮĞĚ ĂƐ 

ŶŽŶŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚƐ͘ 

d

 AŵŽƵŶƚƐ ĨŽƌ 2002 ƚŽ 200ε ĞdžĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĂƐ ůŽĂŶƐ Ăƚ ƉĞƌŝŽĚ ĞŶĚ͘

Ǘ IŶĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ƌĞǀĞŶƵĞ ďŽŶĚƐ͘

ǘ AŵŽƵŶƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ ŵĞĞƚ ƚŚĞ ĚĞĮŶŝƟŽŶ ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ŝŶ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŵĂdžŝŵƵŵ ĂŵŽƵŶƚ 

ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ƚŚĂƚ ŵĂLJ ďĞ ŚĞůĚ͘ AŵŽƵŶƚƐ ƉƌŝŽƌ ƚŽ 20ϭ0 ŝŶĐůƵĚĞ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͘ DŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ĂƐ ĚĞĮŶĞĚ ƵŶĚĞƌ ƚŚĞ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ 

AŐƌĞĞŵĞŶƚ ĨŽƌ 200ε ƚŽƚĂůĞĚ Ψϳϳ2͘ρ ďŝůůŝŽŶ ĞdžĐůƵĚŝŶŐ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͘ 
Report to the Congress 2022 111

APPENDIX: HISTORICAL DATA TABLES

Table 5a. Fannie Mae Mortgage Assets Held for Investment Detail - Whole Loans

End of Period

 Whole Loans ($ in Millions) a

Single-Family Multifamily

onǀentional Total Whole Loans onǀentional Total FHA/RDc Total Fixed-Rateb Adjustable-Rate Seconds Total Total FHA/VA/RDc

Q4 2022 44,560 3,274 27 47,861 6,929 888 39 927 55,717

Q3 2022 43,942 3,699 28 47,669 7,252 970 51 1,021 55,942

Q2 2022 51,729 4,241 30 56,000 7,601 933 65 998 64,599

Q1 2022 52,642 4,723 31 57,396 9,813 996 66 1,062 68,271

Annual Data

2022 44,560 3,274 27 47,861 6,929 888 39 927 55,717

2021 89,252 11,424 52 100,728 11,959 1,387 84 1,471 114,158

2020 92,257 12,865 55 105,177 12,745 1,472 85 1,557 119,479

2019 68,373 18,036 72 86,481 17,493 1,432 151 1,584 105,558

2018 72,945 28,629 84 101,658 22,244 2,597 176 2,773 126,675

2017 89,138 56,656 101 145,895 26,879 4,391 200 4,591 177,365

2016 107,307 73,317 115 180,739 29,923 9,198 209 9,407 220,069

2015 198,255 8,453 143 206,851 33,376 13,141 224 13,365 253,592

2014 214,830 10,810 160 225,800 36,442 23,125 243 23,368 285,610

2013 224,174 13,171 156 237,501 39,399 37,497 267 37,764 314,664

2012 251,081 18,008 170 269,259 40,886 61,251 312 61,563 371,708

2011 255,914 23,490 185 279,589 41,555 76,765 362 77,127 398,271

2010 248,335 31,526 207 280,068 51,783 94,792 431 95,223 427,074

2009 208,915 34,602 213 243,730 52,399 119,829 585 120,414 416,543

2008 223,881 44,157 215 268,253 43,799 116,742 699 117,441 429,493

2007 240,090 43,278 261 283,629 28,202 90,931 815 91,746 403,577

2006 255,490 46,820 287 302,597 20,106 59,374 968 60,342 383,045

2005 261,214 38,331 220 299,765 15,036 50,731 1,148 51,879 366,680

2004 307,048 38,350 177 345,575 10,112 43,396 1,074 44,470 400,157

2003 335,812 19,155 233 355,200 7,284 33,945 1,204 35,149 397,633

2002 282,899 12,142 416 295,457 6,404 19,485 1,898 21,383 323,244

2001 140,454 10,427 917 151,798 5,069 8,987 1,551 10,538 167,405

2000 125,786 13,244 480 139,510 4,763 6,547 1,814 8,361 152,634

1999 130,614 6,058 176 136,848 4,472 5,564 2,347 7,911 149,231

1998 135,351 7,633 206 143,190 4,404 5,590 2,595 8,185 155,779

1997 134,543 10,389 268 145,200 4,631 7,388 2,883 10,271 160,102

1996 137,507 12,415 323 150,245 4,739 9,756 3,151 12,907 167,891

1995 137,032 14,756 423 152,211 4,780 11,175 3,315 14,490 171,481

1994 133,882 16,475 537 150,894 4,965 11,681 3,369 15,050 170,909

1993 123,308 19,175 772 143,255 5,305 11,143 3,446 14,589 163,149

1992 91,500 22,637 1,355 115,492 6,097 9,407 3,601 13,008 134,597

1991 69,130 19,763 2,046 90,939 6,962 7,641 3,709 11,350 109,251

1990 61,873 19,558 1,851 83,282 8,524 6,142 3,849 9,991 101,797

1989 55,638 20,751 1,614 78,003 9,450 3,926 4,350 8,276 95,729

1988 53,090 20,004 1,561 74,655 10,480 2,699 4,386 7,085 92,220

1987 55,913 13,702 1,421 71,036 11,652 2,448 4,482 6,930 89,618

1986 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1987 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1987 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1987 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1987 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1987 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1987 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1987 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1987 94,167

1985 97,421

1984 87,205

1983 77,983

1982 71,777

1981 61,411

1980 57,326

1979 51,096

1978 43,315

1977 34,377

1976 32,937

1975 31,916

1974 29,708

1973 24,459

1972 20,326

1971 18,515

Source: Fannie Mae

Ǔ UŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ͘ ĞŐŝŶŶŝŶŐ ŝŶ 20ϭ0͕ ĞdžĐůƵĚĞƐ ƚŚĞ ĞīĞĐƚ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ 

:ĂŶƵĂƌLJ ϭ͕ 20ϭ0͘ AŵŽƵŶƚƐ ĨŽƌ 20ϭ0 ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ĨƌŽŵ ĂŵŽƵŶƚƐ ƉƌĞǀŝŽƵƐůLJ ƌĞƉŽƌƚĞĚ ƚŽ ƌĞŇĞĐƚ ƚŚŝƐ ĞdžĐůƵƐŝŽŶ͘ AŵŽƵŶƚƐ ĨŽƌ 2002 ƚŽ 200ε ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ 

ĐŽŶƐŽůŝĚĂƚĞĚ ĂƐ ůŽĂŶƐ Ăƚ ƉĞƌŝŽĚ ĞŶĚ͘ FŽƌ ϭεεε ƚŚƌŽƵŐŚ 200ϭ͕ ŝŶĐůƵĚĞƐ ĐĞƌƚĂŝŶ ůŽĂŶƐ ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚƐ͘

ǔ IŶĐůƵĚĞƐ ďĂůůŽŽŶ ůŽĂŶƐ͘ PƌŝŽƌ ƚŽ 20ϭ2͕ ŝŶĐůƵĚĞƐ ĞŶĞƌŐLJ ůŽĂŶƐ͘ 

Ǖ RD ƌĞĨĞƌƐ ƚŽ ůŽĂŶƐ ŐƵĂƌĂŶƚĞĞĚ ďLJ ƚŚĞ U͘S͘ DĞƉĂƌƚŵĞŶƚ ŽĨ AŐƌŝĐƵůƚƵƌĞ RƵƌĂů DĞǀĞůŽƉŵĞŶƚ ;RDͿ ůŽĂŶ ƉƌŽŐƌĂŵƐ͘ FHA ƐƚĂŶĚƐ ĨŽƌ FĞĚĞƌĂů HŽƵƐŝŶŐ AĚŵŝŶŝƐƚƌĂƟŽŶ͘ VA ƐƚĂŶĚƐ ĨŽƌ DĞƉĂƌƚŵĞŶƚ 

ŽĨ VĞƚĞƌĂŶƐ AīĂŝƌƐ͘
112 Federal Housing Finance Agency

Table 5b. Fannie Mae Mortgage Assets Held for Investment Detail - Part 1, Mortgage-Related 

Securities

End of 

Period

Mortgage-Related Securities ($ in Millions)a

Fannie Mae Securities ($)ǔ Other Securities

Single-Familyc

Multifamily Total Fannie 

Mae

Freddie Mac Ginnie Mae

Total PrivateLabeld dotal Other Securitiesd Single-Family

Multifamily Total Freddie 

Mac

Single-Family

Multifamily Total Ginnie 

Fixed-Rate Mae AdjustableRate Fixed-Rate AdjustableRate Fixed-Rate AdjustableRate

Q4 2022 13,056 3,581 2,940 19,577 2 9 — 11 — 2,033 — 2,033 281 2,325

Q3 2022 18,530 3,553 3,248 25,331 2 9 — 11 — 2,273 — 2,273 293 2,577

Q2 2022 15,690 3,622 4,468 23,780 2 10 — 12 6 2,485 — 2,491 304 2,807

Q1 2022 21,589 3,862 5,864 31,315 2 11 — 13 1 2,685 — 2,686 325 3,024

Annual Data

2022 13,056 3,581 2,940 19,577 2 9 0 11 0 2,033 0 2,033 281 2,325

2021 27,929 3,983 6,328 38,240 3 11 0 14 2 2,844 0 2,846 340 3,200

2020 28,340 4,776 5,969 39,085 172 16 0 188 72 3,171 0 3,243 441 3,872

2019 29,703 5,715 6,576 41,994 360 23 0 383 1,330 2,824 0 4,154 1,209 5,746

2018 30,347 7,390 7,668 45,405 422 35 0 457 1,134 2,065 0 3,199 2,986 6,642

2017 29,841 11,091 7,860 48,792 518 58 0 576 284 557 0 841 2,544 3,961

2016 21,886 12,475 7,693 42,054 1,292 92 0 1,384 950 165 0 1,115 6,455 8,954

2015 40,739 17,022 10,936 68,697 2,856 2,376 0 5,232 734 6 8 748 13,729 19,709

2014 64,904 9,257 18,658 92,819 3,506 2,862 0 6,368 555 9 8 572 23,388 30,328

2013 94,722 12,710 22,409 129,841 4,758 3,366 0 8,124 859 8 32 899 30,854 39,877

2012 140,118 15,717 28,129 183,964 6,911 4,363 0 11,274 1,012 5 32 1,049 56,573 68,896

2011 172,502 19,189 28,370 220,061 8,888 5,621 0 14,509 1,003 7 33 1,043 63,631 79,183

2010 217,075 23,406 19,948 260,429 10,005 7,327 0 17,332 1,393 8 24 1,425 69,986 88,743

2009 203,577 16,272 396 220,245 29,783 11,607 0 41,390 1,119 137 21 1,277 75,344 118,011

2008 207,867 20,637 446 228,950 18,420 14,963 0 33,383 1,343 153 21 1,517 83,406 118,306

2007 158,863 20,741 559 180,163 16,954 14,425 0 31,379 1,575 34 50 1,659 94,810 127,848

2006 194,702 4,342 600 199,644 17,304 12,773 0 30,077 1,905 0 56 1,961 97,281 129,319

2005 230,546 3,030 875 234,451 18,850 9,861 0 28,711 2,273 0 57 2,330 86,915 117,956

2004 339,138 3,869 1,397 344,404 29,328 8,235 0 37,563 4,131 1 68 4,200 108,809 150,572

2003 400,863 3,149 1,910 405,922 30,356 558 0 30,914 6,993 0 68 7,061 46,979 84,954

2002 373,958 3,827 2,598 380,383 32,617 207 0 32,824 15,436 0 85 15,521 28,157 76,502

2001 417,796 5,648 8,332 431,776 42,516 287 26 42,829 18,779 1 109 18,889 29,175 90,893

2000

Not 

AǀĂŝůĂďůĞ 

Before 

2001 

NŽƚ AǀĂŝůĂďůĞ 

Before 2001 

Not 

AǀĂŝůĂďůĞ 

Before 

2001 

351,066

Not 

AǀĂŝůĂďůĞ 

Before 

2001 

NŽƚ AǀĂŝůĂďůĞ 

Before 2001 

NŽƚ AǀĂŝůĂďůĞ 

Before 2001 33,290 NŽƚ AǀĂŝůĂďůĞ Before 2001 

NŽƚ AǀĂŝůĂďůĞ 

Before 2001 

Not 

AǀĂŝůĂďůĞ 

Before 

2001 

23,768 34,266 91,324

1999 281,714 25,577 23,701 31,673 80,951

1998 197,375 23,453 8,638 19,585 51,676

1997 130,444 5,262 7,696 5,554 18,512

1996 102,607 3,623 4,780 1,486 9,889

1995 69,729 3,233 2,978 747 6,958

1994 43,998 564 3,182 1 3,747

1993 24,219 NŽƚ AǀĂŝůĂďůĞ 

Before 1994 972 2 974

1992 20,535 168 3 171

1991 16,700 180 93 273

1990 11,758 191 352 543

1989 11,720 202 831 1,033

1988 8,153 26 810 836

1987 4,226

Not 

AǀĂŝůĂďůĞ 

Before 

1988 

1,036 1,036

1986 1,606 1,591 1,591

1985 435

Not 

AǀĂŝůĂďůĞ 

Before 

1986 

NŽƚ AǀĂŝůĂďůĞ 

1984 477

1983

Not 

AǀĂŝůĂďůĞ 

Before 1984 

Source: Fannie Mae

Ǔ UŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ͘ AŵŽƵŶƚƐ ĨŽƌ 2002 ƚŽ 200ε ĞdžĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĂƐ ůŽĂŶƐ Ăƚ ƉĞƌŝŽĚ ĞŶĚ͘

ǔ ĞŐŝŶŶŝŶŐ ŝŶ 20ϭ0͕ ĞdžĐůƵĚĞƐ ĞīĞĐƚ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͘ AŵŽƵŶƚƐ ĨŽƌ 

20ϭ0 ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ĨƌŽŵ ĂŵŽƵŶƚƐ ƉƌĞǀŝŽƵƐůLJ ƌĞƉŽƌƚĞĚ ƚŽ ƌĞŇĞĐƚ ƚŚŝƐ ĞdžĐůƵƐŝŽŶ͘

Ǖ ĞŐŝŶŶŝŶŐ ŝŶ Yϯ 20ϭρ͕ ǁĞ ƌĞĐůĂƐƐŝĮĞĚ ĐĞƌƚĂŝŶ FĂŶŶŝĞ DĂĞ SŝŶŐůĞͲFĂŵŝůLJ ƐĞĐƵƌŝƟĞƐ ĨƌŽŵ ĮdžĞĚͲƌĂƚĞ ƚŽ ĂĚũƵƐƚĂďůĞͲƌĂƚĞ͘

ǖ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ƌĞǀĞŶƵĞ ďŽŶĚƐ͘
Report to the Congress 2022 113

APPENDIX: HISTORICAL DATA TABLES

Table 5b. Fannie Mae Mortgage Assets Held for Investment Detail - Part 2, Mortgage-Related 

Securities͕ Wriǀate->aďel etail

End of Period

Mortgage-Related Securities ($ in Millions)a

Private-Label

Single-Familyǔ

Multifamily

($)

Total Private-Label

($) Manufactured 

Housing

($)

Subprime Alt-A Other

Fixed-Rate

($)

Adjustable-Rate

($)

Fixed-Rate

($)

Adjustable-Rate

($)

Fixed-Rate

($)

Adjustable-Rate

($)

Q4 2022 0 0 113 1 1 3 163 0 281

Q3 2022 0 0 116 1 1 3 172 0 293

Q2 2022 0 0 121 1 2 3 176 0 304

Q1 2022 0 0 130 1 2 3 189 0 325

Annual Data

2022 0 0 113 1 1 3 163 0 281

2021 0 0 138 1 2 5 194 0 340

2020 28 0 169 1 2 4 237 0 441

2019 36 0 832 2 40 5 294 0 1,209

2018 43 0 2,392 2 218 6 325 0 2,986

2017 51 0 1,135 3 965 8 358 24 2,544

2016 72 4 2,487 4 1,881 33 407 1,567 6,455

2015 460 5 5,208 567 2,914 89 970 3,516 13,729

2014 1,699 194 8,719 4,329 3,416 149 1,194 3,688 23,388

2013 1,902 218 12,104 3,512 7,641 168 1,322 3,987 30,854

2012 2,140 299 14,794 6,423 10,656 190 1,477 20,594 56,573

2011 2,387 331 16,207 6,232 13,438 208 1,590 23,238 63,631

2010 2,660 361 17,678 7,119 15,164 237 1,700 25,067 69,986

2009 2,485 391 20,136 7,515 16,990 255 1,849 25,723 75,344

2008 2,840 438 24,113 8,444 19,414 286 2,021 25,850 83,406

2007 3,316 503 31,537 9,221 23,254 319 1,187 25,473 94,810

2006 3,902 268 46,608 10,722 24,402 376 1,282 9,721 97,281

2005 4,622 431 46,679 11,848 21,203 634 1,455 43 86,915

2004 5,461 889 73,768 11,387 14,223 2,535 487 59 108,809

2003 6,522 1,437 27,738 8,429 383 1,944 428 98 46,979

2002 9,583 2,870 6,534 3,905 20 3,773 1,325 147 28,157

2001 10,708 NŽƚ AǀĂŝůĂďůĞ 

Before 2002 

NŽƚ AǀĂŝůĂďůĞ 

Before 2002 

NŽƚ AǀĂŝůĂďůĞ 

Before 2002 

NŽƚ AǀĂŝůĂďůĞ 

Before 2002 

NŽƚ AǀĂŝůĂďůĞ 

Before 2002 

NŽƚ AǀĂŝůĂďůĞ 

Before 2002 299 29,175

2000 NŽƚ AǀĂŝůĂďůĞ 

Before 2001 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 200ϭ 34,266

1999 31,673

1998 19,585

1997 5,554

1996 1,486

1995 747

1994 1

1993 2

1992 3

1991 93

1990 352

1989 831

1988 810

1987 1,036

1986 1,591

Source: Fannie Mae

Ǔ UŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ͘ ĞŐŝŶŶŝŶŐ ŝŶ 20ϭ0͕ ĞdžĐůƵĚĞƐ ĞīĞĐƚ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ 

:ĂŶƵĂƌLJ ϭ͕ 20ϭ0͘ AŵŽƵŶƚƐ ĨŽƌ 20ϭ0 ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ĨƌŽŵ ĂŵŽƵŶƚƐ ƉƌĞǀŝŽƵƐůLJ ƌĞƉŽƌƚĞĚ ƚŽ ƌĞŇĞĐƚ ƚŚŝƐ ĞdžĐůƵƐŝŽŶ͘

ǔ ĞŐŝŶŶŝŶŐ ŝŶ Yϯ 20ϭρ͕ ǁĞ ƌĞĐůĂƐƐŝĮĞĚ ĐĞƌƚĂŝŶ FĂŶŶŝĞ DĂĞ SŝŶŐůĞͲFĂŵŝůLJ ƐĞĐƵƌŝƟĞƐ ĨƌŽŵ ĮdžĞĚͲƌĂƚĞ ƚŽ ĂĚũƵƐƚĂďůĞͲƌĂƚĞ͘
114 Federal Housing Finance Agency

Table 5b. Fannie Mae Mortgage Assets Held for Investment Detail - Part 3, Mortgage-Related 

Securities

End of Period

Mortgage-Related Securities ($ in Millions) ($ in Millions)

Mortgage Revenue Bonds

($)

Total Mortgage-Related 

Securitiesa,b

($)

hnamortinjed Wremiums͕ 

Discounts, Deferred 

Adjustments, and Fair Value 

dũustments on Securities and 

Loansb,c

($)

Mortgage Assets Held 

for Investment (Net)b

($)

Mortgage Assets Held for Investment 

(Gross)b,d

($)

Limit on Mortgage Assets Held for 

/nǀestment ('ross)Ǘ

($)

Q4 2022 123 22,025 ;ρεΘͿ 77,144 77,742 225,000

Q3-2022 132 28,040 ;ςεϭͿ 83,291 83,982 250,000

Q2-2022 134 26,721 ;ςεϳͿ 90,623 91,320 250,000

Q1-2022 140 34,479 ;ΘςεͿ 101,880 102,750 250,000

Annual Data

2022 123 22,025 ;ρεΘͿ 77,144 77,742 225,000

2021 144 41,584 ;ϭϳ2Ϳ 109,049 109,221 250,000

2020 214 43,171 375 163,025 162,650 250,000

2019 313 48,053 ;2͕2ΘκͿ 151,327 153,611 250,000

2018 431 52,478 ;ϯ͕ςϭεͿ 175,534 179,153 250,000

2017 665 53,418 ;ς͕0κκͿ 224,739 230,783 288,400

2016 1,278 52,285 ;ε͕ρϳ0Ϳ 262,784 272,354 339,300

2015 3,105 91,511 ;Θ͕κκςͿ 336,657 345,103 399,200

2014 4,556 127,703 ;ς͕ΘςϭͿ 406,452 413,313 422,700

2013 6,319 176,037 ;ϭ0͕ϯ02Ϳ 480,399 490,701 552,500

2012 8,486 261,346 ;ς͕2ςϳͿ 626,787 633,054 650,000

2011 10,899 310,143 ;ε͕ϳΘκͿ 698,630 708,414 729,000

2010 12,525 361,697 ;ϭ2͕2ΘκͿ 776,487 788,771 810,000

2009 14,453 352,709 ;2ϯ͕εΘϭͿ 745,271 769,252 900,000

2008 15,447 362,703 ;2κ͕20ϳͿ 767,989 NŽƚ AƉƉůŝĐĂďůĞ ĞĨŽƌĞ 200ε NŽƚ AƉƉůŝĐĂďůĞ ĞĨŽƌĞ 200ε 

2007 16,315 324,326 ;κ͕2ΘϯͿ 723,620

2006 16,924 345,887 ;2͕κεΘͿ 726,434

2005 18,802 371,209 ;ϭ͕0ΘςͿ 736,803

2004 22,076 517,052 7,985 925,194

2003 20,359 511,235 10,721 919,589

2002 19,650 476,535 20,848 820,627

2001 18,377 541,046 ;2͕ϭ0κͿ 706,347

2000 15,227 457,617 ;2͕ρ20Ϳ 607,731

1999 12,171 374,836 ;εςκͿ 523,103

1998 9,685 258,736 919 415,434

1997 7,620 156,576 ;ΘςͿ 316,592

1996 6,665 119,161 ;ρ2ρͿ 286,527

1995 5,343 82,030 ;ςκϯͿ 252,868

1994 3,403 51,148 ;ϭ͕2κ2Ϳ 220,815

1993 2,519 27,712 ;ςε2Ϳ 190,169

1992 2,816 23,522 ;ϭ͕ΘρεͿ 156,260

1991 2,759 19,732 ;2͕ϯ0κͿ 126,679

1990 2,530 14,831 ;2͕ρς2Ϳ 114,066

1989 2,239 14,992 ;2͕ϳκ0Ϳ 107,981

1988 1,804 10,793 ;2͕εϭκͿ 100,099

1987 1,866 7,128 ;ϯ͕0ΘϭͿ 93,665

1986 469 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘϳ ;ϯ͕ϳϭ0Ϳ 94,123

1985 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘς ;κ͕0κ0Ϳ 95,250

1984 ;ϯ͕εϳκͿ 84,695

1983 ;ϯ͕00εͿ 75,782

1982 ;2͕κρΘͿ 69,842

1981 ;ϭ͕ϳΘϯͿ 59,949

1980 ;ϭ͕ϳϯΘͿ 55,878

1979 ;ϭ͕ϯ20Ϳ 49,777

1978 ;ϭ͕2ϭ2Ϳ 42,103

1977 ;ϭ͕ϭ2ρͿ 33,252

1976 ;ϭ͕ϭς2Ϳ 31,775

1975 ;ϭ͕0εςͿ 30,821

1974 ;ϭ͕0κ2Ϳ 28,665

1973 ;Θϳ0Ϳ 23,579

1972 ;ςϳκͿ 19,650

1971 ;ς2εͿ 17,886

Source: Fannie Mae

a

 UŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ͘

ď

 ĞŐŝŶŶŝŶŐ ŝŶ 20ϭ0͕ ĞdžĐůƵĚĞƐ ĞīĞĐƚ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͘ AŵŽƵŶƚƐ ĨŽƌ 

20ϭ0 ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ĨƌŽŵ ĂŵŽƵŶƚƐ ƉƌĞǀŝŽƵƐůLJ ƌĞƉŽƌƚĞĚ ƚŽ ƌĞŇĞĐƚ ƚŚŝƐ ĞdžĐůƵƐŝŽŶ͘

c

 IŶĐůƵĚĞƐ ƵŶĂŵŽƌƟnjĞĚ ƉƌĞŵŝƵŵƐ͕ ĚŝƐĐŽƵŶƚƐ͕ ĚĞĨĞƌƌĞĚ ĂĚũƵƐƚŵĞŶƚƐ͕ ĂŶĚ ĨĂŝƌͲǀĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ ŽŶ ƐĞĐƵƌŝƟĞƐ ĂŶĚ ůŽĂŶƐ͘ ĞŐŝŶŶŝŶŐ ŝŶ 2002͕ ĂŵŽƵŶƚƐ ŝŶĐůƵĚĞ ĨĂŝƌͲǀĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ ĂŶĚ 

ŝŵƉĂŝƌŵĞŶƚƐ ŽŶ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ĂŶĚ ƐĞĐƵƌŝƟĞƐ ĐŽŵŵŝƚŵĞŶƚƐ ĐůĂƐƐŝĮĞĚ ĂƐ ƚƌĂĚŝŶŐ ĂŶĚ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ͘ EdžĐůƵĚĞƐ ĂůůŽǁĂŶĐĞ ĨŽƌ ůŽĂŶ ůŽƐƐĞƐ ŽŶ ůŽĂŶƐ ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ 

ĂŶĚ ĂůůŽǁĂŶĐĞ ĨŽƌ ĐƌĞĚŝƚ ůŽƐƐĞƐ ŽŶ AǀĂŝůĂďůĞ ĨŽƌ SĂůĞ SĞĐƵƌŝƟĞƐ͘

d

 AŵŽƵŶƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ ŵĞĞƚ ƚŚĞ ĚĞĮŶŝƟŽŶ ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ŝŶ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŵĂdžŝŵƵŵ 

ĂŵŽƵŶƚ ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ƚŚĂƚ ŵĂLJ ďĞ ŚĞůĚ͘ TŚĞ ĂŵŽƵŶƚ ĨŽƌ 200ε ŝŶĐůƵĚĞƐ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͘ TŚĞ 200ε ĂŵŽƵŶƚ ǁŽƵůĚ ŚĂǀĞ ďĞĞŶ Ψϳϳ2͘ρ ďŝůůŝŽŶ ĞdžĐůƵĚŝŶŐ 

ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͘ AŵŽƵŶƚƐ ĚŽĞƐ ŶŽƚ ŝŶĐůƵĚĞ ϭ0й ŽĨ ƚŚĞ ŶŽƟŽŶĂů ǀĂůƵĞ ŽĨ ŝŶƚĞƌĞƐƚͲŽŶůLJ ƐĞĐƵƌŝƟĞƐ͘

e

 DĂdžŝŵƵŵ ĂůůŽǁĂďůĞ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ƵŶĚĞƌ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ͘
Report to the Congress 2022 115

APPENDIX: HISTORICAL DATA TABLES

daďle ς͘ Fannie Mae Financial eriǀatiǀes

Financial eriǀatiǀes - Eotional mount Outstanding ($ in Millions)

End of Period /nterest Rate SǁaƉsa Interest Rate Caps, Floors, 

and Corridors Foreign Currency Contracts

Over-the-Counter Futures, 

OƉtions͕ and Forǁard Rate 

greementsǔ

Mandatory Mortgage 

Purchase & Sell 

Commitments

Otherc Total

Q4 2022 277,715 0 300 7,422 55,706 23,784 364,927

Q3 2022 266,698 0 277 7,422 110,522 24,456 409,375

Q2 2022 243,612 0 302 6,112 123,961 24,099 398,086

Q1 2022 205,555 0 326 5,332 190,310 21,620 423,143

Annual Data

2022 277,715 0 300 7,422 55,706 23,784 364,927

2021 158,974 0 336 5,432 182,386 19,256 366,384

2020 226,306 0 476 76,008 408,192 28,197 739,179

2019 170,464 0 461 38,957 192,341 37,918 440,141

2018 240,741 0 444 35,881 117,007 34,350 428,423

2017 294,339 0 470 30,565 177,613 13,240 516,227

2016 307,034 0 430 25,205 148,472 15,078 496,219

2015 384,184 0 553 41,191 125,443 0 551,371

2014 404,375 0 617 67,900 119,026 0 591,918

2013 413,738 500 1,042 137,450 72,937 0 625,667

2012 572,349 6,500 1,195 121,910 159,057 0 861,011

2011 426,688 7,000 1,032 178,470 101,435 0 714,625

2010 502,578 7,000 1,560 176,010 119,870 0 807,018

2009 661,990 7,000 1,537 174,680 121,947 0 967,154

2008 1,023,384 500 1,652 173,060 71,236 0 1,269,832

2007 671,274 2,250 2,559 210,381 55,366 0 941,830

2006 516,571 14,000 4,551 210,271 39,928 0 785,321

2005 317,470 33,000 5,645 288,000 39,194 0 683,309

2004 256,216 104,150 11,453 318,275 40,600 0 730,694

2003 598,288 130,350 5,195 305,175 43,560 0 1,082,568

2002 253,211 122,419 3,932 275,625 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 200ϯ 0 655,187

2001 299,953 75,893 8,493 148,800 0 533,139

2000 227,651 33,663 9,511 53,915 0 324,740

1999 192,032 28,950 11,507 41,081 1,400 274,970

1998 142,846 14,500 12,995 13,481 3,735 187,557

1997 149,673 100 9,968 0 1,660 161,401

1996 158,140 300 2,429 0 350 161,219

1995 125,679 300 1,224 29 975 128,207

1994 87,470 360 1,023 0 1,465 90,317

1993 49,458 360 1,023 0 1,425 52,265

1992 24,130 0 1,177 0 1,350 26,658

1991 9,100 0 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεε2 50 1,050 10,200

1990 4,800 0 25 1,700 6,525

Source: Fannie Mae

Ǔ ĞŐŝŶŶŝŶŐ ŝŶ 2002͕ ŝŶĐůƵĚĞƐ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ŽƉƟŽŶƐ͕ ƐǁĂƉ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞŵĞŶƚƐ͕ ĂŶĚ ĨŽƌǁĂƌĚͲƐƚĂƌƟŶŐ ĚĞďƚ͘ FŽƌǁĂƌĚͲƐƚĂƌƟŶŐ ĚĞďƚ ŝƐ Ă ĐŽŵŵŝƚŵĞŶƚ ƚŽ ŝƐƐƵĞ ĚĞďƚ Ăƚ ƐŽŵĞ 

ĨƵƚƵƌĞ ƟŵĞ ;ŐĞŶĞƌĂůůLJ ƚŽ ĨƵŶĚ Ă ƉƵƌĐŚĂƐĞ Žƌ ĐŽŵŵŝƚŵĞŶƚ ƚŚĂƚ ƐƚĂƌƚƐ Ăƚ ƚŚĞ ĂŐƌĞĞĚ ĨƵƚƵƌĞ ƟŵĞͿ͘

ǔ ĞŐŝŶŶŝŶŐ ŝŶ 20ϭ0͕ ŝŶĐůƵĚĞƐ ĞdžĐŚĂŶŐĞͲƚƌĂĚĞĚ ĨƵƚƵƌĞƐ͕ ŝĨ ĂƉƉůŝĐĂďůĞ͘

Ǖ ĞŐŝŶŶŝŶŐ ŝŶ 20ϭς͕ ŝŶĐůƵĚĞƐ ĐƌĞĚŝƚ ƌŝƐŬ ƚƌĂŶƐĨĞƌ ƚƌĂŶƐĂĐƟŽŶƐ ƚŚĂƚ ǁĞ ĂĐĐŽƵŶƚ ĨŽƌ ĂƐ ĚĞƌŝǀĂƟǀĞƐ͘
116 Federal Housing Finance Agency

Table 7. Fannie Mae Nonmortgage Investments

End of Period

Eonmortgage /nǀestments ($ in Millions)a

Federal Funds and Eurodollars

($)

sset-acŬed Securities

($)

ReƉurchase greementsǔ

($)

Commercial Paper and 

orƉorate eďtc

($)

Otherǖ

($)

Total

($)

Q4 2022 0 0 14,565 20 46,898 61,483

Q3 2022 0 0 23,950 15 54,687 78,652

Q2 2022 0 0 15,391 13 60,883 76,287

Q1 2022 0 0 17,907 16 79,987 97,910

Annual Data

2022 0 0 14,565 20 46,898 61,483

2021 0 0 20,743 19 83,581 104,343

2020 0 0 28,200 73 130,456 158,729

2019 0 0 13,578 79 39,501 53,158

2018 0 0 32,938 89 35,502 68,529

2017 0 0 19,470 0 29,222 48,692

2016 0 0 30,415 0 32,317 62,732

2015 0 0 27,350 0 29,485 56,835

2014 0 0 30,950 0 19,466 50,416

2013 0 0 38,975 0 16,306 55,281

2012 0 0 32,500 0 17,950 50,450

2011 0 2,111 46,000 0 47,737 95,848

2010 5,000 5,321 6,750 0 27,432 44,503

2009 44,900 8,515 4,000 364 3 57,782

2008 45,910 10,598 8,000 6,037 1,005 71,550

2007 43,510 15,511 5,250 13,515 9,089 86,875

2006 9,410 18,914 0 27,604 1,055 56,983

2005 8,900 19,190 0 16,979 947 46,016

2004 3,860 25,644 70 16,435 1,829 47,839

2003 12,575 26,862 111 17,700 2,270 59,518

2002 150 22,312 181 14,659 2,074 39,376

2001 16,089 20,937 808 23,805 4,343 65,982

2000 7,539 17,512 87 8,893 18,316 52,347

1999 4,837 19,207 122 1,723 11,410 37,299

1998 7,926 20,993 7,556 5,155 16,885 58,515

1997 19,212 16,639 6,715 11,745 10,285 64,596

1996 21,734 14,635 4,667 6,191 9,379 56,606

1995 19,775 9,905 10,175 8,629 8,789 57,273

1994 17,593 3,796 9,006 7,719 8,221 46,335

1993 4,496 3,557 4,684 0 8,659 21,396

1992 6,587 4,124 3,189 0 5,674 19,574

1991 2,954 2,416 2,195 0 2,271 9,836

1990 5,329 1,780 951 0 1,808 9,868

1989 5,158 1,107 0 0 2,073 8,338

1988 4,125 481 0 0 683 5,289

1987 2,559 25 0 0 884 3,468

1986 1,530 0 0 0 245 1,775

1985 1,391 0 0 0 75 1,466

1984 1,575 0 0 0 265 1,840

1983 9 0 0 0 227 236

1982 1,799 0 0 0 631 2,430

1981 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘ2 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘ2 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘ2 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘ2 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘ2 1,047

1980 1,556

1979 843

1978 834

1977 318

1976 245

1975 239

1974 466

1973 227

1972 268

1971 349

Source: Fannie Mae

Ǔ DĂƚĂ ƌĞŇĞĐƚ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ ŶĞƚ ŽĨ ƵŶĂŵŽƌƟnjĞĚ ƉƵƌĐŚĂƐĞ ƉƌĞŵŝƵŵƐ͕ ĚŝƐĐŽƵŶƚƐ ĂŶĚ ĐŽƐƚͲďĂƐŝƐ ĂĚũƵƐƚŵĞŶƚƐ͕ ĨĂŝƌͲǀĂůƵĞ ĂĚũƵƐƚŵĞŶƚƐ͕ ĂŶĚ ŝŵƉĂŝƌŵĞŶƚƐ ŽŶ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ĂŶĚ 

ƚƌĂĚŝŶŐ ƐĞĐƵƌŝƟĞƐ͘

ǔ SŝŶĐĞ 200ρ͕ ĂĚǀĂŶĐĞƐ ƚŽ ůĞŶĚĞƌƐ ŚĂǀĞ ŶŽƚ ďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĚĂƚĂ͘ AŵŽƵŶƚƐ ĨŽƌ LJĞĂƌƐ ďĞĨŽƌĞ 200ρ ŵĂLJ ŝŶĐůƵĚĞ Žƌ ĐŽŶƐŝƐƚ ŽĨ ĂĚǀĂŶĐĞƐ ƚŽ ůĞŶĚĞƌƐ͘ IŶĐůƵĚĞƐ ƚƌŝͲƉĂƌƚLJ ƌĞƉƵƌĐŚĂƐĞ 

ĂŐƌĞĞŵĞŶƚƐ͘ AŵŽƵŶƚƐ ŝŶĐůƵĚĞ ƌĞƉƵƌĐŚĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ŚĞůĚ ďLJ ĐŽŶƐŽůŝĚĂƚĞĚ ƚƌƵƐƚƐ ĂŶĚ ĞdžĐůƵĚĞ ƐŚŽƌƚͲƚĞƌŵ ƌĞƉƵƌĐŚĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĐůĂƐƐŝĨĞĚ ĂƐ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ͘

Ǖ IŶĐůƵĚĞƐ ĐŽƌƉŽƌĂƚĞ ďŽŶĚƐ͘

ǖ IŶĐůƵĚĞƐ TƌĞĂƐƵƌLJ ĂŶĚ ĂŐĞŶĐLJ ƐĞĐƵƌŝƟĞƐ͕ YĂŶŬĞĞ ŽŶĚƐ͕ ĂŶĚ ĚŽŵĞƐƟĐ ĐĞƌƟĮĐĂƚĞƐ ŽĨ ĚĞƉŽƐŝƚ͘
Report to the Congress 2022 117

APPENDIX: HISTORICAL DATA TABLES

Table 8. Fannie Mae Mortgage Asset Quality

End of Period

Mortgage Asset Quality

Single-Family Serious Delinquency 

Ratea

(%)

Multifamily Serious elinƋuency 

Rateǔ

(%)

Credit (Income) Losses as a 

WroƉortion of the 'uarantee ooŬ 

of Businessc,d

(%)

RO as a WroƉortion of the 

Guarantee Book of Businessd

(%)

Credit-Enhanced Outstanding as a 

WroƉortion of the 'uarantee ooŬ 

of Businesse

(%)

Q4 2022 0͘ςρ й 0͘2κ й 0͘0ϯ й 0͘0κ й κϳ͘ϳρ й

Q3 2022 0͘ςε й 0͘2ς й 0͘0κ й 0͘0κ й κϳ͘ρϯ й

Q2 2022 0͘Θϭ й 0͘ϯκ й 0͘02 й 0͘0κ й κρ͘ϳϭ й

Q1 2022 ϭ͘0ϭ й 0͘ϯΘ й 0͘00 й 0͘0κ й κϯ͘ςκ й

Annual Data

2022 0͘ςρ й 2κ͘00 й ϯ͘00 й κ͘00 й κϳ͘ϳρ й

2021 1.25 0.04 ;0͘0ςͿ 0.03 41.17 

2020 2.87 0.98 ;0͘0ϯͿ 0.04 47.75 

2019 0.66 0.04 0.05 0.07 57.42 

2018 0.76 0.06 0.07 0.08 51.00 

2017 1.24 0.11 0.10 0.10 44.30 

2016 1.20 0.05 0.12 0.15 37.20 

2015 1.55 0.07 0.35 0.22 23.10 

2014 1.89 0.05 0.20 0.35 20.90 

2013 2.38 0.10 0.15 0.38 19.60 

2012 3.29 0.24 0.48 0.35 18.80 

2011 3.91 0.59 0.61 0.37 18.40 

2010 4.48 0.71 0.77 0.53 19.10 

2009 5.38 0.63 0.45 0.30 21.20 

2008 2.42 0.30 0.23 0.23 23.90

2007 0.98 0.08 0.05 0.13 23.70 

2006 0.65 0.08 0.02 0.09 22.30 

2005 0.79 0.32 0.01 0.08 21.80 

2004 0.63 0.11 0.01 0.07 20.50 

2003 0.60 0.29 0.01 0.06 22.60 

2002 0.57 0.08 0.01 0.05 26.80 

2001 0.55 0.27 0.01 0.04 34.20 

2000 0.45 0.07 0.01 0.05 40.40 

1999 0.47 0.11 0.01 0.06 20.90 

1998 0.56 0.23 0.03 0.08 17.50 

1997 0.62 0.37 0.04 0.10 12.80 

1996 0.58 0.68 0.05 0.11 10.50 

1995 0.56 0.81 0.05 0.08 10.60 

1994 0.47 1.21 0.06 0.10 10.20 

1993 0.48 2.34 0.04 0.10 10.60 

1992 0.53 2.65 0.04 0.09 15.60 

1991 0.64 3.62 0.04 0.07 22.00 

1990 0.58 1.70 0.06 0.09 25.90 

1989 0.69 3.20 0.07 0.14 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεε0 

988 0.88 6.60 0.11 0.15 

1987 1.12 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘΘ 0.11 0.18 

1986 1.38 0.12 0.22 

1985 1.48 0.13 0.32 

1984 1.65 0.09 0.33 

1983 1.49 0.05 0.35 

1982 1.41 0.01 0.20 

1981 0.96 0.01 0.13 

1980 0.90 0.01 0.09 

1979 0.56 0.02 0.11 

1978 0.55 0.02 0.18 

1977 0.46 0.02 0.26 

1976 1.58 0.03 0.27 

1975 0.56 0.03 0.51 

1974 0.51 0.02 0.52 

1973 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεϳκ Ͳ 0.61 

1972 0.02 0.98 

1971 0.01 0.59 

Source: Fannie Mae

Ǔ SŝŶŐůĞͲĨĂŵŝůLJ ůŽĂŶƐ ĂƌĞ ƐĞƌŝŽƵƐůLJ ĚĞůŝŶƋƵĞŶƚ ǁŚĞŶ ƚŚĞ ůŽĂŶƐ ĂƌĞ ε0 ĚĂLJƐ Žƌ ŵŽƌĞ ƉĂƐƚ ĚƵĞ Žƌ ŝŶ ƚŚĞ ĨŽƌĞĐůŽƐƵƌĞ ƉƌŽĐĞƐƐ͘ RĂƚĞ ŝƐ ĐĂůĐƵůĂƚĞĚ ƵƐŝŶŐ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĐŽŶǀĞŶƟŽŶĂů ƐŝŶŐůĞͲ

ĨĂŵŝůLJ ůŽĂŶƐ ŽǁŶĞĚ ĂŶĚ ďĂĐŬŝŶŐ FĂŶŶŝĞ DĂĞ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ͘ IŶĐůƵĚĞƐ ůŽĂŶƐ ƌĞĨĞƌƌĞĚ ƚŽ ĨŽƌĞĐůŽƐƵƌĞ ƉƌŽĐĞĞĚŝŶŐƐ ďƵƚ ŶŽƚ LJĞƚ ĨŽƌĞĐůŽƐĞĚ͘ PƌŝŽƌ ƚŽ ϭεΘΘ͕ ĚĂƚĂ ŝŶĐůƵĚĞĚ 

Ăůů ƐĞƌŝŽƵƐůLJ ĚĞůŝŶƋƵĞŶƚ ůŽĂŶƐ ĨŽƌ ǁŚŝĐŚ FĂŶŶŝĞ DĂĞ ŚĂĚ ƉƌŝŵĂƌLJ ƌŝƐŬ ŽĨ ůŽƐƐ͘ ĞŐŝŶŶŝŶŐ ŝŶ ϭεεΘ͕ ĚĂƚĂ ŝŶĐůƵĚĞ Ăůů ƐĞƌŝŽƵƐůLJ ĚĞůŝŶƋƵĞŶƚ ĐŽŶǀĞŶƟŽŶĂů ůŽĂŶƐ ŽǁŶĞĚ Žƌ ďĂĐŬŝŶŐ FĂŶŶŝĞ DĂĞ 

DS ǁŝƚŚ ĂŶĚ ǁŝƚŚŽƵƚ ƉƌŝŵĂƌLJ ŵŽƌƚŐĂŐĞ ŝŶƐƵƌĂŶĐĞ Žƌ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞŵĞŶƚ͘ DĂƚĂ ƉƌŝŽƌ ƚŽ ϭεε2 ŝŶĐůƵĚĞ ůŽĂŶƐ ĂŶĚ ƐĞĐƵƌŝƟĞƐ ŝŶ ƌĞůŝĞĨ Žƌ ďĂŶŬƌƵƉƚĐLJ͕ ĞǀĞŶ ŝĨ ƚŚĞ ůŽĂŶƐ ǁĞƌĞ ůĞƐƐ ƚŚĂŶ ε0 

ĚĂLJƐ ĚĞůŝŶƋƵĞŶƚ͕ ĐĂůĐƵůĂƚĞĚ ďĂƐĞĚ ŽŶ ŶƵŵďĞƌ ŽĨ ůŽĂŶƐ͘

ǔ ĞĨŽƌĞ ϭεεΘ͕ ĚĂƚĂ ŝŶĐůƵĚĞ ŵƵůƟĨĂŵŝůLJ ůŽĂŶƐ ĨŽƌ ǁŚŝĐŚ FĂŶŶŝĞ DĂĞ ŚĂĚ ƉƌŝŵĂƌLJ ƌŝƐŬ ŽĨ ůŽƐƐ͘ ĞŐŝŶŶŝŶŐ ŝŶ ϭεεΘ͕ ĚĂƚĂ ŝŶĐůƵĚĞ Ăůů ŵƵůƟĨĂŵŝůLJ ůŽĂŶƐ ĂŶĚ ƐĞĐƵƌŝƟĞƐ ς0 ĚĂLJƐ Žƌ ŵŽƌĞ 

ƉĂƐƚ ĚƵĞ͘ ĞŐŝŶŶŝŶŐ ŝŶ 2002͕ ƌĂƚĞ ŝƐ ĐĂůĐƵůĂƚĞĚ ƵƐŝŶŐ ƚŚĞ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ ŽĨ ŵƵůƟĨĂŵŝůLJ ůŽĂŶƐ ŽǁŶĞĚ ďLJ FĂŶŶŝĞ DĂĞ Žƌ ƵŶĚĞƌůLJŝŶŐ FĂŶŶŝĞ DĂĞ ŐƵĂƌĂŶƚĞĞĚ ƐĞĐƵƌŝƟĞƐ ĂƐ ƚŚĞ 

ĚĞŶŽŵŝŶĂƚŽƌ͘ FŽƌ ƚŚĞ ƉĞƌŝŽĚ ϭεεΘ ƚŽ 200ϭ͕ ƚŚĞ ĚĞŶŽŵŝŶĂƚŽƌ ĂůƐŽ ŝŶĐůƵĚĞƐ ŽƚŚĞƌ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞŵĞŶƚƐ FĂŶŶŝĞ DĂĞ ƉƌŽǀŝĚĞƐ ŽŶ ŵƵůƟĨĂŵŝůLJ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ĂŶĚ ŵƵůƟĨĂŵŝůLJ ŶŽŶͲ

FĂŶŶŝĞ DĂĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ͘

Ǖ ĞŐŝŶŶŝŶŐ ŝŶ 2020͕ ĐƌĞĚŝƚ ;ŝŶĐŽŵĞͿ ůŽƐƐĞƐ ĐŽŶƐŝƐƚƐ ŽĨ ǁƌŝƚĞͲŽīƐ͕ ƌĞĐŽǀĞƌŝĞƐ͕ ĨŽƌĞĐůŽƐĞĚ ƉƌŽƉĞƌƚLJ ŝŶĐŽŵĞ ;ĞdžƉĞŶƐĞͿ͕ ǁƌŝƚĞͲŽīƐ ŽŶ ƚŚĞ ƌĞĚĞƐŝŐŶĂƟŽŶ ŽĨ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ŐĂŝŶƐ ŽŶ 

ƐĂůĞƐ ĂŶĚ ŽƚŚĞƌ ǀĂůƵĂƟŽŶ ĂĚũƵƐƚŵĞŶƚƐ͘ ĞĨŽƌĞ 2020 ĐƌĞĚŝƚ ;ŝŶĐŽŵĞͿ ůŽƐƐĞƐ ĐŽŶƐŝƐƚĞĚ ŽĨ ĐŚĂƌŐĞͲŽīƐ͕ ŶĞƚ ŽĨ ƌĞĐŽǀĞƌŝĞƐ ĂŶĚ ĨŽƌĞĐůŽƐĞĚ ƉƌŽƉĞƌƚLJ ĞdžƉĞŶƐĞ ;ŝŶĐŽŵĞͿ͘ AǀĞƌĂŐĞ ďĂůĂŶĐĞƐ 

ƵƐĞĚ ƚŽ ĐĂůĐƵůĂƚĞ ƌĂƟŽƐ ƐƵďƐĞƋƵĞŶƚ ƚŽ ϭεεκ͘ YƵĂƌƚĞƌůLJ ĚĂƚĂ ĂƌĞ ĂŶŶƵĂůŝnjĞĚ͘ ĞŐŝŶŶŝŶŐ ŝŶ 200ρ͕ ĐƌĞĚŝƚ ůŽƐƐĞƐ ĞdžĐůƵĚĞ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ĨĂŝƌͲǀĂůƵĞ ůŽƐƐĞƐ ŽĨ ĐƌĞĚŝƚ ŝŵƉĂŝƌĞĚ ůŽĂŶƐ ĂĐƋƵŝƌĞĚ 

ĨƌŽŵ DS ƚƌƵƐƚƐ͘ ĞŐŝŶŶŝŶŐ ŝŶ 200Θ͕ ĐƌĞĚŝƚ ůŽƐƐĞƐ ĂůƐŽ ĞdžĐůƵĚĞ ƚŚĞ ĞīĞĐƚ ŽĨ HŽŵĞSĂǀĞƌ AĚǀĂŶĐĞ ƉƌŽŐƌĂŵ ĨĂŝƌͲǀĂůƵĞ ůŽƐƐĞƐ͘

ǖ GƵĂƌĂŶƚLJ ďŽŽŬ ŽĨ ďƵƐŝŶĞƐƐ ƌĞĨĞƌƐ ƚŽ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ ŽĨ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ŚĞůĚ ĂƐ ŝŶǀĞƐƚŵĞŶƚƐ͕ FĂŶŶŝĞ DĂĞ DS ŚĞůĚ ĂƐ ŝŶǀĞƐƚŵĞŶƚƐ͕ FĂŶŶŝĞ DĂĞ DS ŚĞůĚ ďLJ 

ƚŚŝƌĚ ƉĂƌƟĞƐ͕ ĂŶĚ ŽƚŚĞƌ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞŵĞŶƚƐ FĂŶŶŝĞ DĂĞ ƉƌŽǀŝĚĞƐ ŽŶ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ͘ Iƚ ĞdžĐůƵĚĞƐ ŶŽŶͲFĂŶŶŝĞ DĂĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ ƚŚĂƚ FĂŶŶŝĞ DĂĞ 

ĚŽĞƐ ŶŽƚ ŐƵĂƌĂŶƚĞĞ͘ ĞĨŽƌĞ 200ρ͕ ƚŚĞ ƌĂƟŽ ǁĂƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŵŽƌƚŐĂŐĞ ĐƌĞĚŝƚ ďŽŽŬ ŽĨ ďƵƐŝŶĞƐƐ͕ ǁŚŝĐŚ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚĞ ŐƵĂƌĂŶƚLJ ďŽŽŬ ŽĨ ďƵƐŝŶĞƐƐ ƉůƵƐ ŶŽŶͲFĂŶŶŝĞ DĂĞ ŵŽƌƚŐĂŐĞͲ

ƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŚĞůĚ ĂƐ ŝŶǀĞƐƚŵĞŶƚƐ ŶŽƚ ŐƵĂƌĂŶƚĞĞĚ ďLJ FĂŶŶŝĞ DĂĞ͘

Ǘ ĞŐŝŶŶŝŶŐ ŝŶ 2000͕ ƚŚĞ ĐƌĞĚŝƚͲĞŶŚĂŶĐĞĚ ĐĂƚĞŐŽƌLJ ǁĂƐ ĞdžƉĂŶĚĞĚ ƚŽ ŝŶĐůƵĚĞ ůŽĂŶƐ ǁŝƚŚ ƉƌŝŵĂƌLJ ŵŽƌƚŐĂŐĞ ŝŶƐƵƌĂŶĐĞ͘ AŵŽƵŶƚƐ ĨŽƌ ƉĞƌŝŽĚƐ ďĞĨŽƌĞ 2000 ƌĞŇĞĐƚ ƚŚĞ ƉƌŽƉŽƌƟŽŶ ŽĨ ĂƐƐĞƚƐ 

ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ ǁŝƚŚ ĂĚĚŝƟŽŶĂů ƌĞĐŽƵƌƐĞ ĨƌŽŵ Ă ƚŚŝƌĚ ƉĂƌƚLJ ƚŽ ĂĐĐĞƉƚ ƐŽŵĞ Žƌ Ăůů ŽĨ ƚŚĞ ĞdžƉĞĐƚĞĚ ůŽƐƐĞƐ ŽŶ ĚĞĨĂƵůƚĞĚ ŵŽƌƚŐĂŐĞƐ͘ AĚĚŝƟŽŶĂůůLJ͕ ďĞŐŝŶŶŝŶŐ ŝŶ Yκ ŽĨ 20ϭς͕ ƚŚĞ ĐƌĞĚŝƚͲ

ĞŶŚĂŶĐĞĚ ĐĂƚĞŐŽƌLJ ǁĂƐ ĞdžƉĂŶĚĞĚ ƚŽ ŝŶĐůƵĚĞ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞŵĞŶƚƐ ĨƌŽŵ CŽŶŶĞĐƟĐƵƚ AǀĞŶƵĞ SĞĐƵƌŝƟĞƐ ;CASͿ ƚƌĂŶƐĂĐƟŽŶƐ͘
118 Federal Housing Finance Agency

Table 9. Fannie Mae Statutory Capital

End of Period

aƉital ($ in Millions)a

Minimum Capital Requirement Risk-Based Capital Requirement

Market 

aƉitalinjationǚ

($)

Core Capital/Total 

ssetsǛ

(%)

Core Capital/

Total Assets plus 

Unconsolidated 

MBSi,j

(%)

Common Share 

Dividend Payout 

Rateǝ

(%)

ore aƉitalǔ

($)

Minimum Capital 

ReƋuirementc

($)

Minimum Capital 

SurƉlus (eĮcit)ǖ

($)

dotal aƉitalǗ

($)

Risk-Based Capital 

ReƋuirementǘ

($)

Risk-Based Capital 

SurƉlus (eĮcit)Ǚ

($)

Q4 2022 ;ςϭ͕000Ϳ 113,800 ;ϭϳκ͕Θ00Ϳ ;ϳκ͕000Ϳ 184,000 ;2ρΘ͕000Ϳ 405 ;ϭ͘κ2Ϳй ;ϭ͘κ2Ϳй NͬA

Q3 2022 ;ς2͕000Ϳ 113,499 ;ϭϳρ͕κεεͿ ;ϳρ͕000Ϳ 183,000 ;2ρΘ͕000Ϳ 602 ;ϭ͘κρͿй ;ϭ͘κκͿй NͬA

Q2 2022 ;ςκ͕000Ϳ 113,625 ;ϭϳϳ͕ς2ρͿ ;ϳϳ͕000Ϳ 185,000 ;2ς2͕000Ϳ 498 ;ϭ͘κεͿй ;ϭ͘κεͿй NͬA

Q1 2022 ;ςε͕ϭϭ0Ϳ 113,000 ;ϭΘ2͕ϭϭ0Ϳ ;Θ2͕000Ϳ 190,000 ;2ϳ2͕000Ϳ 915 ;ϭ͘ςϭͿй ;ϭ͘ςϭͿй NͬA

Annual Data

2022 ;ςϭ͕000Ϳ 113,800 ;ϭϳκ͕Θ00Ϳ ;ϳκ͕000Ϳ 184,000 ;2ρΘ͕000Ϳ 405 ;ϭ͘κ2Ϳй ;ϭ͘κ2Ϳй NͬA

2021 ;ϳϯ͕ρϭϳͿ 26,810 ;ϭ00͕ϯ2ϳͿ NͬA NͬA NͬA 950 ;ϭ͘ϳκͿ ;ϭ͘ϳκͿ NͬA 

2020 ;ερ͕ςεκͿ 28,603 ;ϭ2κ͕2εϳͿ NͬA NͬA NͬA 2,768 ;2͘κ0Ϳ ;2͘κ0Ϳ NͬA 

2019 ;ϭ0ς͕ϯς0Ϳ 22,392 ;ϭ2Θ͕ϳρ2Ϳ NͬA NͬA NͬA 3,613 ;ϯ͘0ϯͿ ;ϯ͘0ϯͿ NͬA 

2018 ;ϭϭκ͕εϭεͿ 22,216 ;ϭϯϳ͕ϭϯρͿ NͬA NͬA NͬA 1,228 ;ϯ͘ϯςͿ ;ϯ͘ϯςͿ NͬA 

2017 ;ϭ2ϭ͕ϯΘεͿ 23,007 ;ϭκκ͕ϯεςͿ NͬA NͬA NͬA 3,069 ;ϯ͘ςϯͿ ;ϯ͘ς2Ϳ NͬA 

2016 ;ϭϭϭ͕ΘϯςͿ 24,351 ;ϭϯς͕ϭΘϳͿ NͬA NͬA NͬA 4,517 ;ϯ͘κ0Ϳ ;ϯ͘ϯεͿ NͬA 

2015 ;ϭϭκ͕ρ2ςͿ 25,144 ;ϭϯε͕ςϳ0Ϳ NͬA NͬA NͬA 1,899 ;ϯ͘ρρͿ ;ϯ͘ρκͿ NͬA 

2014 ;ϭϭρ͕202Ϳ 27,044 ;ϭκ2͕2κςͿ NͬA NͬA NͬA 2,380 ;ϯ͘ρρͿ ;ϯ͘ρϯͿ NͬA 

2013 ;ϭ0Θ͕ΘϭϭͿ 28,472 ;ϭϯϳ͕2ΘϯͿ NͬA NͬA NͬA 3,486 ;ϯ͘ϯϯͿ ;ϯ͘ϯϭͿ NͬA 

2012 ;ϭϭ0͕ϯρ0Ϳ 30,862 ;ϭκϭ͕2ϭ2Ϳ NͬA NͬA NͬA 295 ;ϯ͘κ2Ϳ ;ϯ͘κϭͿ NͬA 

2011 ;ϭϭρ͕εςϳͿ 32,463 ;ϭκΘ͕κϯ0Ϳ NͬA NͬA NͬA 233 ;ϯ͘ςϭͿ ;ϯ͘ρεͿ NͬA 

2010 ;Θε͕ρϭςͿ 33,676 ;ϭ2ϯ͕ϭε2Ϳ NͬA NͬA NͬA 336 ;2͘ϳΘͿ ;2͘ϳςͿ NͬA 

2009 ;ϳκ͕ρκ0Ϳ 33,057 ;ϭ0ϳ͕ρεϳͿ NͬA NͬA NͬA 1,314 ;Θ͘ρΘͿ ;2͘2ςͿ NͬA 

2008 ;Θ͕ςκϭͿ 33,552 ;κ2͕ϭεϯͿ NͬA NͬA NͬA 825 ;0͘ερͿ ;0͘2ϳͿ NͬD 

2007 45,373 31,927 13,446 48,658 24,700 23,958 38,946 5.14 1.51 NͬD 

2006 41,950 29,359 12,591 42,703 26,870 15,833 57,735 4.97 1.60 32.4

2005 39,433 28,233 11,200 40,091 12,636 27,455 47,373 4.73 1.62 17.2

2004 34,514 32,121 2,393 35,196 10,039 25,157 69,010 3.38 1.42 42.1

2003 26,953 31,816 ;κ͕ΘςϯͿ 27,487 27,221 266 72,838 2.64 1.16 20.8

2002 20,431 27,688 ;ϳ͕2ρϳͿ 20,831 17,434 3,397 63,612 2.26 1.05 34.5

2001 25,182 24,182 1,000 25,976 NŽƚ AƉƉůŝĐĂďůĞ 

Before 2002 

 NŽƚ AƉƉůŝĐĂďůĞ 

Before 2002 79,281 3.15 1.51 23

2000 20,827 20,293 533 21,634 86,643 3.08 1.51 26

1999 17,876 17,770 106 18,677 63,651 3.11 1.43 28.8

1998 15,465 15,334 131 16,257 75,881 3.19 1.38 29.5

1997 13,793 12,703 1,090 14,575 59,167 3.52 1.42 29.4

1996 12,773 11,466 1,307 13,520 39,932 3.64 1.42 30.4

1995 10,959 10,451 508 11,703 33,812 3.46 1.32 34.6

1994 9,541 9,415 126 10,368 19,882 3.50 1.26 30.8

1993 8,052 7,064 988 8,893 21,387 3.71 1.17 26.8

1992 NŽƚ AƉƉůŝĐĂďůĞ 

Before 1993 

 NŽƚ AƉƉůŝĐĂďůĞ 

Before 1993 

 NŽƚ AƉƉůŝĐĂďůĞ 

Before 1993 

 NŽƚ AƉƉůŝĐĂďůĞ 

Before 1993 20,874 NŽƚ AƉƉůŝĐĂďůĞ Before 1993 

 NŽƚ AƉƉůŝĐĂďůĞ 

Before 1993 23.2

1991 18,836 21.3

1990 8,490 14.7

1989 8,092 12.8

1988 3,992 11.2

1987 2,401 11.7

1986 3,006 8

1985 1,904 30.1

1984 1,012 NͬA 

1983 1,514 13.9

1982 1,603 NͬA 

1981 502 NͬA 

1980 702 464.2

1979 NŽƚ AǀĂŝůĂďůĞ 

Before 1980 45.7

1978 30.3

1977 31.8

1976 33.6

1975 31.8

1974 29.6

1973 18.1

1972 15.2

1971 18.7

Source: Fannie Mae and FHFA Aůů NƵŵďĞƌƐ ƉƌĞƐĞŶƚĞĚ ĨŽƌ 2022 ĂƌĞ ĐĂůƵůĂƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ERCF͘

NͬA с ŶŽƚ ĂƉƉůŝĐĂďůĞ

Ǔ OŶ OĐƚŽďĞƌ ε͕ 200Θ͕ ƚŚĞ FĞĚĞƌĂů HŽƵƐŝŶŐ FŝŶĂŶĐĞ AŐĞŶĐLJ ;FHFAͿ ƐƵƐƉĞŶĚĞĚ ĐĂƉŝƚĂů ĐůĂƐƐŝĮĐĂƟŽŶƐ ŽĨ FĂŶŶŝĞ DĂĞ͘ AƐ ŽĨ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ 200Θ͕ ŶĞŝƚŚĞƌ ƚŚĞ ĞdžŝƐƟŶŐ ƐƚĂƚƵƚŽƌLJ ŶŽƌ 

ƚŚĞ FHFAͲĚŝƌĞĐƚĞĚ ƌĞŐƵůĂƚŽƌLJ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ǁĞƌĞ ďŝŶĚŝŶŐ ĂŶĚ ǁŝůů ŶŽƚ ďĞ ďŝŶĚŝŶŐ ĚƵƌŝŶŐ ĐŽŶƐĞƌǀĂƚŽƌƐŚŝƉ͘ TŚĞ EŶƚĞƌƉƌŝƐĞ RĞŐƵůĂƚŽƌLJ CĂƉŝƚĂů FƌĂŵĞǁŽƌŬ͕ ǁŚŝĐŚ ďĞĐĂŵĞ ĞīĞĐƟǀĞ 

ŽŶ FĞďƌƵĂƌLJ ϭς͕ 202ϭ͕ ŝŶƚƌŽĚƵĐĞĚ ŶĞǁ ƌŝƐŬͲďĂƐĞĚ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŽ ďĞ ŵĞƚ ǁŝƚŚ ƐƚĂƚƵƚŽƌLJ ƚŽƚĂů ĐĂƉŝƚĂů ĂŶĚ ŝŶĐƌĞĂƐĞĚ ƚŚĞ ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ ƚŽ ďĞ ŵĞƚ ǁŝƚŚ ƐƚĂƚƵƚŽƌLJ 

ĐŽƌĞ ĐĂƉŝƚĂů ƉĞƌ ĂƵƚŚŽƌŝƚLJ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͘ TŚĞ EŶƚĞƌƉƌŝƐĞ ďĞŐĂŶ ƌĞƉŽƌƟŶŐ ƚŚĞ ŶĞǁ ĐĂƉŝƚĂů ĮŐƵƌĞƐ ŝŶ ĐŽƌƉŽƌĂƚĞ ĚŝƐĐůŽƐƵƌĞƐ ƐƚĂƌƟŶŐ ŝŶ 

2022.

ǔ TŚĞ ƐƵŵ ŽĨ ƚŚĞ ƐƚĂƚĞĚ ǀĂůƵĞ ŽĨ ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŵŵŽŶ ƐƚŽĐŬ ;ĐŽŵŵŽŶ ƐƚŽĐŬ ůĞƐƐ ƚƌĞĂƐƵƌLJ ƐƚŽĐŬͿ͕ ƚŚĞ ƐƚĂƚĞĚ ǀĂůƵĞ ŽĨ ŽƵƚƐƚĂŶĚŝŶŐ ŶŽŶĐƵŵƵůĂƟǀĞ ƉĞƌƉĞƚƵĂů ƉƌĞĨĞƌƌĞĚ ƐƚŽĐŬ͕ ƉĂŝĚͲŝŶ 

ĐĂƉŝƚĂů͕ ĂŶĚ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ ;ĂĐĐƵŵƵůĂƚĞĚ ĚĞĮĐŝƚͿ͘ CŽƌĞ ĐĂƉŝƚĂů ĞdžĐůƵĚĞƐ ĂĐĐƵŵƵůĂƚĞĚ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ;ůŽƐƐͿ ĂŶĚ ƐĞŶŝŽƌ ƉƌĞĨĞƌƌĞĚ ƐƚŽĐŬ͘

Ǖ ĞŐŝŶŶŝŶŐ ŝŶ ƚŚĞ ƚŚŝƌĚ ƋƵĂƌƚĞƌ ŽĨ 200ρ͕ FHFA ƌĞƋƵŝƌĞĚ FĂŶŶŝĞ DĂĞ ƚŽ ŵĂŝŶƚĂŝŶ ĂŶ ĂĚĚŝƟŽŶĂů ϯ0 ƉĞƌĐĞŶƚ ĐĂƉŝƚĂů ŝŶ ĞdžĐĞƐƐ ŽĨ ƚŚĞ ƐƚĂƚƵƚŽƌLJ ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ͘ TŚĞ ƌĞŐƵůĂƚŽƌ 

ƌĞĚƵĐĞĚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ ƚŽ 20 ƉĞƌĐĞŶƚ ĂƐ ŽĨ ƚŚĞ ĮƌƐƚ ƋƵĂƌƚĞƌ ŽĨ 200Θ ĂŶĚ ƚŽ ϭρ ƉĞƌĐĞŶƚ ĂƐ ŽĨ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ 200Θ͘ TŚĞ ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ ĂŶĚ ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů 

ƐƵƌƉůƵƐ ŶƵŵďĞƌƐ ƐƚĂƚĞĚ ŝŶ ƚŚŝƐ ƚĂďůĞ ĚŽ ŶŽƚ ƌĞŇĞĐƚ ƚŚĞƐĞ ĂĚĚŝƟŽŶĂů ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ FHFA ƉƵďůŝƐŚĞĚ Ă ĮŶĂů ƌƵůĞ ĞƐƚĂďůŝƐŚŝŶŐ Ă ŶĞǁ ĞŶƚĞƌƉƌŝƐĞ ƌĞŐƵůĂƚŽƌLJ ĐĂƉŝƚĂů ĨƌĂŵĞǁŽƌŬ ĨŽƌ 

ƚŚĞ GSEƐ ŝŶ DĞĐĞŵďĞƌ 2020͘ FHFA ƉƵďůŝƐŚĞĚ ƚŚƌĞĞ ĂĚĚŝƟŽŶĂů ĮŶĂů ƌƵůĞƐ ĂŵĞŶĚŝŶŐ ƚŚĞ ĞŶƚĞƌƉƌŝƐĞ ƌĞŐƵůĂƚŽƌLJ ĐĂƉŝƚĂů ĨƌĂŵĞǁŽƌŬ ŝŶ DĂƌĐŚ 2022 ĂŶĚ :ƵŶĞ 2022͘ tĞ ƌĞĨĞƌ ƚŽ ƚŚĞ ƌƵůĞ͛Ɛ 

ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĂƐ ĂŵĞŶĚĞĚ͕ ĂƐ ƚŚĞ ĞŶƚĞƌƉƌŝƐĞ ƌĞŐƵůĂƚŽƌLJ ĐĂƉŝƚĂů ĨƌĂŵĞǁŽƌŬ ;ERCFͿ͘ TŚĞ ŵŝŶŝŵŝŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ ŝŶ ƚŚĞ ƚĂďůĞ ĂďŽǀĞ ŝƐ ĐĂůĐƵůĂƚĞĚ ƵƐŝŶŐ ƚŚĞ ERCF͘

ǖ DŝŶŝŵƵŵ ĐĂƉŝƚĂů ƐƵƌƉůƵƐ ;ĚĞĮĐŝƚͿ ŝƐ ƚŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ĐŽƌĞ ĐĂƉŝƚĂů ĂŶĚ ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ͘

Ǘ TŽƚĂů ĐĂƉŝƚĂů ŝƐ ĐŽƌĞ ĐĂƉŝƚĂů ƉůƵƐ ƚŚĞ ƚŽƚĂů ĂůůŽǁĂŶĐĞ ĨŽƌ ůŽĂŶ ůŽƐƐĞƐ ĂŶĚ ŐƵĂƌĂŶƚLJ ůŝĂďŝůŝƚLJ ĨŽƌ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ͕ ůĞƐƐ ĂŶLJ ƐƉĞĐŝĮĐ ůŽƐƐ ĂůůŽǁĂŶĐĞƐ͘

ǘ RŝƐŬͲďĂƐĞĚ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ ŝƐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŽƚĂů ĐĂƉŝƚĂů ĂŶ EŶƚĞƌƉƌŝƐĞ ŵƵƐƚ ŚŽůĚ ƚŽ ĂďƐŽƌď ƉƌŽũĞĐƚĞĚ ůŽƐƐĞƐ ŇŽǁŝŶŐ ĨƌŽŵ ĨƵƚƵƌĞ ĂĚǀĞƌƐĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ĂŶĚ ĐƌĞĚŝƚ ƌŝƐŬ ĐŽŶĚŝƟŽŶƐ 

ĂŶĚ ŝƐ ƐƉĞĐŝĮĞĚ ďLJ ƚŚĞ FĞĚĞƌĂů HŽƵƐŝŶŐ EŶƚĞƌƉƌŝƐĞƐ FŝŶĂŶĐŝĂů SĂĨĞƚLJ ĂŶĚ SŽƵŶĚŶĞƐƐ AĐƚ ŽĨ ϭεε2͘ FŽƌ 200κ ƚŚƌŽƵŐŚ 200ς͕ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ǁĞƌĞ ĐĂůĐƵůĂƚĞĚ ďĂƐĞĚ ŽŶ ŽƌŝŐŝŶĂůůLJ 

ƌĞƉŽƌƚĞĚ͕ ŶŽƚ ƌĞƐƚĂƚĞĚ Žƌ ƌĞǀŝƐĞĚ͕ ĮŶĂŶĐŝĂů ƌĞƐƵůƚƐ͘

Ǚ TŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŽƚĂů ĐĂƉŝƚĂů ĂŶĚ ƚŚĞ ƌŝƐŬͲďĂƐĞĚ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ͘ FŽƌ 200κ ƚŚƌŽƵŐŚ 200ς͕ ƚŚĞ ĚŝīĞƌĞŶĐĞ ƌĞŇĞĐƚƐ ƌĞƐƚĂƚĞĚ ĂŶĚ ƌĞǀŝƐĞĚ ƚŽƚĂů ĐĂƉŝƚĂů͕ ƌĂƚŚĞƌ ƚŚĂŶ ƚŽƚĂů ĐĂƉŝƚĂů 

ŽƌŝŐŝŶĂůůLJ ƌĞƉŽƌƚĞĚ ďLJ FĂŶŶŝĞ DĂĞ ĂŶĚ ƵƐĞĚ ďLJ FHFA ƚŽ ƐĞƚ ĐĂƉŝƚĂů ĐůĂƐƐŝĮĐĂƟŽŶƐ͘ FHFA ŝƐ ŶŽƚ ƌĞƉŽƌƟŶŐ ŽŶ ƌŝƐŬͲďĂƐĞĚ ĐĂƉŝƚĂů ůĞǀĞůƐ ĚƵƌŝŶŐ ĐŽŶƐĞƌǀĂƚŽƌƐŚŝƉ͘

ǚ SƚŽĐŬ ƉƌŝĐĞ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƉĞƌŝŽĚ ŵƵůƟƉůŝĞĚ ďLJ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŵŵŽŶ ƐŚĂƌĞƐ͘

Ǜ AĚŽƉƟŽŶ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͕ ƐŝŐŶŝĮĐĂŶƚůLJ ĐŚĂŶŐĞĚ ƉƌĞƐĞŶƚĂƟŽŶ ŽĨ 

ƚŚŝƐ ŝƚĞŵ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ FŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ďĞLJŽŶĚ ĂƌĞ ŶŽƚ ĚŝƌĞĐƚůLJ ĐŽŵƉĂƌĂďůĞ ƚŽ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ͘

ǜ UŶĐŽŶƐŽůŝĚĂƚĞĚ DS ĂƌĞ ƚŚŽƐĞ ŚĞůĚ ďLJ ƚŚŝƌĚ ƉĂƌƟĞƐ͘

ǝ CŽŵŵŽŶ ĚŝǀŝĚĞŶĚƐ ĚĞĐůĂƌĞĚ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĚŝǀŝĚĞĚ ďLJ ŶĞƚ ŝŶĐŽŵĞ ĂǀĂŝůĂďůĞ ƚŽ ĐŽŵŵŽŶ ƐƚŽĐŬŚŽůĚĞƌƐ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ͘ AƐ Ă ƌĞƐƵůƚ ŽĨ ĐŽŶƐĞƌǀĂƚŽƌƐŚŝƉ ƐƚĂƚƵƐ ĂŶĚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ 

SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ǁŝƚŚ TƌĞĂƐƵƌLJ͕ ŶŽ ĂŵŽƵŶƚƐ ĂƌĞ ĂǀĂŝůĂďůĞ ƚŽ ĚŝƐƚƌŝďƵƚĞ ĂƐ ĚŝǀŝĚĞŶĚƐ ƚŽ ĐŽŵŵŽŶ Žƌ ƉƌĞĨĞƌƌĞĚ ƐƚŽĐŬŚŽůĚĞƌƐ ;ŽƚŚĞƌ ƚŚĂŶ ƚŽ TƌĞĂƐƵƌLJ ĂƐ ŚŽůĚĞƌ 

ŽĨ ƚŚĞ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬͿ͘
Report to the Congress 2022 119

APPENDIX: HISTORICAL DATA TABLES

Table 9a. Fannie Mae Supplemental Capital

End of 

Period

SƵƉƉůĞŵĞŶƚĂů CĂƉŝƚĂů ;Ψ ŝŶ ďŝůůŝŽŶƐͿ

Adjusted Total 

Assets

Risk Weighted 

Assets

Leverage Capital Common Equity Tier 1 (CET1) Capital Tier 1 Capital Adjusted Total Capital

RĞƋƵŝƌĞĚΎ AǀĂŝůĂďůĞ Surplus 

;SŚŽƌƞĂůůͿ RĞƋƵŝƌĞĚΎ AǀĂŝůĂďůĞ Surplus ;SŚŽƌƞĂůůͿ RĞƋƵŝƌĞĚΎ AǀĂŝůĂďůĞ Surplus ;SŚŽƌƞĂůůͿ RĞƋƵŝƌĞĚΎ AǀĂŝůĂďůĞ Surplus ;SŚŽƌƞĂůůͿ

4Q 2022 4,552 1,316 137 ;ϳκͿ ;2ϭϭͿ 138 ;εϯͿ ;2ϯϭͿ 158 ;ϳκͿ ;2ϯ2Ϳ 184 ;ϳκͿ ;2ρΘͿ

3Q 2022 4,540 1,298 136 ;ϳρͿ ;2ϭϭͿ 137 ;εκͿ ;2ϯϭͿ 157 ;ϳρͿ ;2ϯ2Ϳ 183 ;ϳρͿ ;2ρΘͿ

2Q 2022 4,545 1,325 137 ;ϳϳͿ ;2ϭκͿ 139 ;εςͿ ;2ϯρͿ 159 ;ϳϳͿ ;2ϯςͿ 185 ;ϳϳͿ ;2ς2Ϳ

1Q 2022 4,529 1,391 136 ;Θ2Ϳ ;2ϭΘͿ 142 ;ϭ0ϭͿ ;2κϯͿ 162 ;Θ2Ϳ ;2κκͿ 190 ;Θ2Ϳ ;2ϳ2Ϳ

Annual Data

2022 4,552 1,316 137 ;ϳκͿ ;2ϭϭͿ 138 ;εϯͿ ;2ϯϭͿ 158 ;ϳκͿ ;2ϯ2Ϳ 184 ;ϳκͿ ;2ρΘͿ

Aůů NƵŵďĞƌƐ ƉƌĞƐĞŶƚĞĚ ĨŽƌ 2022 ĂƌĞ ĐĂůƵůĂƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ERCF͘

ΎFŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚŝƐ ƚĂďůĞ͕ ĂŶLJ ĂƉƉůŝĐĂďůĞ ďƵīĞƌƐ ŚĂǀĞ ďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƌĞƋƵŝƌĞĚ ĐĂƉŝƚĂů ĂŵŽƵŶƚƐ͘
120 Federal Housing Finance Agency

Table 10. Freddie Mac Mortgage Purchases

 Period 

usiness ctiǀity ($ in Millions)

Wurchasesa

Single-Family

($)

 Multifamily 

($)

dotal Mortgagesǔ

($)

Mortgage Related-Securitiesc,d

($)

4Q22 74,657 28,545 103,202 30,157

3Q22 121,215 14,701 135,916 43,107

2Q22 137,665 14,661 152,326 46,044

1Q22 207,088 14,926 222,014 69,278

Annual Data

2022 540,625 72,833 613,458 188,586

2021 1,219,579 69,999 1,289,578 283,740

2020 1,090,067 82,534 1,172,601 158,086

2019 453,481 77,853 531,334 93,267

2018 308,197 77,457 385,654 66,763

2017 343,566 73,201 416,767 81,592

2016 392,507 56,830 449,337 77,239

2015 350,560 47,264 397,824 58,580

2014 255,253 28,336 283,589 59,690

2013 422,742 25,872 448,614 49,383

2012 426,849 28,774 455,623 16,627

2011 320,793 20,325 341,118 108,281

2010 386,378 15,372 401,750 46,134

2009 475,350 16,571 491,921 236,856

2008 357,585 23,972 381,557 297,614

2007 466,066 21,645 487,711 231,039

2006 351,270 13,031 364,301 241,205

2005 381,673 11,172 392,845 325,575

2004 354,812 12,712 367,524 223,299

2003 701,483 15,292 716,775 385,078

2002 533,194 10,654 543,848 299,674

2001 384,124 9,510 393,634 248,466

2000 168,013 6,030 174,043 91,896

1999 232,612 7,181 239,793 101,898

1998 263,490 3,910 267,400 128,446

1997 115,160 2,241 117,401 35,385

1996 122,850 2,229 125,079 36,824

1995 89,971 1,565 91,536 39,292

1994 122,563 847 123,410 19,817

1993 229,051 191 229,242 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεεκ 

1992 191,099 27 191,126

1991 99,729 236 99,965

1990 74,180 1,338 75,518

1989 76,765 1,824 78,589

1988 42,884 1,191 44,075

1987 74,824 2,016 76,840

1986 99,936 3,538 103,474

1985 42,110 1,902 44,012

1984 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘρ NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘρ 21,885

1983 22,952

1982 23,671

1981 3,744

1980 3,690

1979 5,716

1978 6,524

1977 4,124

1976 1,129

1975 1,716

1974 2,185

1973 1,334

1972 1,265

1971 778

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘

ǔ CŽŶƐŝƐƚƐ ŽĨ ůŽĂŶƐ ƉƵƌĐŚĂƐĞĚ ĨƌŽŵ ůĞŶĚĞƌƐ͕ ĂƐ ǁĞůů ĂƐ ƚŚŽƐĞ ůŽĂŶƐ ĐŽǀĞƌĞĚ ƵŶĚĞƌ ŽƚŚĞƌ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ŐƵĂƌĂŶƚĞĞƐ͘

Ǖ NŽƚ ŝŶĐůƵĚĞĚ ŝŶ ƚŽƚĂů ŵŽƌƚŐĂŐĞƐ͘ FƌŽŵ 2002 ƚŚƌŽƵŐŚ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ĂŵŽƵŶƚƐ ŝŶĐůƵĚĞ ŶŽŶͲFƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ĂƐ ǁĞůů ĂƐ ƌĞƉƵƌĐŚĂƐĞĚ FƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲ

ďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ͘ ĞĨŽƌĞ 2002͕ ĂŵŽƵŶƚƐ ĞdžĐůƵĚĞ FƌĞĚĚŝĞ DĂĐ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚ ĐŽŶĚƵŝƚƐ ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ 

DĂĞ DS͘ AŵŽƵŶƚƐ ŝŶ 20ϭ0 ƚŚƌŽƵŐŚ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ŝŶĐůƵĚĞ ƉƵƌĐŚĂƐĞƐ ŽĨ FƌĞĚĚŝĞ DĂĐ DS͕ ŵŽƐƚ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĚĞďƚ ĞdžƟŶŐƵŝƐŚŵĞŶƚƐ ƵŶĚĞƌ GĞŶĞƌĂůůLJ AĐĐĞƉƚĞĚ AĐĐŽƵŶƟŶŐ 

PƌŝŶĐŝƉůĞƐ ƌĂƚŚĞƌ ƚŚĂŶ ĂƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƐĞĐƵƌŝƟĞƐ͘

ǖ FƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝƐƐƵĞĚ Žƌ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ͘ IŶ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĐĞƌƚĂŝŶ ŽĨ ƚŚĞƐĞ ƐĞĐƵƌŝƟĞƐ ƚŚĂƚ ǁĞƌĞ ŝƐƐƵĞĚ ďLJ 

ƚŚŝƌĚͲƉĂƌƚLJ ƚƌƵƐƚƐ ďƵƚ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ ǁĞƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶͲĂŐĞŶĐLJ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ͘ TŚĞ ΗƚŽƚĂů ƉƌŝǀĂƚĞͲůĂďĞůΗ ĚĂƚĂ ĨŽƌ 200ε ĂŶĚ ůĂƚĞƌ ƉĞƌŝŽĚƐ ŚĂǀĞ ďĞĞŶ 

ƌĞǀŝƐĞĚ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ ƉƌĞƐĞŶƚĂƟŽŶ͘
Report to the Congress 2022 121

APPENDIX: HISTORICAL DATA TABLES

Table 10a. Freddie Mac Mortgage Purchases Detail By Type of Loan

Wurchases ($ in Millions)a

 Period 

Single-Family Mortgages Multifamily Mortgages

onǀentional FHA/VAd Total SingleFamily

Mortgages

($)

onǀentional

($)

FHA/RD

($)

Total

Multifamily

Mortgages

($)

Total

Mortgage

Purchases

($)

FixedRateǔ

($)

AdjustableRatec

($)

Seconds

($)

Total

($)

FixedRate

($)

AdjustableRate

($)

Total

($)

4Q22 73,369 1,277 0 74,646 11 0 11 74,657 28,545 0 28,545 103,202

3Q22 119,272 1,928 0 121,200 15 0 15 121,215 14,701 0 14,701 135,916

2Q22 135,976 1,671 0 137,647 18 0 18 137,665 14,661 0 14,661 152,326

1Q22 205,432 1,627 0 207,059 29 0 29 207,088 14,926 0 14,926 222,014

Annual Data

2022 534,049 6,503 0 540,552 73 0 73 540,625 72,833 0 72,833 613,458

2021 1,214,085 5,229 0 1,219,314 265 0 265 1,219,579 69,999 0 69,999 1,289,578

2020 1,085,983 3,788 0 1,089,771 296 0 296 1,090,067 82,534 0 82,534 1,172,601

2019 448,060 5,257 0 453,317 164 0 164 453,481 77,853 0 77,853 531,334

2018 304,246 3,848 0 308,094 103 0 103 308,197 77,457 0 77,457 385,654

2017 333,612 9,841 0 343,453 113 0 113 343,566 73,201 0 73,201 416,767

2016 385,806 6,555 0 392,361 146 0 146 392,507 56,830 0 56,830 449,337

2015 337,637 12,760 0 350,397 163 0 163 350,560 47,264 0 47,264 397,824

2014 239,469 15,711 0 255,180 73 0 73 255,253 28,336 0 28,336 283,589

2013 406,605 16,007 0 422,612 130 0 130 422,742 25,872 0 25,872 448,614

2012 408,576 18,075 0 426,651 198 0 198 426,849 28,774 0 28,774 455,623

2011 294,918 25,685 0 320,603 190 0 190 320,793 20,325 0 20,325 341,118

2010 368,352 17,435 0 385,787 591 0 591 386,378 15,372 0 15,372 401,750

2009 470,355 3,615 0 473,970 1,380 0 1,380 475,350 16,571 0 16,571 491,921

2008 327,006 30,014 0 357,020 565 0 565 357,585 23,972 0 23,972 381,557

2007 387,760 78,149 0 465,909 157 0 157 466,066 21,645 0 21,645 487,711

2006 272,875 77,449 0 350,324 946 0 946 351,270 13,031 0 13,031 364,301

2005 313,842 67,831 0 381,673 0 0 0 381,673 11,172 0 11,172 392,845

2004 293,830 60,663 0 354,493 319 0 319 354,812 12,712 0 12,712 367,524

2003 617,796 82,270 0 700,066 1,417 0 1,417 701,483 15,292 0 15,292 716,775

2002 468,901 63,448 0 532,349 845 0 845 533,194 10,654 0 10,654 543,848

2001 353,056 30,780 0 383,836 288 0 288 384,124 9,507 3 9,510 393,634

2000 145,744 21,201 0 166,945 1,068 0 1,068 168,013 6,030 0 6,030 174,043

1999 224,040 7,443 0 231,483 1,129 0 1,129 232,612 7,181 0 7,181 239,793

1998 256,008 7,384 0 263,392 98 0 98 263,490 3,910 0 3,910 267,400

1997 106,174 8,950 0 115,124 36 0 36 115,160 2,241 0 2,241 117,401

1996 116,316 6,475 0 122,791 59 0 59 122,850 2,229 0 2,229 125,079

1995 75,867 14,099 0 89,966 5 0 5 89,971 1,565 0 1,565 91,536

1994 105,902 16,646 0 122,548 15 0 15 122,563 847 0 847 123,410

1993 208,322 20,708 1 229,031 20 0 20 229,051 191 0 191 229,242

1992 175,515 15,512 7 191,034 65 0 65 191,099 27 0 27 191,126

1991 91,586 7,793 206 99,585 144 0 144 99,729 236 0 236 99,965

1990 56,806 16,286 686 73,778 402 0 402 74,180 1,338 0 1,338 75,518

1989 57,100 17,835 1,206 76,141 624 0 624 76,765 1,824 0 1,824 78,589

1988 34,737 7,253 59 42,049 835 0 835 42,884 1,191 0 1,191 44,075

1987 69,148 4,779 69 73,996 828 0 828 74,824 2,016 0 2,016 76,840

1986 96,105 2,262 90 98,457 1,479 0 1,479 99,936 3,538 0 3,538 103,474

1985 40,226 605 34 40,865 1,245 0 1,245 42,110 1,902 0 1,902 44,012

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘ AĐƟǀŝƚLJ ŝŶĐůƵĚĞƐ ŝƐƐƵĂŶĐĞƐ ŽĨ ŽƚŚĞƌ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ 

ŐƵĂƌĂŶƚĞĞƐ ĨŽƌ ůŽĂŶƐ ŚĞůĚ ďLJ ƚŚŝƌĚ ƉĂƌƟĞƐ͘

ǔ FƌŽŵ 2002 ƚŚƌŽƵŐŚ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ŝŶĐůƵĚĞƐ ůŽĂŶƐ ŐƵĂƌĂŶƚĞĞĚ ďLJ U͘S͘ DĞƉĂƌƚŵĞŶƚ ŽĨ AŐƌŝĐƵůƚƵƌĞ RƵƌĂů DĞǀĞůŽƉŵĞŶƚ ;RDͿ ůŽĂŶ ƉƌŽŐƌĂŵƐ͘

Ǖ FƌŽŵ 200ϭ ƚŽ 20ϭ2͕ ŝŶĐůƵĚĞƐ ďĂůůŽŽŶͬƌĞƐĞƚ ŵŽƌƚŐĂŐĞƐ͘ FƌĞĚĚŝĞ DĂĐ ĚŝƐĐŽŶƟŶƵĞĚ ƉƵƌĐŚĂƐĞ ŽĨ ďĂůůŽŽŶͬƌĞƐĞƚ ŵŽƌƚŐĂŐĞƐ ŽŶ :ĂŶƵĂƌLJ ϭ͕ 20ϭϯ͘

ǖ FHA ƐƚĂŶĚƐ ĨŽƌ FĞĚĞƌĂů HŽƵƐŝŶŐ AĚŵŝŶŝƐƚƌĂƟŽŶ͘ VA ƐƚĂŶĚƐ ĨŽƌ DĞƉĂƌƚŵĞŶƚ ŽĨ VĞƚĞƌĂŶƐ AīĂŝƌƐ͘
122 Federal Housing Finance Agency

daďle ϭϬď͘ Freddie Mac Wurchases of Mortgage-Related Securities - Wart ϭ

Wurchases ($ in Millions)a

 Period 

Freddie Mac Securitiesǔ Other Securities

Mortgage

Revenue

Bonds

($)

Total

MortgageRelated

Securitiesc

($)

Single-Family

Multifamily

($)

Total

Freddie

Mac

($)

Fannie Mae Ginne Maec

Total

Private-

>aďelǖ

($)

FixedRate

($)

AdjustableRate

($)

Single-Family

Multifamily

($)

Total

Fannie

Mae

($)

Single-Family

Multifamily

($)

Total

Ginnie

Mae

($)

FixedRate

($)

AdjustableRate

($)

FixedRate

($)

AdjustableRate

($)

4Q22 29,909 208 20 30,137 20 0 0 20 0 0 0 0 0 0 30,157

3Q22 41,855 799 0 42,654 453 0 0 453 0 0 0 0 0 0 43,107

2Q22 45,118 612 0 45,730 313 1 0 314 0 0 0 0 0 0 46,044

1Q22 64,721 1,186 0 65,907 3,343 28 0 3,371 0 0 0 0 0 0 69,278

Annual Data

2022 181,603 2,805 20 184,428 4,129 29 0 4,158 0 0 0 0 0 0 188,586

2021 270,491 2,547 9 273,047 10,633 60 0 10,693 0 0 0 0 0 0 283,740

2020 147,467 487 0 147,954 10,051 81 0 10,132 0 0 0 0 0 0 158,086

2019 75,624 2,583 24 78,231 14,912 124 0 15,036 0 0 0 0 0 0 93,267

2018 61,614 3,339 321 65,274 18 1,471 0 1,489 0 0 0 0 0 0 66,763

2017 72,631 2,833 0 75,464 5,117 437 0 5,554 0 24 0 24 0 550 81,592

2016 65,274 5,981 12 71,267 5,345 485 0 5,830 0 142 0 142 0 0 77,239

2015 48,764 5,532 97 54,393 1,624 2,239 0 3,863 0 324 0 324 0 0 58,580

2014 43,922 7,568 392 51,882 2,695 5,005 0 7,700 0 73 0 73 35 0 59,690

2013 44,760 296 0 45,056 4,251 50 0 4,301 0 0 0 0 26 0 49,383

2012 13,272 3,045 119 16,436 0 170 0 170 0 0 0 0 21 0 16,627

2011 94,543 5,057 472 100,072 5,835 2,297 0 8,132 0 0 0 0 77 0 108,281

2010 40,462 923 382 41,767 0 373 0 373 0 0 0 0 3,994 0 46,134

2009 176,974 5,414 0 182,388 43,298 2,697 0 45,995 0 0 27 27 8,266 180 236,856

2008 192,701 26,344 111 219,156 49,534 18,519 0 68,053 0 0 8 8 10,316 81 297,614

2007 111,976 26,800 2,283 141,059 2,170 9,863 0 12,033 0 0 0 0 76,134 1,813 231,039

2006 76,378 27,146 0 103,524 4,259 8,014 0 12,273 0 0 0 0 122,230 3,178 241,205

2005 106,682 29,805 0 136,487 2,854 3,368 0 6,222 64 0 0 64 179,962 2,840 325,575

2004 72,147 23,942 146 96,235 756 3,282 0 4,038 0 0 0 0 121,082 1,944 223,299

2003

Not 

AǀĂŝůĂďůĞ 

Before 

2004 

Not 

AǀĂŝůĂďůĞ 

Before 

2004 

Not 

AǀĂŝůĂďůĞ 

Before 

2004 

266,989

Not 

AǀĂŝůĂďůĞ 

Before 

2004 

Not 

AǀĂŝůĂďůĞ 

Before 

2004 

Not 

AǀĂŝůĂďůĞ 

Before 

2004 

47,806

Not 

AǀĂŝůĂďůĞ 

Before 

2004 

Not 

AǀĂŝůĂďůĞ 

Before 

2004 

Not 

AǀĂŝůĂďůĞ 

Before 

2004 

166 69,154 963 385,078

2002 192,817 45,798 820 59,376 863 299,674

2001 157,339 64,508 1,444 24,468 707 248,466

2000 58,516 18,249 3,339 10,304 1,488 91,896

1999 69,219 12,392 3,422 15,263 1,602 101,898

1998 107,508 3,126 319 15,711 1,782 128,446

1997 31,296 897 326 1,494 1,372 35,385

1996 33,338

Not 

AǀĂŝůĂďůĞ 

Before 

1997 

Not 

AǀĂŝůĂďůĞ 

Before 

1997 

Not 

AǀĂŝůĂďůĞ 

Before 

1997 

Not 

AǀĂŝůĂďůĞ 

Before 

1997 

36,824

1995 32,534 39,292

1994 19,817 19,817

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘

ǔ AŵŽƵŶƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ ŝŶĐůƵĚĞ ƉƵƌĐŚĂƐĞƐ ŽĨ FƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ͕ ŵĂŶLJ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĚĞďƚ ĞdžƟŶŐƵŝƐŚŵĞŶƚƐ ƵŶĚĞƌ GĞŶĞƌĂůůLJ AĐĐĞƉƚĞĚ AĐĐŽƵŶƟŶŐ 

PƌŝŶĐŝƉůĞƐ ƌĂƚŚĞƌ ƚŚĂŶ ĂƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƐĞĐƵƌŝƟĞƐ͘ AŵŽƵŶƚƐ ĨŽƌ 20ϭ2 ĂŶĚ ůĂƚĞƌ ƉƌŝŵĂƌŝůLJ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚŝƌĚ ƉĂƌƚLJ ƉƵƌĐŚĂƐĞƐ͘

Ǖ ĞĨŽƌĞ 2002͕ ĂŵŽƵŶƚƐ ĞdžĐůƵĚĞ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚ ĐŽŶĚƵŝƚƐ ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ DĂĞ DS͘

ǖ FƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝƐƐƵĞĚ Žƌ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ͘ IŶ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĐĞƌƚĂŝŶ ŽĨ ƚŚĞƐĞ ƐĞĐƵƌŝƟĞƐ ƚŚĂƚ ǁĞƌĞ ŝƐƐƵĞĚ ďLJ 

ƚŚŝƌĚͲƉĂƌƚLJ ƚƌƵƐƚƐ ďƵƚ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ ǁĞƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶͲĂŐĞŶĐLJ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ͘ 200ε ĂŶĚ ůĂƚĞƌ ƉĞƌŝŽĚƐ ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ 

ƉĞƌŝŽĚ ƉƌĞƐĞŶƚĂƟŽŶ͘
Report to the Congress 2022 123

APPENDIX: HISTORICAL DATA TABLES

daďle ϭϬď͘ Freddie Mac Wurchases of Mortgage-Related Securities - Wart Ϯ͕ Wriǀate->aďel etail

Purchases ($ in Millions)a

 Period 

Private-Label

Single-Family

Multifamilyǖ

($)

Total

PrivateLabel

($)

Manufactured

Housing

($)

Subprime AdjustableRate

($)

Alt Ab Otherc

FixedRate

($)

FixedRate

($)

AdjustableRate

($)

FixedRate

($)

AdjustableRate

($)

4Q22 0 0 0 0 0 0 0 0 0

3Q22 0 0 0 0 0 0 0 0 0

2Q22 0 0 0 0 0 0 0 0 0

1Q22 0 0 0 0 0 0 0 0 0

Annual Data

2022 0 0 0 0 0 0 0 0 0

2021 0 0 0 0 0 0 0 0 0

2020 0 0 0 0 0 0 0 0 0

2019 0 0 0 0 0 0 0 0 0

2018 0 0 0 0 0 0 0 0 0

2017 0 0 0 0 0 0 0 0 0

2016 0 0 0 0 0 0 0 0 0

2015 0 0 0 0 0 0 0 0 0

2014 0 0 0 0 0 0 0 35 35

2013 0 0 0 0 0 26 0 0 26

2012 0 0 0 0 0 21 0 0 21

2011 0 0 0 0 0 77 0 0 77

2010 0 0 0 0 0 3,172 0 822 3,994

2009 0 0 0 0 0 7,874 0 392 8,266

2008 0 60 46 0 618 8,175 0 1,417 10,316

2007 127 843 42,824 702 9,306 48 0 22,284 76,134

2006 0 116 74,645 718 29,828 48 0 16,875 122,230

2005 0 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2006 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2006 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2006 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2006 2,191 162,931 14,840 179,962

2004 0 1,379 108,825 10,878 121,082

2003 0 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2004 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2004 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2004 69,154

2002 318 59,376

2001 0 24,468

2000 15 10,304

1999 3,293 15,263

1998 1,630 15,711

1997 36 1,494

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘

ǔ IŶĐůƵĚĞƐ AůƚͲA ĂŶĚ ŽƉƟŽŶ ARD ƉƌŝǀĂƚĞͲůĂďĞů ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƉƵƌĐŚĂƐĞĚ ĨŽƌ ŽƚŚĞƌ ƐĞĐƵƌŝƟnjĂƟŽŶ ƉƌŽĚƵĐƚƐ͘ ARD ƐƚĂŶĚƐ ĨŽƌ ĂĚũƵƐƚĂďůĞͲƌĂƚĞ ŵŽƌƚŐĂŐĞ͘

Ǖ FƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝƐƐƵĞĚ Žƌ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ͘ IŶ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĐĞƌƚĂŝŶ ŽĨ ƚŚĞƐĞ ƐĞĐƵƌŝƟĞƐ ƚŚĂƚ ǁĞƌĞ ŝƐƐƵĞĚ ďLJ 

ƚŚŝƌĚͲƉĂƌƚLJ ƚƌƵƐƚƐ ďƵƚ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ ǁĞƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶͲĂŐĞŶĐLJ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ Đ ƐĞĐƵƌŝƟĞƐ͘ 20ϭς ĂŶĚ ůĂƚĞƌ ƉĞƌŝŽĚƐ ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ 

ƉĞƌŝŽĚ ƉƌĞƐĞŶƚĂƟŽŶ͘

ǖ FƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝƐƐƵĞĚ Žƌ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ͘ IŶ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĐĞƌƚĂŝŶ ŽĨ ƚŚĞƐĞ ƐĞĐƵƌŝƟĞƐ ƚŚĂƚ ǁĞƌĞ ŝƐƐƵĞĚ ďLJ 

ƚŚŝƌĚͲƉĂƌƚLJ ƚƌƵƐƚƐ ďƵƚ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ ǁĞƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶͲĂŐĞŶĐLJ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ͘ 200ε ĂŶĚ ůĂƚĞƌ ƉĞƌŝŽĚƐ ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ 

ƉĞƌŝŽĚ ƉƌĞƐĞŶƚĂƟŽŶ͘
124 Federal Housing Finance Agency

Table 11. Freddie Mac MBS Issuances

usiness ctiǀity ($ in Millions)

MS /ssuancesa

 Period Single-Family MSǔ

($)

 Multifamily MS

($)

dotal MSǔ

($)

Multiclass MSc

($)

4Q22 74,578 15,695 90,273 18,344

3Q22 125,347 13,635 138,982 20,778

2Q22 139,774 16,799 156,573 75,403

1Q22 213,604 16,161 229,765 96,488

Annual Data

2022 553,303 62,290 615,593 211,013

2021 1,252,689 73,611 1,326,300 276,863

2020 1,065,070 70,508 1,135,578 305,223

2019 453,747 67,908 521,655 135,912

2018 317,910 64,087 381,997 183,615

2017 354,131 62,571 416,702 126,752

2016 395,459 47,744 443,203 123,435

2015 356,599 33,392 389,991 82,620

2014 259,763 19,770 279,533 105,174

2013 435,499 25,267 460,766 111,436

2012 446,162 20,317 466,479 124,376

2011 304,629 12,632 317,261 166,539

2010 384,719 8,318 393,037 136,366

2009 472,461 2,951 475,412 86,202

2008 352,776 5,085 357,861 64,305

2007 467,342 3,634 470,976 133,321

2006 358,184 1,839 360,023 169,396

2005 396,213 1,654 397,867 208,450

2004 360,933 4,175 365,108 215,506

2003 705,450 8,337 713,787 298,118

2002 543,716 3,596 547,312 331,672

2001 387,234 2,357 389,591 192,437

2000 165,115 1,786 166,901 48,202

1999 230,986 2,045 233,031 119,565

1998 249,627 937 250,564 135,162

1997 113,758 500 114,258 84,366

1996 118,932 770 119,702 34,145

1995 85,522 355 85,877 15,372

1994 116,901 209 117,110 73,131

1993 208,724 0 208,724 143,336

1992 179,202 5 179,207 131,284

1991 92,479 0 92,479 72,032

1990 71,998 1,817 73,815 40,479

1989 72,931 587 73,518 39,754

1988 39,490 287 39,777 12,985

1987 72,866 2,152 75,018 0

1986 96,798 3,400 100,198 2,233

1985 37,583 1,245 38,828 2,625

1984 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘρ NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘρ 18,684 1,805

1983 19,691 1,685

1982 24,169 Not Issued Before 1983 

1981 3,526

1980 2,526

1979 4,546

1978 6,412

1977 4,657

1976 1,360

1975 950

1974 46

1973 323

1972 494

1971 65

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ͕ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ ĂŶĚ ƵŶŐƵĂƌĂŶƚĞĞĚ ƐƵďŽƌĚŝŶĂƚĞĚ ǁŚŽůĞ ůŽĂŶ ƐĞĐƵƌŝƟĞƐ͘ IŶĐůƵĚĞƐ 

ŝƐƐƵĂŶĐĞ ŽĨ ŽƚŚĞƌ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ŐƵĂƌĂŶƚĞĞƐ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ŶŽƚ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ Ă ƐĞĐƵƌŝƚLJ͘

ǔ IŶĐůƵĚĞƐ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ͕ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚ ĐŽŶĚƵŝƚƐ ;REDICƐͿ͕ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ͕ ĂŶĚ ŽƚŚĞƌ ƐĞĐƵƌŝƟnjĂƟŽŶ ƉƌŽĚƵĐƚƐ͘ FƌŽŵ 2002 ƚŚƌŽƵŐŚ ƚŚĞ 

ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ŝŶĐůƵĚĞƐ FƌĞĚĚŝĞ DĂĐ REDICƐ ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ DĂĞ DS͘ ĞĨŽƌĞ 2002͕ ĞdžĐůƵĚĞƐ FƌĞĚĚŝĞ DĂĐ REDICƐ ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ 

ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ DĂĞ DS͘ AŵŽƵŶƚƐ ĂƌĞ ŶŽƚ ŝŶĐůƵĚĞĚ ŝŶ ƚŽƚĂů DS ŝƐƐƵĂŶĐĞƐ ŝĨ ƚŚĞ ĂĐƟǀŝƚLJ ƌĞƉƌĞƐĞŶƚƐ Ă ƌĞƐĞĐƵƌŝƟnjĂƟŽŶ ŽĨ FƌĞĚĚŝĞ DĂĐ DS͘

Ǖ IŶĐůƵĚĞƐ ĂĐƟǀŝƚLJ ƌĞůĂƚĞĚ ƚŽ ŵƵůƟĐůĂƐƐ ƐĞĐƵƌŝƟĞƐ͕ ƉƌŝŵĂƌŝůLJ REDICƐ͕ ďƵƚ ĞdžĐůƵĚĞƐ ƌĞƐĞĐƵƌŝƟnjĂƟŽŶƐ ŽĨ DS ŝŶƚŽ ƐŝŶŐůĞͲĐůĂƐƐ ƐĞĐƵƌŝƟĞƐ͘ AŵŽƵŶƚƐ ĂƌĞ ŶŽƚ ŝŶĐůƵĚĞĚ ŝŶ ƚŽƚĂů DS ŝƐƐƵĂŶĐĞƐ ŝĨ 

ƚŚĞ ĂĐƟǀŝƚLJ ƌĞƉƌĞƐĞŶƚƐ Ă ƌĞƐĞĐƵƌŝƟnjĂƟŽŶ ŽĨ FƌĞĚĚŝĞ DĂĐ DS͘
Report to the Congress 2022 125

APPENDIX: HISTORICAL DATA TABLES

Table 12. Freddie Mac Earnings

Earnings ($ in Millions)

 Period 

Net Interest

/ncomea

($)

Guarantee

/ncomea

($)

dministratiǀe

Expenses

($)

Credit-Related

(eneĮt) 

Expensesb,c

($)

Net Income

(Loss)

($)

Return on

Ƌuityǖ

($)

4Q22 4,588 383 ;ϳςϭͿ 1,083 1,763 NͬD

3Q22 4,554 125 ;ϳϭϯͿ 2,122 1,313 NͬD

2Q22 4,759 205 ;ςΘ2Ϳ 860 2,453 NͬD

1Q22 4,104 70 ;ςκεͿ ;ϯϳ0Ϳ 3,798 NͬD

Annual Data

2022 18,005 783 ;2͕Θ0ρͿ 3,695 9,327 NͬD

2021 17,580 1,032 ;2͕ςρϭͿ 1,031 12,109 NͬD 

2020 12,771 1,442 2,535 2,336 7,326 NͬD 

2019 11,848 1,089 2,564 191 7,214 NͬD 

2018 12,021 866 2,293 ;ϭρ0Ϳ 9,235 NͬD 

2017 14,164 662 2,106 105 5,625 NͬD 

2016 14,379 513 2,005 ;ρϭςͿ 7,815 NͬD 

2015 14,946 369 1,927 ;2͕ϯ2ϳͿ 6,376 NͬD 

2014 14,263 329 1,881 254 7,690 NͬD 

2013 16,468 271 1,805 ;2͕ς0ρͿ 48,668 NͬD 

2012 17,611 201 1,561 1,949 10,982 NͬD 

2011 18,397 170 1,506 11,287 ;ρ͕2ςςͿ NͬD 

2010 16,856 143 1,597 17,891 ;ϭκ͕02ρͿ NͬD 

2009 17,073 3,033 1,685 29,837 ;2ϭ͕ρρϯͿ NͬD 

2008 6,796 3,370 1,505 17,529 ;ρ0͕ϭϭεͿ NͬD 

2007 3,099 2,635 1,674 3,060 ;ϯ͕0εκͿ ;2ϭͿ

2006 3,412 2,393 1,641 356 2,327 10 

2005 4,627 2,076 1,535 347 2,113 8 

2004 9,137 1,382 1,550 140 2,937 9 

2003 9,498 1,653 1,181 2 4,816 18 

2002 9,525 1,527 1,406 126 10,090 47 

2001 7,448 1,381 1,024 39 3,158 20 

2000 3,758 1,243 825 75 3,666 39 

1999 2,926 1,019 655 159 2,223 26 

1998 2,215 1,019 578 342 1,700 23 

1997 1,847 1,082 495 529 1,395 23 

1996 1,705 1,086 440 608 1,243 23 

1995 1,396 1,087 395 541 1,091 22 

1994 1,112 1,108 379 425 983 23 

1993 772 1,009 361 524 786 22 

1992 695 936 329 457 622 21 

1991 683 792 287 419 555 24 

1990 619 654 243 474 414 20 

1989 517 572 217 278 437 25 

1988 492 465 194 219 381 28 

1987 319 472 150 175 301 28 

1986 299 301 110 120 247 29 

1985 312 188 81 79 208 30 

1984 213 158 71 54 144 52 

1983 125 132 53 46 86 45 

1982 30 77 37 26 60 22 

1981 34 36 30 16 31 13 

1980 54 23 26 23 34 15 

1979 55 18 19 20 36 16 

1978 37 14 14 13 25 13 

1977 31 9 12 8 21 12 

1976 18 3 10 ;ϭͿ 14 10 

1975 31 3 10 11 16 12 

1974 42 2 8 33 5 4 

1973 31 2 7 15 12 10 

1972 10 1 5 4 4 4 

1971 10 1 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεϳ2 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεϳ2 6 5.5

Source: Freddie Mac

NͬD с NŽƚ DĞĂŶŝŶŐĨƵů

Ǔ AĚŽƉƟŽŶ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͕ ƐŝŐŶŝĮĐĂŶƚůLJ ĐŚĂŶŐĞĚ ƉƌĞƐĞŶƚĂƟŽŶ 

ŽĨ ƚŚĞƐĞ ŝƚĞŵƐ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ CŽŶƐĞƋƵĞŶƚůLJ͕ ĮŶĂŶĐŝĂů ƌĞƐƵůƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ ĂƌĞ ŶŽƚ ĚŝƌĞĐƚůLJ ĐŽŵƉĂƌĂďůĞ ƚŽ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ͘ EīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͕ ŐƵĂƌĂŶƚĞĞ ĨĞĞ 

ŝŶĐŽŵĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ƐĞĐƵƌŝƟnjĂƟŽŶ ĂĐƟǀŝƟĞƐ ŽĨ ĐŽŶƐŽůŝĚĂƚĞĚ ƚƌƵƐƚƐ ŝƐ ƌĞŇĞĐƚĞĚ ŝŶ ŶĞƚ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ͘

ǔ 20ϭΘ ĂŶĚ 20ϭε ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ ƉƌĞƐĞŶƚĂƟŽŶ͘

Ǖ FŽƌ LJĞĂƌƐ 20ϭΘ ƚŚƌŽƵŐŚ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ĚĞĮŶĞĚ ĂƐ ƉƌŽǀŝƐŝŽŶͬďĞŶĞĮƚ ĨŽƌ ĐƌĞĚŝƚ ůŽƐƐĞƐ͕ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞŵĞŶƚ ĞdžƉĞŶƐĞ͕ ďĞŶĞĮƚ ĨŽƌ ;ĚĞĐƌĞĂƐĞ ŝŶͿ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞŵĞŶƚ ƌĞĐŽǀĞƌŝĞƐ͕ ĂŶĚ 

ƌĞĂůͲĞƐƚĂƚĞ ŽǁŶĞĚ ŽƉĞƌĂƟŽŶƐ ŝŶĐŽŵĞͬĞdžƉĞŶƐĞ͘ FŽƌ LJĞĂƌƐ 2002 ƚŚƌŽƵŐŚ 20ϭϳ͕ ĚĞĮŶĞĚ ĂƐ ƉƌŽǀŝƐŝŽŶͬďĞŶĞĮƚ ĨŽƌ ĐƌĞĚŝƚ ůŽƐƐĞƐ ĂŶĚ ƌĞĂůͲĞƐƚĂƚĞ ŽǁŶĞĚ ŽƉĞƌĂƟŽŶƐ ŝŶĐŽŵĞͬĞdžƉĞŶƐĞ͘ FŽƌ 

years 2000 and 2001, includes only provision for credit losses.

ǖ RĂƟŽ ĐŽŵƉƵƚĞĚ ĂƐ ĂŶŶƵĂůŝnjĞĚ ŶĞƚ ŝŶĐŽŵĞ ;ůŽƐƐͿ ĂǀĂŝůĂďůĞ ƚŽ ĐŽŵŵŽŶ ƐƚŽĐŬŚŽůĚĞƌƐ ĚŝǀŝĚĞĚ ďLJ ƚŚĞ ƐŝŵƉůĞ ĂǀĞƌĂŐĞ ŽĨ ďĞŐŝŶŶŝŶŐ ĂŶĚ ĞŶĚŝŶŐ ĐŽŵŵŽŶ ƐƚŽĐŬŚŽůĚĞƌƐΖ ĞƋƵŝƚLJ ;ĚĞĮĐŝƚͿ͘
126 Federal Housing Finance Agency

Table 13. Freddie Mac Balance Sheet

alance Sheet ($ in Millions)a

End of

Period 

Total 

Assets

($)

Total

Mortgage

ssetsǔ

($)

Nonmortgage

Investments

($)

Total Debt 

Outstanding

($)

Stockholders'

Equity

($)

Senior

Preferred

Stock

($)

Fair Value of

Net Assets

($)

Mortgage Assets 

Held for 

/nǀestment ('ross)c

($)

/ndeďtednessǖ

($)

4Q22 3,208,333 3,056,774 115,693 3,145,832 37,018 72,648 NŽƚ AǀĂŝůĂďůĞ 92,730 178,078

3Q22 3,190,656 3,030,924 129,942 3,137,222 35,230 72,648 NŽƚ AǀĂŝůĂďůĞ 79,773 175,225

2Q22 3,145,581 2,989,380 124,636 3,093,178 34,098 72,648 NŽƚ AǀĂŝůĂďůĞ 80,846 168,596

1Q22 3,108,854 2,954,619 114,409 3,059,125 31,711 72,648 NŽƚ AǀĂŝůĂďůĞ 92,803 168,224

Annual Data

2022 3,208,333 3,056,774 115,693 3,145,832 37,018 72,648 NŽƚ AǀĂŝůĂďůĞ 92,730 178,078

2021 3,025,586 2,873,299 112,169 2,980,185 28,033 72,648 NŽƚ AǀĂŝůĂďůĞ 111,011 181,661 

2020 2,627,415 2,422,493 139,208 2,592,546 16,413 72,648 NŽƚ AǀĂŝůĂďůĞ 182,184 286,541 

2019 2,203,623 2,073,090 98,327 2,179,528 9,122 72,648 NŽƚ AǀĂŝůĂďůĞ 212,673 283,157 

2018 2,063,060 1,983,053 55,751 2,044,950 4,477 72,648 NŽƚ AǀĂŝůĂďůĞ 218,080 255,700 

2017 2,049,776 1,941,680 79,991 2,034,630 ;ϯϭ2Ϳ 72,336 NŽƚ AǀĂŝůĂďůĞ 253,455 316,729 

2016 2,023,376 1,906,843 72,685 2,002,004 5,075 72,336 NŽƚ AǀĂŝůĂďůĞ 298,426 356,743 

2015 1,985,892 1,866,588 80,795 1,970,269 2,940 72,336 NŽƚ AǀĂŝůĂďůĞ 346,911 418,021 

2014 1,945,360 1,852,646 58,585 1,929,363 2,651 72,336 ;ϯ0͕κ00Ϳ 408,414 454,029 

2013 1,965,831 1,855,095 69,019 1,940,521 12,835 72,336 ;κϭ͕200Ϳ 461,024 511,345 

2012 1,989,557 1,912,929 58,076 1,966,743 8,827 72,336 ;ρΘ͕ϯ00Ϳ 557,544 552,472 

2011 2,147,216 2,062,713 39,342 2,131,983 ;ϭκςͿ 72,171 ;ϳΘ͕κ00Ϳ 653,313 674,314 

2010 2,261,780 2,149,586 74,420 2,242,588 ;κ0ϭͿ 64,200 ;ρΘ͕ς00Ϳ 696,874 728,217 

2009 841,784 716,974 26,271 780,604 4,278 51,700 ;ς2͕ρ00Ϳ 755,272 805,073 

2008 850,963 748,747 18,944 843,021 ;ϯ0͕ϳϯϭͿ 14,800 ;ερ͕ς00Ϳ 804,762 NŽƚ AƉƉůŝĐĂďůĞ 

Before 2009 

2007 794,368 710,042 41,663 738,557 26,724 NŽƚ AƉƉůŝĐĂďůĞ 

Before 2008 12,600 720,813 

2006 804,910 700,002 68,614 744,341 26,914 31,800 703,959 

2005 798,609 709,503 57,324 740,024 25,691 30,900 710,346 

2004 795,284 664,582 62,027 731,697 31,416 30,900 653,261 

2003 803,449 660,531 53,124 739,613 31,487 27,300 645,767 

2002 752,249 589,899 91,871 665,696 31,330 22,900 567,272 

2001 641,100 503,769 89,849 578,368 19,624 18,300 497,639 

2000 459,297 385,451 43,521 426,899 14,837 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2001 385,693 

1999 386,684 322,914 34,152 360,711 11,525 324,443 

1998 321,421 255,670 42,160 287,396 10,835 255,009 

1997 194,597 164,543 16,430 172,842 7,521 164,421 

1996 173,866 137,826 22,248 156,981 6,731 137,755 

1995 137,181 107,706 12,711 119,961 5,863 107,424 

1994 106,199 73,171 17,808 93,279 5,162 73,171 

1993 83,880 55,938 18,225 49,993 4,437 55,938 

1992 59,502 33,629 12,542 29,631 3,570 33,629 

1991 46,860 26,667 9,956 30,262 2,566 26,667 

1990 40,579 21,520 12,124 30,941 2,136 21,520 

1989 35,462 21,448 11,050 26,147 1,916 21,448 

1988 34,352 16,918 14,607 26,882 1,584 16,918 

1987 25,674 12,354 10,467 19,547 1,182 12,354 

1986 23,229 13,093 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1987 15,375 953 13,093 

1985 16,587 13,547 12,747 779 13,547 

1984 13,778 10,018 10,999 606 10,018 

1983 8,995 7,485 7,273 421 7,485 

1982 5,999 4,679 4,991 296 4,679 

1981 6,326 5,178 5,680 250 5,178 

1980 5,478 5,006 4,886 221 5,006 

1979 4,648 4,003 4,131 238 4,003 

1978 3,697 3,038 3,216 202 3,038 

1977 3,501 3,204 3,110 177 3,204 

1976 4,832 4,175 4,523 156 4,175 

1975 5,899 4,878 5,609 142 4,878 

1974 4,901 4,469 4,684 126 4,469 

1973 2,873 2,521 2,696 121 2,521 

1972 1,772 1,726 1,639 110 1,726 

1971 1,038 935 915 107 935 

Source: Freddie Mac

Ǔ AĚŽƉƟŽŶ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͕ ƐŝŐŶŝĮĐĂŶƚůLJ ĐŚĂŶŐĞĚ ƚŚĞ ƉƌĞƐĞŶƚĂƟŽŶ 

ŽĨ ƚŚĞƐĞ ŝƚĞŵƐ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ CŽŶƐĞƋƵĞŶƚůLJ͕ ĮŶĂŶĐŝĂů ƌĞƐƵůƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ ĂƌĞ ŶŽƚ ĚŝƌĞĐƚůLJ ĐŽŵƉĂƌĂďůĞ ƚŽ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ͘

ǔ EdžĐůƵĚĞƐ ĂůůŽǁĂŶĐĞ ĨŽƌ ůŽĂŶ ůŽƐƐĞƐ͘

Ǖ AŵŽƵŶƚƐ ĨŽƌ 200ε ĂŶĚ ůĂƚĞƌ ŵĞĞƚ ƚŚĞ ĚĞĮŶŝƟŽŶ ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ŝŶ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŵĂdžŝŵƵŵ ĂŵŽƵŶƚ 

ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ƚŚĂƚ ŵĂLJ ďĞ ŚĞůĚ͘

ǖ AƐ ĚĞĮŶĞĚ ŝŶ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ĨŽƌ 200ε ĂŶĚ ůĂƚĞƌ LJĞĂƌƐ͘
Report to the Congress 2022 127

APPENDIX: HISTORICAL DATA TABLES

Table 13a. Freddie Mac Total MBS Outstanding Detaila,g

End of

Period 

Single-Family Mortgages ($ in Millions) Multifamily Mortgages ($ in Millions) ($ in Millions)

onǀentional

Total FHA/VAd

($)

onǀentional

($)

FHA/RD

($)

Multifamily

Morgages

($)

Total MBS

OustandingǗ

($)

Multiclass MS 

Outstandingǘ

($) Fidžed-Rateǔ

($)

AdjustableRatec

($)

Secondsǖ

($)

Total

($)

4Q22 2,906,935 23,096 0 2,930,031 1,008 353,662 0 353,662 3,284,701 563,460

3Q22 2,899,793 22,898 0 2,922,691 1,038 351,349 0 351,349 3,275,078 569,474

2Q22 2,858,472 22,783 0 2,881,255 1,079 351,674 0 351,674 3,234,008 574,234

1Q22 2,817,547 23,013 0 2,840,560 1,124 348,496 0 348,496 3,190,180 577,328

Annual Data

2022 2,906,935 23,096 0 2,930,031 1,008 353,662 0 353,662 3,284,701 563,460

2021 2,718,977 23,292 0 2,742,269 1,179 345,374 0 345,374 3,088,822 585,275

2020 2,222,450 25,872 0 2,248,322 1,332 308,532 0 308,532 2,558,186 590,935

2019 1,821,287 30,461 0 1,851,748 1,354 265,344 0 265,344 2,118,446 546,166

2018 1,694,596 37,568 0 1,732,164 1,532 230,892 0 230,892 1,964,588 528,413

2017 1,598,054 45,791 0 1,643,845 1,783 199,168 0 199,168 1,844,796 475,624

2016 1,510,170 48,467 0 1,558,637 2,110 152,236 0 152,236 1,712,983 422,528

2015 1,409,898 68,234 0 1,478,132 2,413 114,130 0 114,130 1,594,675 411,016

2014 1,338,926 72,095 0 1,411,021 2,835 87,836 0 87,836 1,501,692 410,133

2013 1,306,504 72,187 1 1,378,692 3,152 71,793 0 71,793 1,453,637 402,309

2012 1,269,642 76,095 1 1,345,738 3,452 49,542 0 49,542 1,398,732 427,630

2011 1,303,916 81,977 2 1,385,895 4,106 32,080 0 32,080 1,422,081 451,716

2010 1,357,124 84,471 2 1,441,597 4,434 21,954 0 21,954 1,467,985 429,115

2009 1,364,796 111,550 3 1,476,349 3,544 15,374 0 15,374 1,495,267 448,329

2008 1,242,648 142,495 4 1,385,147 3,970 13,597 0 13,597 1,402,714 517,654

2007 1,206,495 161,963 7 1,368,465 4,499 8,899 0 8,899 1,381,863 526,604

2006 967,580 141,740 12 1,109,332 5,396 8,033 0 8,033 1,122,761 491,696

2005 836,023 117,757 19 953,799 6,289 14,112 0 14,112 974,200 437,668

2004 736,332 91,474 70 827,876 9,254 15,140 0 15,140 852,270 390,516

2003 649,699 74,409 140 724,248 12,157 15,759 0 15,759 752,164 347,833

2002 647,603 61,110 5 708,718 12,361 8,730 0 8,730 729,809 392,545

2001 609,290 22,525 10 631,825 14,127 7,132 0 7,132 653,084 299,652

2000 533,331 36,266 18 569,615 778 5,708 0 5,708 576,101 309,185

1999 499,671 33,094 29 532,794 627 4,462 0 4,462 537,883 316,168

1998 NŽƚ AǀĂŝůĂďůĞ 

Before 1999 

NŽƚ AǀĂŝůĂďůĞ 

Before 1999 

NŽƚ AǀĂŝůĂďůĞ 

Before 1999 

NŽƚ AǀĂŝůĂďůĞ 

Before 1999 

NŽƚ AǀĂŝůĂďůĞ 

Before 1999 

NŽƚ AǀĂŝůĂďůĞ 

Before 1999 

NŽƚ AǀĂŝůĂďůĞ 

Before 1999 

NŽƚ AǀĂŝůĂďůĞ 

Before 1999 478,351 260,504

1997 475,985 233,829

1996 473,065 237,939

1995 459,045 246,336

1994 460,656 264,152

1993 439,029 265,178

1992 407,514 218,747

1991 359,163 146,978

1990 316,359 88,124

1989 272,870 52,865

1988 226,406 15,621

1987 212,635 3,652

1986 169,186 5,333

1985 99,909 5,047

1984 70,026 3,214

1983 57,720 1,669

1982 42,952 Not Issued Before 

1983 

1981 19,897

1980 16,962

1979 15,316

1978 12,017

1977 6,765

1976 2,765

1975 1,643

1974 780

1973 791

1972 444

1971 64

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ ŽĨ ŵŽƌƚŐĂŐĞ ŐƵĂƌĂŶƚĞĞƐ ŚĞůĚ ďLJ ƚŚŝƌĚ ƉĂƌƟĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ;DSͿ ŚĞůĚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚ ďLJ FƌĞĚĚŝĞ DĂĐ ĂŶĚ ƵŶŐƵĂƌĂŶƚĞĞĚ 

ƐƵďŽƌĚŝŶĂƚĞĚ ǁŚŽůĞ ůŽĂŶ ƐĞĐƵƌŝƟĞƐ͘

ǔ IŶĐůƵĚĞƐ U͘S͘ DĞƉĂƌƚŵĞŶƚ ŽĨ AŐƌŝĐƵůƚƵƌĞ RƵƌĂů DĞǀĞůŽƉŵĞŶƚ ;RDͿ ůŽĂŶ ƉƌŽŐƌĂŵƐ͘

Ǖ FƌŽŵ 200ϭ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ŝŶĐůƵĚĞƐ DS ǁŝƚŚ ƵŶĚĞƌůLJŝŶŐ ŵŽƌƚŐĂŐĞƐ ĐůĂƐƐŝĮĞĚ ĂƐ ďĂůůŽŽŶͬƌĞƐĞƚ ůŽĂŶƐ͘ FƌĞĚĚŝĞ DĂĐ ĚŝƐĐŽŶƟŶƵĞĚ ƉƵƌĐŚĂƐĞ ŽĨ ďĂůůŽŽŶͬƌĞƐĞƚ ŵŽƌƚŐĂŐĞƐ ŽŶ 

:ĂŶƵĂƌLJ ϭ͕ 20ϭϯ͘

ǖ FƌŽŵ 2002 ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ŝŶĐůƵĚĞƐ ƌĞƐĞĐƵƌŝƟnjĂƟŽŶƐ ŽĨ ŶŽŶͲFƌĞĚĚŝĞ DĂĐ ƐĞĐƵƌŝƟĞƐ͘

Ǘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘ FƌŽŵ 2002 ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ĂŵŽƵŶƚƐ ŝŶĐůƵĚĞ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚ ĐŽŶĚƵŝƚƐ ĂŶĚ 

ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ͕ ŽƚŚĞƌ ŐƵĂƌĂŶƚĞĞ ƚƌĂŶƐĂĐƟŽŶƐ͕ ĂŶĚ ŽƚŚĞƌ ŐƵĂƌĂŶƚĞĞ ĐŽŵŵŝƚŵĞŶƚƐ ŽĨ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ DS ŚĞůĚ ďLJ ƚŚŝƌĚ ƉĂƌƟĞƐ͘

ǘ AŵŽƵŶƚƐ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŽƚĂů DS ŽƵƚƐƚĂŶĚŝŶŐ ĐŽůƵŵŶ͘

Ǚ FƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝƐƐƵĞĚ Žƌ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ͘ IŶ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĐĞƌƚĂŝŶ ŽĨ ƚŚĞƐĞ ƐĞĐƵƌŝƟĞƐ ƚŚĂƚ ǁĞƌĞ ŝƐƐƵĞĚ ďLJ 

ƚŚŝƌĚͲƉĂƌƚLJ ƚƌƵƐƚƐ ďƵƚ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ ǁĞƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶͲĂŐĞŶĐLJ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ͘ 20ϭϳ ĂŶĚ ůĂƚĞƌ ƉĞƌŝŽĚƐ ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ 

ƉĞƌŝŽĚ ƉƌĞƐĞŶƚĂƟŽŶ͘
128 Federal Housing Finance Agency

Table 14. Freddie Mac Mortgage Assets Held for Investment Detail

($ in Millions)

End of

Period

thole >oansa

($)

Freddie Mac

Securitiesa

($)

Other MortgageRelated Securitiesa

($)

Mortgage Assets

Held for

Invesment (Gross)b,c

($)

4Q22 64,420 27,209 28,310 119,939

3Q22 52,764 24,771 27,009 104,544

2Q22 55,287 23,586 25,559 104,432

1Q22 57,738 31,950 35,065 124,753

Annual Data

2022 64,420 27,209 28,310 119,939

2021 64,553 42,755 46,458 153,766

2020 110,750 67,091 4,343 182,184

2019 83,652 118,647 10,374 212,673

2018 91,618 120,148 6,314 218,080

2017 107,171 135,552 10,732 253,455

2016 127,549 136,184 34,693 298,426

2015 145,664 147,824 53,423 346,911

2014 164,472 161,541 82,401 408,414

2013 181,308 168,034 111,682 461,024

2012 221,313 186,763 149,468 557,544

2011 253,970 223,667 175,676 653,313

2010 234,746 263,603 198,525 696,874

2009 138,816 374,615 241,841 755,272

2008 111,476 424,524 268,762 804,762

2007 82,158 356,970 281,685 720,813

2006 65,847 354,262 283,850 703,959

2005 61,481 361,324 287,541 710,346

2004 61,360 356,698 235,203 653,261

2003 60,270 393,135 192,362 645,767

2002 63,886 341,287 162,099 567,272

2001 62,792 308,427 126,420 497,639

2000 59,240 246,209 80,244 385,693

1999 56,676 211,198 56,569 324,443

1998 57,084 168,108 29,817 255,009

1997 48,454 103,400 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεεΘ 164,421

1996 46,504 81,195 137,755

1995 43,753 56,006 107,424

1994 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεερ 30,670 73,171

1993 15,877 55,938

1992 6,394 33,629

1991 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεε2 26,667

1990 21,520

1989 21,448

1988 16,918

1987 12,354

1986 13,093

1985 13,547

1984 10,018

1983 7,485

1982 4,679

1981 5,178

1980 5,006

1979 4,003

1978 3,038

1977 3,204

1976 4,175

1975 4,878

1974 4,469

1973 2,521

1972 1,726

1971 935

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘

ǔ EdžĐůƵĚĞƐ ĂůůŽǁĂŶĐĞ ĨŽƌ ĐƌĞĚŝƚ ůŽƐƐĞƐ͘

Ǖ AŵŽƵŶƚƐ ĨŽƌ 200ε ĂŶĚ ůĂƚĞƌ ŵĞĞƚ ƚŚĞ ĚĞĮŶŝƟŽŶ ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ŝŶ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŵĂdžŝŵƵŵ ĂŵŽƵŶƚ 

ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ƚŚĂƚ ŵĂLJ ďĞ ŚĞůĚ͘
Report to the Congress 2022 129

APPENDIX: HISTORICAL DATA TABLES

Table 14a. Freddie Mac Mortgage Assets Held for Investment Detail - Whole Loans

End of

Period

thole >oans ($ in Millions)a

Single-Family Multifamily

Total

Whole

Loans

($)

onǀentional

onǀentional

($)

FHA/RD

($)

Total

($) FixedRateǔ

($)

AdjustableRate

($)

Seconds

($)

Total

($)

Total

F,ͬsc

($)

4Q22 36,298 212 0 36,510 560 27,350 0 27,350 64,420

3Q22 35,506 227 0 35,733 558 16,473 0 16,473 52,764

2Q22 38,189 279 0 38,468 549 16,268 2 16,270 55,287

1Q22 37,102 258 0 37,360 536 19,840 2 19,842 57,738

Annual Data

2022 36,298 212 0 36,510 560 27,350 0 27,350 64,420

2021 40,989 276 0 41,265 516 22,770 2 22,772 64,553

2020 76,208 692 0 76,900 443 33,405 2 33,407 110,750

2019 52,649 892 0 53,541 326 29,783 2 29,785 83,652

2018 55,311 1,214 0 56,525 306 34,785 2 34,787 91,618

2017 66,926 1,675 0 68,601 331 38,222 17 38,239 107,171

2016 82,295 2,439 0 84,734 398 42,415 2 42,417 127,549

2015 92,931 3,185 0 96,116 461 49,084 3 49,087 145,664

2014 106,499 4,544 0 111,043 473 52,953 3 52,956 164,472

2013 115,073 6,511 0 121,584 553 59,168 3 59,171 181,308

2012 133,506 9,953 0 143,459 1,285 76,566 3 76,569 221,313

2011 156,361 13,804 0 170,165 1,494 82,308 3 82,311 253,970

2010 130,722 16,643 0 147,365 1,498 85,880 3 85,883 234,746

2009 50,980 2,310 0 53,290 1,588 83,935 3 83,938 138,816

2008 36,071 2,136 0 38,207 548 72,718 3 72,721 111,476

2007 21,578 2,700 0 24,278 311 57,566 3 57,569 82,158

2006 19,211 1,233 0 20,444 196 45,204 3 45,207 65,847

2005 19,238 903 0 20,141 255 41,082 3 41,085 61,481

2004 22,055 990 0 23,045 344 37,968 3 37,971 61,360

2003 25,889 871 1 26,761 513 32,993 3 32,996 60,270

2002 33,821 1,321 3 35,145 705 28,033 3 28,036 63,886

2001 38,267 1,073 5 39,345 964 22,480 3 22,483 62,792

2000 39,537 2,125 9 41,671 1,200 16,369 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2001 16,369 59,240

1999 43,210 1,020 14 44,244 77 12,355 12,355 56,676

1998 47,754 1,220 23 48,997 109 7,978 7,978 57,084

1997 40,967 1,478 36 42,481 148 5,825 5,825 48,454

1996 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1997 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1997 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1997 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1997 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1997 4,746 4,746 46,504

1995 3,852 3,852 43,753

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ ŽĨ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ͘ EdžĐůƵĚĞƐ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ƚƌĂĚĞĚ ďƵƚ ŶŽƚ LJĞƚ ƐĞƩůĞĚ͘

ǔ FƌŽŵ 200ϭ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ ŝŶĐůƵĚĞƐ U͘S͘DĞƉĂƌƚŵĞŶƚ ŽĨ AŐƌŝĐƵůƚƵƌĞ RƵƌĂů DĞǀĞůŽƉŵĞŶƚ ;RDͿ ůŽĂŶ ƉƌŽŐƌĂŵƐ͘

Ǖ FHA ƐƚĂŶĚƐ ĨŽƌ FĞĚĞƌĂů HŽƵƐŝŶŐ AĚŵŝŶŝƐƚƌĂƟŽŶ͘ VA ƐƚĂŶĚƐ ĨŽƌ DĞƉĂƌƚŵĞŶƚ ŽĨ VĞƚĞƌĂŶƐ AīĂŝƌƐ͘
130 Federal Housing Finance Agency

Table 14b. Freddie Mac Mortgage Assets Held for Investment Detail - Part 1, MortgageRelated Securities

Mortgage-Related Securities ($ in Millions)a

End of 

Period

Freddie Mac Securitiesb,c,d,e Other Securitiesc

Single-Family

Multifamily

($)

Total

Freddie

Mac

($)

Fannie Mae Ginne Maec

Total

PrivateLabel

($)

Total

Other

Securities

($)

FixedRate

($)

AdjustableRate

($)

Single-Family

Multifamily

($)

Total

Fannie

Mae

($)

Single-Family

Multifamily

($)

Total

Ginnie

Mae

($)

FixedRate

($)

AdjustableRate

($)

FixedRate

($)

AdjustableRate

($)

4Q22 17,170 3,183 6,856 27,209 194 41 0 235 0 0 11 11 774 1,020

3Q22 15,697 3,141 5,933 24,771 1,300 41 0 1,341 0 0 11 11 798 2,150

2Q22 16,556 2,715 4,315 23,586 832 43 0 875 0 0 11 11 996 1,882

1Q22 25,682 2,650 3,618 31,950 1,904 42 0 1,946 0 0 11 11 1,060 3,017

Annual Data

2022 17,170 3,183 6,856 27,209 194 41 0 235 0 0 11 11 774 1,020

2021 37,165 2,577 3,013 42,755 2,542 15 0 2,557 0 1 11 12 1,038 3,607

2020 56,028 7,007 4,055 67,090 2,872 45 0 2,917 0 2 11 13 1,273 4,203

2019 97,710 15,227 5,710 118,647 7,756 962 0 8,718 16 3 11 30 1,452 10,200

2018 95,705 17,282 7,161 120,148 1,520 2,419 0 3,939 25 4 11 40 2,099 6,078

2017 107,213 21,258 7,081 135,552 2,861 2,191 0 5,052 36 123 12 171 5,157 10,380

2016 102,778 27,651 5,755 136,184 7,650 3,876 0 11,526 56 178 12 246 22,266 34,038

2015 119,072 22,873 5,879 147,824 6,038 6,753 0 12,791 90 77 12 179 39,265 52,235

2014 131,683 26,532 3,326 161,541 6,852 9,303 0 16,155 119 67 12 198 63,879 80,232

2013 137,164 28,083 2,787 168,034 7,240 9,421 3 16,664 150 78 15 243 91,237 108,144

2012 147,751 36,630 2,382 186,763 10,864 12,518 84 23,466 202 91 15 308 120,038 143,812

2011 174,440 46,219 3,008 223,667 16,543 15,998 128 32,669 253 104 16 373 134,841 167,883

2010 206,974 54,534 2,095 263,603 21,238 18,139 316 39,693 296 117 27 440 148,515 188,648

2009 294,958 77,708 1,949 374,615 36,549 28,585 528 65,662 341 133 35 509 163,816 229,987

2008 328,965 93,498 2,061 424,524 35,142 34,460 674 70,276 398 152 26 576 185,041 255,893

2007 269,896 84,415 2,659 356,970 23,140 23,043 922 47,105 468 181 82 731 218,914 266,750

2006 282,052 71,828 382 354,262 25,779 17,441 1,214 44,434 707 231 13 951 224,631 270,016

2005 299,167 61,766 391 361,324 28,818 13,180 1,335 43,333 1,045 218 30 1,293 231,594 276,220

2004 304,555 51,737 406 356,698 41,828 14,504 1,672 58,004 1,599 81 31 1,711 166,411 226,126

2003

Not 

Available 

Before 2004 

Not 

Available 

Before 2004 

Not 

Available 

Before 2004 

393,135

Not 

Available 

Before 2004 

Not 

Available 

Before 2004 

Not 

Available 

Before 2004 

74,529

Not 

Available 

Before 2004 

Not 

Available 

Before 2004 

Not 

Available 

Before 2004 

2,760 107,301 184,590

2002 341,287 78,829 4,878 70,752 154,459

2001 308,427 71,128 5,699 42,336 119,163

2000 246,209 28,303 8,991 35,997 73,291

1999 211,198 13,245 6,615 31,019 50,879

1998 168,108 3,749 4,458 16,970 25,177

1997 103,400

Not 

Available 

Before 1998 

6,393

Not 

Available 

Before 1998 

Not 

Available 

Before 1998 

1996 81,195 7,434

1995 56,006

Not 

Available 

Before 1996 

1994 30,670

1993 15,877

1992 6,394

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘

ǔ FƌŽŵ 200ϭ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ŝŶĐůƵĚĞƐ ƌĞĂů ĞƐƚĂƚĞ ŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚ ĐŽŶĚƵŝƚƐ ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ DĂĞ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ͘

Ǖ FƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝƐƐƵĞĚ Žƌ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ͘ IŶ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĐĞƌƚĂŝŶ ŽĨ ƚŚĞƐĞ ƐĞĐƵƌŝƟĞƐ ƚŚĂƚ ǁĞƌĞ ŝƐƐƵĞĚ ďLJ 

ƚŚŝƌĚͲƉĂƌƚLJ ƚƌƵƐƚƐ ďƵƚ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ ǁĞƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶͲĂŐĞŶĐLJ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ͘ 20ϭϳ ĂŶĚ ůĂƚĞƌ ƉĞƌŝŽĚƐ ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ 

ƉĞƌŝŽĚ ƉƌĞƐĞŶƚĂƟŽŶ͘

ǖ FƌŽŵ ϯY 20ϭε ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚƐ͕ ĂŵŽƵŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ FĂŶŶŝĞ DĂĞͲďĂĐŬĞĚ ƉŽƌƟŽŶ ŽĨ ƉĂƌƟĂůůLJͲŽǁŶĞĚ FƌĞĚĚŝĞ DĂĐ ŝƐƐƵĞĚ ĐŽŵŵŝŶŐůĞĚ ƐĞĐƵƌŝƟĞƐ͘

Ǘ FƌŽŵ 2Y 20ϭε ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚƐ͕ ĂŵŽƵŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ FĂŶŶŝĞ DĂĞͲďĂĐŬĞĚ ƉŽƌƟŽŶ ŽĨ ϭ00йͲŽǁŶĞĚ FƌĞĚĚŝĞ DĂĐͲŝƐƐƵĞĚ ĐŽŵŵŝŶŐůĞĚ ƐĞĐƵƌŝƟĞƐ͘
Report to the Congress 2022 131

APPENDIX: HISTORICAL DATA TABLES

Table 14b. Freddie Mac Mortgage Assets Held for Investment Detail - Part 2, MortgageRelated Securities͕ Wriǀate->aďel etail

End of

Period

Mortgage-Related Securities ($ in Millions)a/d

Private-Label

Single-Family

Multifamily

($)

Total

PrivateLabel

($)

Manufactured

Housing

($)

Subprime lt ǔ Otherc

FixedRate

($)

AdjustableRate

($)

FixedRate

($)

AdjustableRate

($)

FixedRate

($)

AdjustableRate

($)

4Q22 216 0 520 10 28 0 0 0 774

3Q22 224 0 534 11 29 0 0 0 798

2Q22 234 1 622 11 31 0 97 0 996

1Q22 244 1 668 12 36 0 99 0 1,060

Annual Data

2022 216 0 520 10 28 0 0 0 774

2021 254 1 696 13 12 0 62 0 1,038

2020 290 2 807 33 70 0 71 0 1,273

2019 325 3 896 39 77 0 82 30 1,452

2018 358 3 1,383 45 187 0 91 32 2,099

2017 428 3 3,315 58 410 0 812 131 5,157

2016 566 9 10,311 340 1,461 0 3,176 6,403 22,266

2015 630 10 17,285 753 3,045 0 5,309 12,233 39,265

2014 704 11 27,675 955 5,035 0 8,287 21,212 63,879

2013 778 116 39,583 1,417 9,594 0 10,426 29,323 91,237

2012 862 311 44,086 1,774 13,036 0 12,012 47,957 120,038

2011 960 336 48,696 2,128 14,662 0 13,949 54,110 134,841

2010 1,080 363 53,855 2,405 16,438 0 15,646 58,728 148,515

2009 1,201 395 61,179 2,845 18,594 0 17,687 61,915 163,816

2008 1,326 438 74,413 3,266 21,801 0 19,606 64,191 185,041

2007 1,472 498 100,827 3,720 26,343 0 21,250 64,804 218,914

2006 1,510 408 121,691 3,626 31,743 0 20,893 44,760 224,631

2005 1,680 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2006 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2006 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2006 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2006 4,749 181,678 43,487 231,594

2004 1,816 8,243 115,168 41,184 166,411

2003 2,085 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2004 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2004 

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

2004 107,301

2002 2,394 70,752

2001 2,462 42,336

2000 2,896 35,997

1999 4,693 31,019

1998 1,711 16,970

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘

ǔ IŶĐůƵĚĞƐ ŶŽŶĂŐĞŶĐLJ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ďĂĐŬĞĚ ďLJ ŚŽŵĞ ĞƋƵŝƚLJ ůŝŶĞƐ ŽĨ ĐƌĞĚŝƚ͘

Ǖ CŽŶƐŝƐƚƐ ŽĨ ŶŽŶĂŐĞŶĐLJ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ďĂĐŬĞĚ ďLJ ŽƉƟŽŶ ARD ůŽĂŶƐ͘ ĞĨŽƌĞ 200ς͕ ŝŶĐůƵĚĞƐ ƐĞĐƵƌŝƟĞƐ ƉƌŝŶĐŝƉĂůůLJ ďĂĐŬĞĚ ďLJ ƐƵďƉƌŝŵĞ ĂŶĚ AůƚͲA ŵŽƌƚŐĂŐĞ ůŽĂŶƐ͘ ARD 

ƐƚĂŶĚƐ ĨŽƌ ĂĚũƵƐƚĂďůĞͲƌĂƚĞ ŵŽƌƚŐĂŐĞ͘

ǖ FƌĞĚĚŝĞ DĂĐ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ŝƐƐƵĞĚ Žƌ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ͘ IŶ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĐĞƌƚĂŝŶ ŽĨ ƚŚĞƐĞ ƐĞĐƵƌŝƟĞƐ ƚŚĂƚ ǁĞƌĞ ŝƐƐƵĞĚ ďLJ 

ƚŚŝƌĚͲƉĂƌƚLJ ƚƌƵƐƚƐ ďƵƚ ŐƵĂƌĂŶƚĞĞĚ ďLJ FƌĞĚĚŝĞ DĂĐ ǁĞƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶͲĂŐĞŶĐLJ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ͘ 20ϭϳ ĂŶĚ ůĂƚĞƌ ƉĞƌŝŽĚƐ ŚĂǀĞ ďĞĞŶ ƌĞǀŝƐĞĚ ƚŽ ĐŽŶĨŽƌŵ ƚŽ ƚŚĞ ĐƵƌƌĞŶƚ 

ƉĞƌŝŽĚ ƉƌĞƐĞŶƚĂƟŽŶ͘
132 Federal Housing Finance Agency

Table 14b. Freddie Mac Mortgage Assets Held for Investment Detail - Part 3, MortgageRelated Securities

End of

Period

Mortgage-Related Securities ($ in Millions)

Mortgage Reǀenue ondsa

($)

Total MortgageRelated Securitiesa

($)

hnamortinjed Wremiums͕

Discounts, Deferred Fees, 

Plus Unrealized 

Gains/Losses on Available

for Sale Securitiesǔ

($)

Mortgage Assets

Held for

/nǀestment (Eet)c

($)

Mortgage Assets

Held for

/nǀestment ('ross)ǖ

($)

Limit on Mortgage

Assets Held for

/nǀestment ('ross)Ǘ

($)

4Q22 81 28,310 NͬA NͬA 92,730 225,000

3Q22 88 27,009 NͬA NͬA 79,773 225,000

2Q22 92 25,559 NͬA NͬA 80,846 225,000

1Q22 97 35,065 NͬA NͬA 92,803 225,000

Annual Data

2022 81 28,310 NͬA NͬA 92,730 225,000

2021 98 46,458 NͬA NͬA 111,011 250,000

2020 140 71,434 NͬA NͬA 182,184 250,000

2019 174 129,021 NͬA NͬA 212,673 250,000

2018 236 126,462 NͬA NͬA 218,080 250,000

2017 352 146,284 NͬA NͬA 253,455 288,408

2016 657 170,877 NͬA NͬA 298,426 339,304

2015 1,188 201,247 NͬA NͬA 346,911 399,181

2014 2,169 243,942 NͬA NͬA 408,414 469,625

2013 3,538 279,716 NͬA NͬA 461,024 552,500

2012 5,656 336,231 NͬA NͬA 557,544 650,000

2011 7,793 399,343 NͬA NͬA 653,313 729,000

2010 9,877 462,128 NͬA NͬA 696,874 810,000

2009 11,854 616,456 ;ϯΘ͕2εΘͿ 716,974 755,272 900,000

2008 12,869 693,286 ;ρς͕0ϭρͿ 748,747 804,762 NŽƚ AƉƉůŝĐĂďůĞ ĞĨŽƌĞ 200ε 

2007 14,935 638,655 ;ϭ0͕ϳϳϭͿ 710,042 720,813

2006 13,834 638,112 ;ϯ͕ερϳͿ 700,002 703,959

2005 11,321 648,865 ;ΘκϯͿ 709,503 710,346

2004 9,077 591,901 11,321 664,582 653,261

2003 7,772 585,497 14,764 660,531 645,767

2002 7,640 503,386 22,627 589,899 567,272

2001 7,257 434,847 6,130 503,769 497,639

2000 6,953 326,453 ;2κ2Ϳ 385,451 385,693

1999 5,690 267,767 ;ϭ͕ρ2εͿ 322,914 324,443

1998 4,640 197,925 661 255,670 255,009

1997 3,031 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεεΘ 122 164,543 164,421

1996 1,787 71 137,826 137,755

1995 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεες 282 107,706 107,424

1994 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεερ ĂŶĚ 

ĂŌĞƌ 200ε 73,171 73,171

1993 55,938 55,938

1992 33,629 33,629

1991 26,667 26,667

1990 21,520 21,520

1989 21,448 21,448

1988 16,918 16,918

1987 12,354 12,354

1986 13,093 13,093

1985 13,547 13,547

1984 10,018 10,018

1983 7,485 7,485

1982 4,679 4,679

1981 5,178 5,178

1980 5,006 5,006

1979 4,003 4,003

1978 3,038 3,038

1977 3,204 3,204

1976 4,175 4,175

1975 4,878 4,878

1974 4,469 4,469

1973 2,521 2,521

1972 1,726 1,726

1971 935 935

Source: Freddie Mac

NͬA с NŽƚ AǀĂŝůĂďůĞ

Ǔ ĂƐĞĚ ŽŶ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͘

ǔ IŶĐůƵĚĞƐ ƉƌĞŵŝƵŵƐ͕ ĚŝƐĐŽƵŶƚƐ͕ ĚĞĨĞƌƌĞĚ ĨĞĞƐ͕ ŝŵƉĂŝƌŵĞŶƚƐ ŽĨ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞƐ͕ ĂŶĚ ŽƚŚĞƌ ďĂƐŝƐ ĂĚũƵƐƚŵĞŶƚƐ ŽŶ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ ƉůƵƐ 

ƵŶƌĞĂůŝnjĞĚ ŐĂŝŶƐ Žƌ ůŽƐƐĞƐ ŽŶ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ͘ AŵŽƵŶƚƐ ƉƌŝŽƌ ƚŽ 200ς ŝŶĐůƵĚĞ ŵŽƌƚŐĂŐĞͲďĂĐŬĞĚ ƐĞĐƵƌŝƟĞƐ ƌĞƐŝĚƵĂůƐ Ăƚ ĨĂŝƌ ǀĂůƵĞ͘

Ǖ EdžĐůƵĚĞƐ ĂůůŽǁĂŶĐĞ ĨŽƌ ůŽĂŶ ůŽƐƐĞƐ͘

ǖ AŵŽƵŶƚƐ ĨŽƌ 200ε ĂŶĚ ůĂƚĞƌ ŵĞĞƚ ƚŚĞ ĚĞĮŶŝƟŽŶ ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ŝŶ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŵĂdžŝŵƵŵ ĂŵŽƵŶƚ 

ŽĨ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ƚŚĂƚ ŵĂLJ ďĞ ŚĞůĚ͘

Ǘ DĂdžŝŵƵŵ ĂůůŽǁĂďůĞ ŵŽƌƚŐĂŐĞ ĂƐƐĞƚƐ ƵŶĚĞƌ ƚŚĞ TƌĞĂƐƵƌLJ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ͘
Report to the Congress 2022 133

APPENDIX: HISTORICAL DATA TABLES

daďle ϭρ͘ Freddie Mac Financial eriǀatiǀes

End of

Period 

Financial eriǀatiǀes - Eotional mount Outstanding ($ in millions)

Interest

Rate

Swapsa

($)

Interest

Rate Caps,

Floors, and

Cooridors

($)

Foreign

Currency

Contracts

($)

Over-the-Counter 

Futures͕ OƉtions͕ 

and Forward Rate 

Agreements

($)

Treasury

Based

ontractsǔ

($)

Exchange-Trade 

Futures͕ OƉtions͕ 

and Other 

eriǀatiǀes

($)

redit eriǀatiǀesc

($)

ommitmentsǖ

($)

OtherǗ

($)

Total

($)

4Q22 662,122 10,000 0 128,111 18,879 163,451 0 29,354 46,073 1,057,990

3Q22 692,030 10,000 0 122,715 19,342 151,034 0 42,564 47,749 1,085,434

2Q22 698,722 29,000 0 103,494 21,020 90,900 0 57,686 46,445 1,047,267

1Q22 712,697 29,000 0 125,838 20,747 126,315 0 84,949 42,685 1,142,231

Annual Data

2022 662,122 10,000 0 128,111 18,879 163,451 0 29,354 46,073 1,057,990

2021 716,212 29,000 0 140,066 18,192 112,004 0 83,656 37,686 1,136,816

2020 740,282 29,000 0 176,046 5,656 159,254 0 219,109 32,978 1,362,325

2019 804,941 29,000 0 161,014 13,296 259,365 0 217,051 31,677 1,516,344

2018 739,925 10,000 0 169,187 22,162 309,004 0 188,487 25,078 1,463,843

2017 739,727 10,000 0 176,966 60,649 263,482 0 189,656 24,211 1,464,691

2016 586,033 10,000 0 114,392 28,763 109,531 2,951 45,353 2,879 899,902

2015 429,712 10,000 0 99,463 1,332 55,000 3,899 29,114 3,033 631,553

2014 418,844 10,000 0 95,260 7,471 40,000 5,207 27,054 3,204 607,040

2013 524,624 19,000 528 103,010 270 50,000 5,386 18,731 3,477 725,026

2012 547,491 28,000 1,167 90,585 1,185 39,938 8,307 25,530 3,628 745,831

2011 503,893 28,000 1,722 182,974 2,250 41,281 10,190 14,318 3,621 788,249

2010 721,259 28,000 2,021 207,694 4,193 211,590 12,833 14,292 3,614 1,205,496

2009 705,707 35,945 5,669 287,193 540 159,659 14,198 13,872 3,521 1,226,304

2008 766,158 36,314 12,924 251,426 28,403 106,610 13,631 108,273 3,281 1,327,020

2007 711,829 0 20,118 313,033 0 196,270 7,667 72,662 1,302 1,322,881

2006 440,879 0 29,234 252,022 2,000 20,400 2,605 10,012 957 758,109

2005 341,008 45 37,850 193,502 0 86,252 2,414 21,961 738 683,770

2004 178,739 9,897 56,850 224,204 2,001 127,109 10,926 32,952 114,100 756,778

2003 287,592 11,308 46,512 349,650 8,549 122,619 15,542 89,520 152,579 1,083,871

2002 290,096 11,663 43,687 277,869 17,900 210,646 17,301 191,563 117,219 1,177,944

2001 442,771 12,178 23,995 187,486 13,276 358,500 10,984 121,588 0 1,170,778

2000 277,888 12,819 10,208 113,064 2,200 22,517 NͬA NͬA 35,839 474,535

1999 126,580 19,936 1,097 172,750 8,894 94,987 NŽƚ AƉƉůŝĐĂďůĞ 

Before 2000 

NŽƚ AƉƉůŝĐĂďůĞ 

Before 2000 0 424,244

1998 57,555 21,845 1,464 63,000 11,542 157,832 0 313,238

1997 54,172 21,995 1,152 6,000 12,228 0 0 95,547

1996 46,646 14,095 544 0 651 0 0 61,936

1995 45,384 13,055 0 0 24 0 0 58,463

1994 21,834 9,003 0 0 0 0 0 30,837

1993 17,888 1,500 0 0 0 0 0 19,388

Source: Freddie Mac

Ǔ AŵŽƵŶƚƐ ĨŽƌ 20ϭ0 ƚŚƌŽƵŐŚ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ ŝŶĐůƵĚĞ ĞdžĐŚĂŶŐĞͲƐĞƩůĞĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƐǁĂƉƐ͘

ǔ AŵŽƵŶƚƐ ĨŽƌ LJĞĂƌƐ 2002 ƚŚƌŽƵŐŚ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ ŝŶĐůƵĚĞ ĞdžĐŚĂŶŐĞͲƚƌĂĚĞĚ͘

Ǖ IŶĐůƵĚĞƐ ƉƌĞƉĂLJŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ ĂŐƌĞĞŵĞŶƚ ĂŶĚ ƐǁĂƉ ŐƵĂƌĂŶƚĞĞ ĚĞƌŝǀĂƟǀĞƐ͘ ĞŐŝŶŶŝŶŐ κY 20ϭε͕ ĐĞƌƚĂŝŶ ĚĞƌŝǀĂƟǀĞƐ ƌĞůĂƚĞĚ ƚŽ ŽƵƌ ĐƌĞĚŝƚ ƌŝƐŬ ƚƌĂŶƐĨĞƌ ƚƌĂŶƐĂĐƟŽŶƐ ǁĞƌĞ ƌĞĐůĂƐƐŝĮĞĚ 

to other.

ǖ CŽŵŵŝƚŵĞŶƚƐ ŝŶĐůƵĚĞ ĐŽŵŵŝƚŵĞŶƚƐ ƚŽ ƉƵƌĐŚĂƐĞ ĂŶĚ ƐĞůů ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐĞĐƵƌŝƟĞƐ ĂŶĚ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ĂŶĚ ĐŽŵŵŝƚŵĞŶƚƐ ƚŽ ƉƵƌĐŚĂƐĞ ĂŶĚ ĞdžƟŶŐƵŝƐŚ Žƌ ŝƐƐƵĞ ĚĞďƚ ƐĞĐƵƌŝƟĞƐ ŽĨ 

ĐŽŶƐŽůŝĚĂƚĞĚ ƚƌƵƐƚƐ͘ YĞĂƌƐ ďĞĨŽƌĞ 200κ ŝŶĐůƵĚĞ ĐŽŵŵŝƚŵĞŶƚƐ ƚŽ ƉƵƌĐŚĂƐĞ ĂŶĚ ƐĞůů ǀĂƌŝŽƵƐ ĚĞďƚ ƐĞĐƵƌŝƟĞƐ͘

Ǘ ĞŐŝŶŶŝŶŐ ŝŶ ϭY 2020͕ ŝŶĐůƵĚĞƐ ĐĞƌƚĂŝŶ ĚĞƌŝǀĂƟǀĞƐ ƉƌĞǀŝŽƵƐůLJ ƌĞƉŽƌƚĞĚ ĂƐ ĐƌĞĚŝƚ ĚĞƌŝǀĂƟǀĞƐ͘
134 Federal Housing Finance Agency

Table 16. Freddie Mac Nonmortgage Investments

End of

Period

Eonmortgage /nǀestments ($ in millions)a

Federal

Funds and

Eurodollars

($)

Asset-Backed

Securities

($)

Repurchase

Agreements

($)

Commerical

Paper and

Corporate Debt

($)

Otherǔ

($)

Total

($)

4Q22 0 0 87,295 0 28,398 115,693

3Q22 0 0 97,643 0 32,299 129,942

2Q22 0 0 86,496 0 38,140 124,636

1Q22 0 0 69,617 0 44,792 114,409

Annual Data

2022 0 0 87,295 0 28,398 115,693

2021 0 0 71,203 0 40,966 112,169

2020 0 0 105,003 0 34,205 139,208

2019 0 0 66,114 0 32,213 98,327

2018 0 0 34,771 0 20,980 55,751

2017 0 0 55,903 0 24,088 79,991

2016 0 0 51,548 0 21,137 72,685

2015 0 0 63,644 0 17,151 80,795

2014 0 0 51,903 0 6,682 58,585

2013 0 0 62,383 0 6,636 69,019

2012 0 292 37,563 0 20,221 58,076

2011 0 302 12,044 2,184 24,812 39,342

2010 3,750 44 42,774 441 27,411 74,420

2009 0 4,045 7,000 439 14,787 26,271

2008 0 8,794 10,150 0 0 18,944

2007 162 16,588 6,400 18,513 0 41,663

2006 19,778 32,122 3,250 11,191 2,273 68,614

2005 9,909 30,578 5,250 5,764 5,823 57,324

2004 18,647 21,733 13,550 0 8,097 62,027

2003 7,567 16,648 13,015 5,852 10,042 53,124

2002 6,129 34,790 16,914 13,050 20,988 91,871

2001 15,868 26,297 17,632 21,712 8,340 89,849

2000 2,267 19,063 7,488 7,302 7,401 43,521

1999 10,545 10,305 4,961 3,916 4,425 34,152

1998 20,524 7,124 1,756 7,795 4,961 42,160

1997 2,750 2,200 6,982 3,203 1,295 16,430

1996 9,968 2,086 6,440 1,058 2,696 22,248

1995 110 499 9,217 1,201 1,684 12,711

1994 7,260 0 5,913 1,234 3,401 17,808

1993 9,267 0 4,198 1,438 3,322 18,225

1992 5,632 0 4,060 53 2,797 12,542

1991 2,949 0 4,437 0 2,570 9,956

1990 1,112 0 9,063 0 1,949 12,124

1989 3,527 0 5,765 0 1,758 11,050

1988 4,469 0 9,107 0 1,031 14,607

1987 3,177 0 5,859 0 1,431 10,467

Source: Freddie Mac

Ǔ AĚŽƉƟŽŶ ŽĨ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ͕ ĞīĞĐƟǀĞ :ĂŶƵĂƌLJ ϭ͕ 20ϭ0͕ ĐŚĂŶŐĞĚ ƉƌĞƐĞŶƚĂƟŽŶ ŽĨ 

ŶŽŶŵŽƌƚŐĂŐĞ ŝŶǀĞƐƚŵĞŶƚƐ͘ VĂůƵĞƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ ĂƌĞ ŶŽƚ ĚŝƌĞĐƚůLJ ĐŽŵƉĂƌĂďůĞ ƚŽ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ͘

ǔ ĞŐŝŶŶŝŶŐ ŝŶ 20ϭϳ͕ ĂŵŽƵŶƚƐ ŝŶĐůƵĚĞ ĐĞƌƚĂŝŶ ƐĞĐƵƌĞĚ ůĞŶĚŝŶŐ ĂĐƟǀŝƚLJ͘ FƌŽŵ 200ε ƚŚƌŽƵŐŚ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͕ ĂŵŽƵŶƚƐ ŝŶĐůƵĚĞ TƌĞĂƐƵƌLJ ďŝůůƐ ĂŶĚ TƌĞĂƐƵƌLJ ŶŽƚĞƐ͘ FŽƌ 200κ ƚŚƌŽƵŐŚ 200ς͕ 

ĂŵŽƵŶƚƐ ŝŶĐůƵĚĞ ŽďůŝŐĂƟŽŶƐ ŽĨ ƐƚĂƚĞƐ ĂŶĚ ŵƵŶŝĐŝƉĂůŝƟĞƐ ĐůĂƐƐŝĮĞĚ ĂƐ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ƐĞĐƵƌŝƟĞƐ͘ FŽƌ 200ϯ ĂŶĚ ƉƌĞǀŝŽƵƐ LJĞĂƌƐ͕ ĂŵŽƵŶƚƐ ŝŶĐůƵĚĞ ŶŽŶŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ƐĞĐƵƌŝƟĞƐ 

ĐůĂƐƐŝĮĞĚ ĂƐ ƚƌĂĚŝŶŐ͕ ĚĞďƚ ƐĞĐƵƌŝƟĞƐ ŝƐƐƵĞĚ ďLJ ƚŚĞ U͘S͘ TƌĞĂƐƵƌLJ ĂŶĚ ŽƚŚĞƌ ĨĞĚĞƌĂů ĂŐĞŶĐŝĞƐ͕ ŽďůŝŐĂƟŽŶƐ ŽĨ ƐƚĂƚĞƐ ĂŶĚ ŵƵŶŝĐŝƉĂůŝƟĞƐ͕ ĂŶĚ ƉƌĞĨĞƌƌĞĚ ƐƚŽĐŬ͘
Report to the Congress 2022 135

APPENDIX: HISTORICAL DATA TABLES

Table 17. Freddie Mac Mortgage Asset Quality

End of

Period

Mortgage Asset Quality

Single-Family

Delinquency

Ratea

(%)

Multifamily

Delinquency

Rateǔ

(%)

Credit Losses/

Mortgage

Worƞolioc

(%)

REO/Mortgage

Worƞolioǖ

(%)

Credit-Enhancede

/ 

Mortgage 

Worƞolioǖ

(%)

4Q22 0͘ςς й 0͘ϭ2 й 0͘00 й 0͘0ϭ й ςρ͘0 й

3Q22 0͘ςϳ й 0͘ϭϯ й 0͘00 й 0͘0ϭ й ςρ͘0 й

2Q22 0͘ϳς й 0͘0ϳ й 0͘00 й 0͘0ϭ й ςϯ͘0 й

1Q22 0͘ε2 й 0͘0Θ й 0͘00 й 0͘0ϭ й ς0͘0 й

Annual Data

2022 0͘ςς й 0͘ϭ2 й 0͘00 й 0͘0ϭ й ςρ͘0 й

2021 1.12 0.08 0.01 0.01 58.0

2020 2.64 0.16 0.01 0.01 54.0

2019 0.63 0.08 0.07 0.02 60.0

2018 0.69 0.01 0.11 0.04 58.0

2017 1.08 0.02 0.19 0.04 48.0

2016 1.00 0.03 0.09 0.06 40.0

2015 1.32 0.02 0.26 0.09 33.0

2014 1.88 0.04 0.22 0.14 26.0

2013 2.39 0.09 0.27 0.25 16.0

2012 3.25 0.19 0.64 0.24 13.0

2011 3.58 0.22 0.68 0.30 14.0

2010 3.84 0.26 0.72 0.36 15.0

2009 3.98 0.20 0.41 0.23 16.0

2008 1.83 0.05 0.20 0.17 18.0

2007 0.65 0.02 0.03 0.08 17.0

2006 0.42 0.06 0.01 0.04 16.0

2005 0.53 0.00 0.01 0.04 17.0

2004 0.73 0.06 0.01 0.05 19.0

2003 0.86 0.05 0.01 0.06 21.0

2002 0.77 0.13 0.01 0.05 27.4

2001 0.62 0.15 0.01 0.04 34.7

2000 0.49 0.04 0.01 0.04 31.8

1999 0.39 0.14 0.02 0.05 29.9

1998 0.50 0.37 0.04 0.08 27.3

1997 0.55 0.96 0.08 0.11 15.9

1996 0.58 1.96 0.10 0.13 10.0

1995 0.60 2.88 0.11 0.14 9.7

1994 0.55 3.79 0.08 0.18 7.2

1993 0.61 5.92 0.11 0.16 5.3

1992 0.64 6.81 0.09 0.12 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεεϯ 

1991 0.61 5.42 0.08 0.14

1990 0.45 2.63 0.08 0.12

1989 0.38 2.53 0.08 0.09

1988 0.36 2.24 0.07 0.09

1987 0.36 1.49 0.07 0.08

1986 0.42 1.07 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘϳ 0.07

1985 0.42 0.63 0.10

1984 0.46 0.42 0.15

1983 0.47 0.58 0.15

1982 0.54 1.04 0.12

1981 0.61 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘ2 0.07

1980 0.44 0.04

1979 0.31 0.02

1978 0.21 0.02

1977 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεϳΘ 0.03

1976 0.04

1975 0.03

1974 0.02

Source: Freddie Mac

Ǔ ĂƐĞĚ ŽŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŵŽƌƚŐĂŐĞƐ ε0 ĚĂLJƐ Žƌ ŵŽƌĞ ĚĞůŝŶƋƵĞŶƚ Žƌ ŝŶ ĨŽƌĞĐůŽƐƵƌĞ͘ RĂƚĞƐ ĂƌĞ ďĂƐĞĚ ŽŶ ůŽĂŶƐ ŝŶ ƚŚĞ ƐŝŶŐůĞͲĨĂŵŝůLJ ŵŽƌƚŐĂŐĞ ƉŽƌƞŽůŝŽ ;ƉƌĞǀŝŽƵƐůLJ ƚŚĞ ƐŝŶŐůĞͲĨĂŵŝůLJ ĐƌĞĚŝƚ 

ŐƵĂƌĂŶƚĞĞ ƉŽƌƞŽůŝŽͿ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ƐĞĐƵƌŝƟnjĞĚ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ͕ ƵŶƐĞĐƵƌŝƟnjĞĚ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ͕ ĂŶĚ ŽƚŚĞƌ ŵŽƌƚŐĂŐĞͲƌĞůĂƚĞĚ ŐƵĂƌĂŶƚĞĞƐ͘ RĂƚĞƐ ĨŽƌ LJĞĂƌƐ 200ρ ĂŶĚ 200ϳ ĞdžĐůƵĚĞ ŽƚŚĞƌ 

ŐƵĂƌĂŶƚĞĞ ƚƌĂŶƐĂĐƟŽŶƐ͘

ǔ ĂƐĞĚ ŽŶ ƚŚĞ ƵŶƉĂŝĚ ƉƌŝŶĐŝƉĂů ďĂůĂŶĐĞ ŽĨ ůŽĂŶƐ͕ ς0 ĚĂLJƐ Žƌ ŵŽƌĞ ĚĞůŝŶƋƵĞŶƚ Žƌ ŝŶ ĨŽƌĞĐůŽƐƵƌĞ ĂŶĚ ŝŶĐůƵĚĞ ŽƚŚĞƌ ŐƵĂƌĂŶƚĞĞ ƚƌĂŶƐĂĐƟŽŶƐ͘

Ǖ CƌĞĚŝƚ ůŽƐƐĞƐ ĞƋƵĂů ƚŽ ƌĞĂů ĞƐƚĂƚĞ ŽǁŶĞĚ ŽƉĞƌĂƟŽŶƐ ĞdžƉĞŶƐĞ ;ŝŶĐŽŵĞͿ ƉůƵƐ ŶĞƚ ĐŚĂƌŐĞͲŽīƐ ĂŶĚ ĞdžĐůƵĚĞ ŽƚŚĞƌ ŵĂƌŬĞƚͲďĂƐĞĚ ǀĂůƵĂƟŽŶ ůŽƐƐĞƐ͘ ĞŐŝŶŶŝŶŐ ŝŶ 202ϭ͕ ĐĂůĐƵůĂƚĞĚ ĂƐ ĐƌĞĚŝƚ 

ůŽƐƐĞƐ ĚŝǀŝĚĞĚ ďLJ ƚŚĞ ĂǀĞƌĂŐĞ ďĂůĂŶĐĞ ŽĨ ƚŚĞ ŵŽƌƚŐĂŐĞ ƉŽƌƞŽůŝŽ͘ PƌŝŽƌ ƚŽ 2020͕ ĐĂůĐƵůĂƚĞĚ ĂƐ ĐƌĞĚŝƚ ůŽƐƐĞƐ ĚŝǀŝĚĞĚ ďLJ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ŝŶ ƚŚĞ ƚŽƚĂů ŵŽƌƚŐĂŐĞ ƉŽƌƞŽůŝŽ͕ ĞdžĐůƵĚŝŶŐ ŶŽŶͲ

FƌĞĚĚŝĞ DĂĐ DS ĂŶĚ ƚŚĞ ƉŽƌƟŽŶ ŽĨ REDICƐ ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ DĂĞ DS͘

ǖ ĞŐŝŶŶŝŶŐ ŝŶ 202ϭ͕ ĐĂůĐƵůĂƚĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ŵŽƌƚŐĂŐĞ ƉŽƌƞŽůŝŽ͘ PƌŝŽƌ ƚŽ 202ϭ͕ ĐĂůĐƵůĂƚĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ďĂůĂŶĐĞ ŽĨ ŵŽƌƚŐĂŐĞ ůŽĂŶƐ ŝŶ ƚŚĞ ƚŽƚĂů ŵŽƌƚŐĂŐĞ ƉŽƌƞŽůŝŽ ĞdžĐůƵĚŝŶŐ ŶŽŶͲFƌĞĚĚŝĞ 

DĂĐ DS ĂŶĚ ƚŚĞ ƉŽƌƟŽŶ ŽĨ REDICS ĂŶĚ ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĞĚ ƐĞĐƵƌŝƟĞƐ ďĂĐŬĞĚ ďLJ GŝŶŶŝĞ DĂĞ ĐĞƌƟĮĐĂƚĞƐ͘ SŝŶĐĞ 200κ͕ ƚŚĞ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞĚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ŽƵƌ ƚŽƚĂů ŵŽƌƚŐĂŐĞ ƉŽƌƞŽůŝŽ 

ŚĂƐ ďĞĞŶ ƌŽƵŶĚĞĚ ƚŽ ƚŚĞ ŶĞĂƌĞƐƚ ǁŚŽůĞ ƉĞƌĐĞŶƚ͘

Ǘ IŶĐůƵĚĞƐ ůŽĂŶƐ ǁŝƚŚ Ă ƉŽƌƟŽŶ ŽĨ ƚŚĞ ƉƌŝŵĂƌLJ ĚĞĨĂƵůƚ ƌŝƐŬ ƌĞƚĂŝŶĞĚ ďLJ ƚŚĞ ůĞŶĚĞƌ Žƌ Ă ƚŚŝƌĚ ƉĂƌƚLJ ǁŚŽ ƉůĞĚŐĞĚ ĐŽůůĂƚĞƌĂů Žƌ ĂŐƌĞĞĚ ƚŽ ĂĐĐĞƉƚ ůŽƐƐĞƐ ŽŶ ůŽĂŶƐ ƚŚĂƚ ĚĞĨĂƵůƚ͘ IŶ ŵĂŶLJ ĐĂƐĞƐ͕ 

ƚŚĞ ůĞŶĚĞƌ͛Ɛ Žƌ ƚŚŝƌĚ ƉĂƌƚLJ͛Ɛ ƌŝƐŬ ŝƐ ůŝŵŝƚĞĚ ƚŽ Ă ƐƉĞĐŝĮĐ ůĞǀĞů ŽĨ ůŽƐƐĞƐ Ăƚ ƚŚĞ ƟŵĞ ƚŚĞ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞŵĞŶƚ ďĞĐŽŵĞƐ ĞīĞĐƟǀĞ͘ AůƐŽ ŝŶĐůƵĚĞƐ ĐƌĞĚŝƚ ĞŶŚĂŶĐĞŵĞŶƚ ĐŽǀĞƌĂŐĞ͕ ƐƵĐŚ ĂƐ 

ƚŚƌŽƵŐŚ STACR ĚĞďƚ ŶŽƚĞƐ Žƌ ŽƚŚĞƌ ƌŝƐŬ ƚƌĂŶƐĨĞƌ ƚƌĂŶƐĂĐƟŽŶƐ ƚŚĂƚ ǁĞƌĞ ĐŽŵƉůĞƚĞĚ ďLJ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ƉĞƌŝŽĚ͘ 
136 Federal Housing Finance Agency

Table 18. Freddie Mac Statutory Capitala,k

End of Period

Freddie Mac Statutory Capital ($ in Millions)

Minimum Capital Requirement Risk-Based Capital Requirement

Market

aƉitalinjationg 

($)

Core Capital/

Total Assetsh(%)

Core Capital/

Total Assets

plus Unconsolidated 

MBSi (%)

Common Share

Dividend Payout 

Ratej (%) Core Capitalb

 ($)

Minimum

Capital

Requirementc ($)

Regulatory

Capital

Surplus

(eĮcit)c ($)

Total Capitald ($)

Risk-Based

Capital 

Requiremente ($)

Risk-Based

Capital Surplus

(eĮcit)f ($)

4Q22 ;ϯρ͕κκ2Ϳ 92,753 ;ϭ2Θ͕ϭερͿ ;2ϳ͕ρκϳͿ 71,925 ;εε͕κϳ2Ϳ 228 ;ϭ͘ϭ0Ϳй ;ϭ͘00Ϳй NͬA

3Q22 ;ϯϳ͕20ρͿ 92,367 ;ϭ2ε͕ρϳ2Ϳ ;2ε͕ΘεςͿ 68,386 ;εΘ͕2Θ2Ϳ 338 ;ϭ͘ϭϳͿй ;ϭ͘02Ϳй NͬA

2Q22 ;ϯΘ͕ρϭϳͿ 91,381 ;ϭ2ε͕ΘεΘͿ ;ϯϯ͕0εκͿ 67,571 ;ϭ00͕ςςρͿ 273 ;ϭ͘22Ϳй ;ϭ͘0ςͿй NͬA

1Q22 ;κ0͕εϳϭͿ 90,256 ;ϭϯϭ͕22ϳͿ ;ϯς͕0κεͿ 73,482 ;ϭ0ε͕ρϯϭͿ 514 ;ϭ͘ϯ2Ϳй ;ϭ͘ϭκͿй NͬA

Annual Data

2022 ;ϯρ͕κκ2Ϳ 92,753 ;ϭ2Θ͕ϭερͿ ;2ϳ͕ρκϳͿ 71,925 ;εε͕κϳ2Ϳ 228 ;ϭ͘ϭ0Ϳй ;ϭ͘00Ϳй NͬA

2021 ;κκ͕ϳςεͿ 24,302 ;ςε͕0ϳϭͿ NͬA NͬA NͬA 540 ;ϭͿ ;ϭͿ NͬA 

2020 ;ρς͕ΘϳΘͿ 22,694 ;ϳε͕ρϳ2Ϳ NͬA NͬA NͬA 1,515 ;2Ϳ ;2Ϳ NͬA 

2019 ;ςϯ͕εςκͿ 19,123 ;Θϯ͕0ΘϳͿ NͬA NͬA NͬA 1,950 ;ϯͿ ;ϯͿ NͬA 

2018 ;ςΘ͕0ϯςͿ 17,553 ;Θρ͕ρΘεͿ NͬA NͬA NͬA 689 ;ϯͿ ;ϯͿ NͬA 

2017 ;ϳϯ͕0ϯϳͿ 18,431 ;εϭ͕κςΘͿ NͬA NͬA NͬA 1,638 ;κͿ ;ϯͿ NͬA 

2016 ;ςϳ͕ϳϭϳͿ 18,933 ;Θς͕ςρ0Ϳ NͬA NͬA NͬA 2,431 ;ϯͿ ;ϯͿ NͬA 

2015 ;ϳ0͕ρκεͿ 19,687 ;ε0͕2ϯςͿ NͬA NͬA NͬA 1,053 ;κͿ ;ϯͿ NͬA 

2014 ;ϳϭ͕κϭρͿ 20,090 ;εϭ͕ρ0ρͿ NͬA NͬA NͬA 1,339 ;κͿ ;κͿ NͬA 

2013 ;ρε͕κερͿ 21,404 ;Θ0͕ΘεεͿ NͬA NͬA NͬA 1,885 ;ϯͿ ;ϯͿ NͬA 

2012 ;ς0͕ρϳϭͿ 22,063 ;Θ2͕ςϯκͿ NͬA NͬA NͬA 169 ;ϯͿ ;ϯͿ NͬA 

2011 ;ςκ͕ϯ22Ϳ 24,405 ;ΘΘ͕ϳ2ϳͿ NͬA NͬA NͬA 136 ;ϯͿ ;ϯͿ NͬA 

2010 ;ρ2͕ρϳ0Ϳ 25,987 ;ϳΘ͕ρρϳͿ NͬA NͬA NͬA 195 ;2Ϳ ;2Ϳ NͬA 

2009 ;2ϯ͕ϳϳκͿ 28,352 ;ρ2͕ϭ2ςͿ NͬA NͬA NͬA 953 ;ϯͿ ;ϭͿ NͬA 

2008 ;ϭϯ͕ϭϳκͿ 28,200 ;κϭ͕ϯϳκͿ NͬA NͬA NͬA 473 ;2Ϳ ;ϭͿ NͬD 

2007 37,867 26,473 11,394 40,929 14,102 26,827 22,018 4.77 1.74 NͬD 

2006 35,365 25,607 9,758 36,742 15,320 21,422 44,896 4.39 1.83 63.9

2005 35,043 24,791 10,252 36,781 11,282 25,499 45,269 4.35 1.97 56.4

2004 34,106 23,715 10,391 34,691 11,108 23,583 50,898 4.29 2.07 30.7

2003 32,416 23,362 9,054 33,436 5,426 28,010 40,158 4.03 2.08 15.6

2002 28,990 22,339 6,651 24,222 4,743 19,479 40,590 3.85 1.96 6.2

2001 20,181 19,014 1,167 NŽƚ AƉƉůŝĐĂďůĞ 

Before 2002 

NŽƚ AƉƉůŝĐĂďůĞ 

Before 2002 

NŽƚ AƉƉůŝĐĂďůĞ 

Before 2002 45,473 3.15 1.56 18.9

2000 14,380 14,178 202 47,702 3.13 1.39 20

1999 12,692 12,287 405 32,713 3.28 1.37 20.1

1998 10,715 10,333 382 44,797 3.33 1.34 20.7

1997 7,376 7,082 294 28,461 3.79 1.1 21.1

1996 6,743 6,517 226 19,161 3.88 1.04 21.3

1995 5,829 5,584 245 14,932 4.25 0.98 21.1

1994 5,169 4,884 285 9,132 4.87 0.91 20.5

1993 4,437 3,782 655 9,005 5.29 0.85 21.6

1992 NŽƚ AƉƉůŝĐĂďůĞ 

Before 1993 

NŽƚ AƉƉůŝĐĂďůĞ 

Before 1993 

NŽƚ AƉƉůŝĐĂďůĞ 

Before 1993 8,721 NŽƚ AƉƉůŝĐĂďůĞ Before 1993 

NŽƚ AƉƉůŝĐĂďůĞ ĞĨŽƌĞ 

1993 23.1

1991 8,247 21.6

1990 2,925 23.2

1989 4,024 24.3

Source: Freddie Mac

NͬA с NŽƚ AƉƉůŝĐĂďůĞ

Ǔ OŶ OĐƚŽďĞƌ ε͕ 200Θ͕ ƚŚĞ FĞĚĞƌĂů HŽƵƐŝŶŐ FŝŶĂŶĐĞ AŐĞŶĐLJ ;FHFAͿ ƐƵƐƉĞŶĚĞĚ ĐĂƉŝƚĂů ĐůĂƐƐŝĮĐĂƟŽŶƐ ŽĨ FƌĞĚĚŝĞ DĂĐ͘ AƐ ŽĨ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ 200Θ͕ ŶĞŝƚŚĞƌ ƚŚĞ ĞdžŝƐƟŶŐ ƐƚĂƚƵƚŽƌLJ ŶŽƌ ƚŚĞ FHFAͲ

ĚŝƌĞĐƚĞĚ ƌĞŐƵůĂƚŽƌLJ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ǁĞƌĞ ďŝŶĚŝŶŐ ĂŶĚ ǁŝůů ŶŽƚ ďĞ ďŝŶĚŝŶŐ ĚƵƌŝŶŐ ĐŽŶƐĞƌǀĂƚŽƌƐŚŝƉ͘

ǔ TŚĞ ƐƵŵ ŽĨ ƚŚĞ ƐƚĂƚĞĚ ǀĂůƵĞ ŽĨ ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŵŵŽŶ ƐƚŽĐŬ ;ĐŽŵŵŽŶ ƐƚŽĐŬ ůĞƐƐ ƚƌĞĂƐƵƌLJ ƐƚŽĐŬͿ͕ ƚŚĞ ƐƚĂƚĞĚ ǀĂůƵĞ ŽĨ ŽƵƚƐƚĂŶĚŝŶŐ ŶŽŶĐƵŵƵůĂƟǀĞ ƉĞƌƉĞƚƵĂů ƉƌĞĨĞƌƌĞĚ ƐƚŽĐŬ͕ ƉĂŝĚͲŝŶ ĐĂƉŝƚĂů͕ ĂŶĚ 

ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ ;ĂĐĐƵŵƵůĂƚĞĚ ĚĞĮĐŝƚͿ͘ CŽƌĞ ĐĂƉŝƚĂů ĞdžĐůƵĚĞƐ ĂĐĐƵŵƵůĂƚĞĚ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ;ůŽƐƐͿ ĂŶĚ ƐĞŶŝŽƌ ƉƌĞĨĞƌƌĞĚ ƐƚŽĐŬ͘

Ǖ ĞŐŝŶŶŝŶŐ ŝŶ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ 200ϯ͕ FHFA ĚŝƌĞĐƚĞĚ FƌĞĚĚŝĞ DĂĐ ƚŽ ŵĂŝŶƚĂŝŶ ĂŶ ĂĚĚŝƟŽŶĂů ϯ0 ƉĞƌĐĞŶƚ ĐĂƉŝƚĂů ŝŶ ĞdžĐĞƐƐ ŽĨ ƚŚĞ ƐƚĂƚƵƚŽƌLJ ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ͘ OŶ DĂƌĐŚ ϭε͕ 200Θ͕ 

FHFA ĂŶŶŽƵŶĐĞĚ Ă ƌĞĚƵĐƟŽŶ ŝŶ ƚŚĞ ŵĂŶĚĂƚŽƌLJ ƚĂƌŐĞƚ ĐĂƉŝƚĂů ƐƵƌƉůƵƐ ĨƌŽŵ ϯ0 ƉĞƌĐĞŶƚ ƚŽ 20 ƉĞƌĐĞŶƚ ĂďŽǀĞ ƚŚĞ ƐƚĂƚƵƚŽƌLJ ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͘ TŚĞ ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ ĂŶĚ 

ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƐƵƌƉůƵƐ ;ĚĞĮĐŝƚͿ ŶƵŵďĞƌƐ ƐƚĂƚĞĚ ŝŶ ƚŚŝƐ ƚĂďůĞ ĚŽ ŶŽƚ ƌĞŇĞĐƚ ƚŚĞ ĂĚĚŝƟŽŶĂů ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ͘ DŝŶŝŵƵŵ ĐĂƉŝƚĂů ƐƵƌƉůƵƐ ;ĚĞĮĐŝƚͿ ŝƐ ƚŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ĐŽƌĞ ĐĂƉŝƚĂů ĂŶĚ ƚŚĞ 

ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ͘

ǖ TŽƚĂů ĐĂƉŝƚĂů ŝŶĐůƵĚĞƐ ĐŽƌĞ ĐĂƉŝƚĂů ĂŶĚ ŐĞŶĞƌĂů ƌĞƐĞƌǀĞƐ ĨŽƌ ŵŽƌƚŐĂŐĞ ĂŶĚ ĨŽƌĞĐůŽƐƵƌĞ ůŽƐƐĞƐ͘

Ǘ TŚĞ ƌŝƐŬͲďĂƐĞĚ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ ŝƐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŽƚĂů ĐĂƉŝƚĂů ĂŶ EŶƚĞƌƉƌŝƐĞ ŵƵƐƚ ŚŽůĚ ƚŽ ĂďƐŽƌď ƉƌŽũĞĐƚĞĚ ůŽƐƐĞƐ ŇŽǁŝŶŐ ĨƌŽŵ ĨƵƚƵƌĞ ĂĚǀĞƌƐĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ĂŶĚ ĐƌĞĚŝƚ ƌŝƐŬ ĐŽŶĚŝƟŽŶƐ ĂŶĚ ŝƐ 

ƐƉĞĐŝĮĞĚ ďLJ ƚŚĞ FĞĚĞƌĂů HŽƵƐŝŶŐ EŶƚĞƌƉƌŝƐĞ FŝŶĂŶĐŝĂů SĂĨĞƚLJ ĂŶĚ SŽƵŶĚŶĞƐƐ AĐƚ ŽĨ ϭεε2͘

ǘ TŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŽƚĂů ĐĂƉŝƚĂů ĂŶĚ ƌŝƐŬͲďĂƐĞĚ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ͘

Ǚ SƚŽĐŬ ƉƌŝĐĞ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƉĞƌŝŽĚ ŵƵůƟƉůŝĞĚ ďLJ ƚŚĞ ŶƵŵďĞƌ ŽĨ ŽƵƚƐƚĂŶĚŝŶŐ ĐŽŵŵŽŶ ƐŚĂƌĞƐ͘

ǚ AĚŽƉƟŽŶ ŽĨ ƚŚĞ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ŐƵŝĚĂŶĐĞ ƌĞůĂƚĞĚ ƚŽ ƚƌĂŶƐĨĞƌƐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ĞŶƟƟĞƐ ĐŚĂŶŐĞĚ ƉƌĞƐĞŶƚĂƟŽŶ ŽĨ ƚŽƚĂů ĂƐƐĞƚƐ ŽŶ ƚŚĞ ďĂůĂŶĐĞ 

ƐŚĞĞƚ͘ FŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ ĨŽƌ 20ϭ0 ĂŶĚ ůĂƚĞƌ ĂƌĞ ŶŽƚ ĚŝƌĞĐƚůLJ ĐŽŵƉĂƌĂďůĞ ƚŽ LJĞĂƌƐ ďĞĨŽƌĞ 20ϭ0͘

Ǜ IŶĐůƵĚĞƐ ƵŶĐŽŶƐŽůŝĚĂƚĞĚ DS ŚĞůĚ ďLJ ƚŚŝƌĚ ƉĂƌƟĞƐ͘ ĞĨŽƌĞ 20ϭ0͕ FƌĞĚĚŝĞ DĂĐ DS ŚĞůĚ ďLJ ƚŚŝƌĚ ƉĂƌƟĞƐ ǁĞƌĞ ŶŽƚ ĐŽŶƐŽůŝĚĂƚĞĚ͘

ǜ CŽŵŵŽŶ ĚŝǀŝĚĞŶĚƐ ƉĂŝĚ ĂƐ Ă ƉĞƌĐĞŶƚĂŐĞ ŽĨ ŶĞƚ ŝŶĐŽŵĞ ĂǀĂŝůĂďůĞ ƚŽ ĐŽŵŵŽŶ ƐƚŽĐŬŚŽůĚĞƌƐ͘ AƐ Ă ƌĞƐƵůƚ ŽĨ ĐŽŶƐĞƌǀĂƚŽƌƐŚŝƉ ĂŶĚ ƚŚĞ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬ PƵƌĐŚĂƐĞ AŐƌĞĞŵĞŶƚ ǁŝƚŚ TƌĞĂƐƵƌLJ͕ ŶŽ 

ĂŵŽƵŶƚƐ ĂƌĞ ĂǀĂŝůĂďůĞ ƚŽ ĚŝƐƚƌŝďƵƚĞ ĂƐ ĚŝǀŝĚĞŶĚƐ ƚŽ ĐŽŵŵŽŶ Žƌ ƉƌĞĨĞƌƌĞĚ ƐƚŽĐŬŚŽůĚĞƌƐ ;ŽƚŚĞƌ ƚŚĂŶ TƌĞĂƐƵƌLJ ĂƐ ƚŚĞ ŚŽůĚĞƌ ŽĨ ƚŚĞ SĞŶŝŽƌ PƌĞĨĞƌƌĞĚ SƚŽĐŬͿ͘

ǝ TŚĞ EŶƚĞƌƉƌŝƐĞ RĞŐƵůĂƚŽƌLJ CĂƉŝƚĂů FƌĂŵĞǁŽƌŬ͕ ǁŚŝĐŚ ďĞĐĂŵĞ ĞīĞĐƟǀĞ ŽŶ FĞďƌƵĂƌLJ ϭς͕ 202ϭ͕ ŝŶƚƌŽĚƵĐĞĚ ŶĞǁ ƌŝƐŬͲďĂƐĞĚ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŽ ďĞ ŵĞƚ ǁŝƚŚ ƐƚĂƚƵƚŽƌLJ ƚŽƚĂů ĐĂƉŝƚĂů ĂŶĚ 

ŝŶĐƌĞĂƐĞĚ ƚŚĞ ŵŝŶŝŵƵŵ ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚ ƚŽ ďĞ ŵĞƚ ǁŝƚŚ ƐƚĂƚƵƚŽƌLJ ĐŽƌĞ ĐĂƉŝƚĂů ƉĞƌ ĂƵƚŚŽƌŝƚLJ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͘ TŚĞ EŶƚĞƌƉƌŝƐĞ ďĞŐĂŶ ƌĞƉŽƌƟŶŐ 

ƚŚĞ ŶĞǁ ĐĂƉŝƚĂů ĮŐƵƌĞƐ ŝŶ ĐŽƌƉŽƌĂƚĞ ĚŝƐĐůŽƐƵƌĞƐ ƐƚĂƌƟŶŐ ŝŶ 2022͘ IŶ ĂĚĚŝƟŽŶ͕ ĨŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚŝƐ ƚĂďůĞ͕ ĂŶLJ ĂƉƉůŝĐĂďůĞ ďƵīĞƌƐ ŚĂǀĞ ďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƌĞƋƵŝƌĞĚ ĐĂƉŝƚĂů ĂŵŽƵŶƚƐ͘
Report to the Congress 2022 137

APPENDIX: HISTORICAL DATA TABLES

Table 18a. Freddie Mac Supplemental Capitala,b

End of 

Period

Supplemental Capital ($ in Millions)

Adjusted Total 

Assets

($)

Risk Weighted 

Assets ($)

Leverage Capital Common Equity Tier 1 (CET1) Capital Tier 1 Capital Adjusted Total Capital

Required* ($) Available ($)

Surplus 

(Shorƞall)

($)

Required* ($) Available ($)

Surplus 

(Shorƞall)

($)

Required* ($) Available ($)

Surplus 

(Shorƞall)

($)

Required* ($) Available ($)

Surplus 

(Shorƞall)

($)

4Q22 3,710,125 899,068 104,050 ;κϭ͕ϯΘκͿ ;ϭκρ͕κϯκͿ 90,763 ;ρρ͕κεϯͿ ;ϭκς͕2ρςͿ 104,249 ;κϭ͕ϯΘκͿ ;ϭκρ͕ςϯϯͿ 122,230 ;κϭ͕ϯΘκͿ ;ϭςϯ͕ςϭκͿ

3Q22 3,694,697 854,830 103,665 ;κ2͕εκκͿ ;ϭκς͕ς0εͿ 88,476 ;ρϳ͕0ρϯͿ ;ϭκρ͕ρ2εͿ 101,299 ;κ2͕εκκͿ ;ϭκκ͕2κϯͿ 118,395 ;κ2͕εκκͿ ;ϭςϭ͕ϯϯεͿ

2Q22 3,655,231 844,633 102,678 ;κκ͕0ρεͿ ;ϭκς͕ϳϯϳͿ 87,680 ;ρΘ͕ϭςϳͿ ;ϭκρ͕ΘκϳͿ 100,350 ;κκ͕0ρεͿ ;ϭκκ͕κ0εͿ 117,242 ;κκ͕0ρεͿ ;ϭςϭ͕ϯ0ϭͿ

1Q22 3,610,252 918,530 101,554 ;κς͕ϳϯϭͿ ;ϭκΘ͕2ΘρͿ 90,320 ;ς0͕ΘϯεͿ ;ϭρϭ͕ϭρεͿ 104,098 ;κς͕ϳϯϭͿ ;ϭρ0͕Θ2εͿ 122,468 ;κς͕ϳϯϭͿ ;ϭςε͕ϭεεͿ

Annual Data

2022 3,710,125 899,068 104,050 ;κϭ͕ϯΘκͿ ;ϭκρ͕κϯκͿ 90,763 ;ρρ͕κεϯͿ ;ϭκς͕2ρςͿ 104,249 ;κϭ͕ϯΘκͿ ;ϭκρ͕ςϯϯͿ 122,230 ;κϭ͕ϯΘκͿ ;ϭςϯ͕ςϭκͿ

Source: Freddie Mac

Ǔ RĞƉƌĞƐĞŶƚƐ ƐƵƉƉůĞŵĞŶƚĂů ĐĂƉŝƚĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ EŶƚĞƌƉƌŝƐĞ RĞŐƵůĂƚŽƌLJ CĂƉŝƚĂů FƌĂŵĞǁŽƌŬ ƌĞůĂƟŶŐ ƚŽ ƚŚĞ ĂŵŽƵŶƚ ĂŶĚ ĨŽƌŵ ŽĨ ƚŚĞ ĐĂƉŝƚĂů FƌĞĚĚŝĞ DĂĐ ŚŽůĚƐ͕ ďĂƐĞĚ 

ůĂƌŐĞůLJ ŽŶ ĚĞĮŶŝƟŽŶƐ ŽĨ ĐĂƉŝƚĂů ƵƐĞĚ ŝŶ U͘S͘ ďĂŶŬŝŶŐ ƌĞŐƵůĂƚŽƌƐΖ ƌĞŐƵůĂƚŽƌLJ ĐĂƉŝƚĂů ĨƌŽŵĞǁŽƌŬ͘

ǔ FŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚŝƐ ƚĂďůĞ͕ ĂŶLJ ĂƉƉůŝĐĂďůĞ ďƵīĞƌƐ ŚĂǀĞ ďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƌĞƋƵŝƌĞĚ ĐĂƉŝƚĂů ĂŵŽƵŶƚƐ͘
138 Federal Housing Finance Agency

Table 19. Federal Home Loan Banks Combined Statement of Income

End of Period

($ in Millions)

Net Interest Income

($)

OƉerating džƉenses

($)

īordaďle ,ousing Wrogram 

Assessment

($)

REFCORP Assessmenta,b

($)

Net Income

($)

4Q22 1,720 338 127 0 1,140

3Q22 1,379 309 103 0 917

2Q22 1,078 304 69 0 607

1Q22 972 295 56 0 502

Annual Data

2022 5,149 1,246 355 0 3,166

2021 3,747 1,207 201 0 1,771

2020 4,441 1,325 315 0 2,791

2019 4,682 1,228 362 0 3,190

2018 5,256 1,131 404 0 3,562

2017 4,481 1,064 384 0 3,376

2016 3,835 1,025 392 0 3,408

2015 3,548 1,085 332 0 2,856

2014 3,522 932 269 0 2,245

2013 3,415 889 293 0 2,527

2012 4,052 839 296 0 2,606

2011 4,104 853 188 160 1,593

2010 5,234 860 229 498 2,081

2009 5,432 813 258 572 1,855

2008 5,243 732 188 412 1,206

2007 4,516 714 318 703 2,827

2006 4,293 671 295 647 2,612

2005 4,207 657 282 625 2,525

2004 4,171 547 225 505 1,994

2003 3,877 450 218 490 1,885

2002 3,722 393 168 375 1,507

2001 3,446 364 220 490 1,970

2000 3,313 333 246 553 2,211

1999 2,534 282 199 NŽƚ AƉƉůŝĐĂďůĞ ĞĨŽƌĞ 2000 2,128

1998 2,116 258 169 1,778

1997 1,772 229 137 1,492

1996 1,584 219 119 1,330

1995 1,401 213 104 1,300

1994 1,230 207 100 1,023

1993 954 197 75 884

1992 736 207 50 850

1991 1,051 264 50 1,159

1990 1,510 279 60 1,468

Source: FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ SLJƐƚĞŵ OĸĐĞ ŽĨ FŝŶĂŶĐĞc

a

 ĞĨŽƌĞ 2000͕ ƚŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬƐ ĐŚĂƌŐĞĚ Ă Ψϯ00 ŵŝůůŝŽŶ ĂŶŶƵĂů ĐĂƉŝƚĂů ĚŝƐƚƌŝďƵƟŽŶ ƚŽ ƚŚĞ RĞƐŽůƵƟŽŶ FƵŶĚŝŶŐ CŽƌƉŽƌĂƟŽŶ ;REFCORPͿ ĚŝƌĞĐƚůLJ ƚŽ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ͘

ď

 TŚĞ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬƐ ŵĂĚĞ ƚŚĞŝƌ ĮŶĂů ƉĂLJŵĞŶƚ ƐĂƟƐĨLJŝŶŐ ƚŚĞ REFCORP ŽďůŝŐĂƟŽŶ ŽŶ :ƵůLJ ϭρ͕ 20ϭϭ ďĂƐĞĚ ŽŶ ŝŶĐŽŵĞ ĞĂƌŶĞĚ ŝŶ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ 20ϭϭ͘

c

 FŝŶĂŶĐŝĂů ĚĂƚĂ ŝƐ ĨƌŽŵ ƚŚĞ FHLĂŶŬƐ͛ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ĂŶŶƵĂů CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚ ĨŽƌ ĞĂĐŚ LJĞĂƌ ůŝƐƚĞĚ͘ DĂƚĂ ŵĂLJ ŶŽƚ ƌĞŇĞĐƚ ƐƵďƐĞƋƵĞŶƚ ĂĚũƵƐƚŵĞŶƚƐ Žƌ ƌĞƐƚĂƚĞŵĞŶƚƐ͘ 

YƵĂƌƚĞƌůLJ ǀĂůƵĞƐ ĂƌĞ ĨƌŽŵ ƋƵĂƌƚĞƌůLJ CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚƐ͘
Report to the Congress 2022 139

APPENDIX: HISTORICAL DATA TABLES

Table 20. Federal Home Loan Banks Combined Balance Sheet

End of Period

($ in Millions)

Total Assets

($)

Advances Outstanding

($)

Mortgage Loans Held

($)

Mortgage-Related 

Securities

($)

Consolidated 

Oďligations

($)

GAAP Capital Stock

($)

Retained Earnings

($)

Regulatory Capital

($)

Regulatory Capital/

Total Assets (%)

4Q22 1,247,247 819,121 56,048 137,604 1,161,430 44,006 24,554 69,268 5.55

3Q22 1,094,921 655,032 56,012 128,888 1,012,019 37,347 23,928 61,846 5.65

2Q22 946,710 518,883 55,753 121,553 869,747 32,362 23,373 56,151 5.93

1Q22 762,192 374,570 55,484 119,084 691,162 26,124 23,025 50,109 6.57

Annual Data

2022 1,247,247 819,121 56,048 137,604 1,161,430 44,006 24,554 69,268 5.55

2021 723,238 351,278 55,497 120,877 651,921 25,065 22,760 48,223 6.67

2020 820,740 422,639 62,842 131,812 748,518 27,398 21,998 50,168 6.11

2019 1,099,113 641,519 72,492 145,616 1,026,196 34,495 20,588 56,461 5.14

2018 1,102,850 728,767 62,534 142,991 1,029,525 38,498 19,504 59,064 5.36

2017 1,103,451 731,544 53,827 141,299 1,033,081 37,657 18,099 57,027 5.17

2016 1,056,712 705,225 48,476 138,650 988,742 36,234 16,330 54,318 5.14

2015 969,353 634,022 44,585 133,680 905,982 34,185 14,325 49,449 5.10

2014 913,343 570,726 43,563 139,180 848,334 33,705 13,244 49,577 5.43

2013 834,200 498,599 44,442 140,309 767,141 33,375 12,206 50,578 6.06

2012 762,454 425,750 49,425 138,522 692,138 33,535 10,524 50,989 6.69

2011 766,086 418,157 53,377 140,154 697,124 35,542 8,577 52,936 6.91

2010 878,109 478,589 61,191 146,881 800,998 41,735 7,552 57,356 6.53

2009 1,015,583 631,159 71,437 152,028 934,876 44,982 6,033 60,153 5.92

2008 1,349,053 928,638 87,361 169,170 1,258,267 49,551 2,936 59,625 4.42

2007 1,271,800 875,061 91,610 143,513 1,178,916 50,253 3,689 56,051 4.41

2006 1,016,469 640,681 97,974 130,228 934,214 42,001 3,143 47,247 4.65

2005 997,389 619,860 105,240 122,328 915,901 42,043 2,600 46,102 4.62

2004 924,751 581,216 113,922 124,417 845,738 40,092 1,744 42,990 4.65

2003 822,418 514,037 113,438 97,867 740,721 37,703 1,098 38,801 4.72

2002 763,052 489,338 60,455 96,386 673,383 35,186 716 35,904 4.71

2001 696,254 472,540 27,641 86,730 621,003 33,288 749 34,039 4.89

2000 653,687 437,861 16,149 77,385 591,606 30,537 728 31,266 4.78

1999 583,212 395,747 2,026 62,531 525,419 28,361 654 29,019 4.98

1998 434,002 288,189 966 52,232 376,715 22,287 465 22,756 5.24

1997 348,575 202,265 37 47,072 304,493 18,833 341 19,180 5.50

1996 292,035 161,372 0 42,960 251,316 16,540 336 16,883 5.78

1995 272,661 132,264 0 38,029 231,417 14,850 366 15,213 5.58

1994 239,076 125,893 0 29,967 200,196 13,095 271 13,373 5.59

1993 178,897 103,131 0 22,217 138,741 11,450 317 11,766 6.58

1992 162,134 79,884 0 20,123 114,652 10,102 429 10,531 6.50

1991 154,556 79,065 0 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1992 108,149 10,200 495 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 1992

NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ 

1992

1990 165,742 117,103 0 118,437 11,104 521

Source: FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ SLJƐƚĞŵ OĸĐĞ ŽĨ FŝŶĂŶĐĞa

a

 FŝŶĂŶĐŝĂů ĚĂƚĂ ŝƐ ĨƌŽŵ ƚŚĞ FHLĂŶŬƐ͛ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ĂŶŶƵĂů CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚ ĨŽƌ ĞĂĐŚ LJĞĂƌ ůŝƐƚĞĚ͘ DĂƚĂ ŵĂLJ ŶŽƚ ƌĞŇĞĐƚ ƐƵďƐĞƋƵĞŶƚ ĂĚũƵƐƚŵĞŶƚƐ Žƌ ƌĞƐƚĂƚĞŵĞŶƚƐ͘ 

YƵĂƌƚĞƌůLJ ŝƚĞŵƐ ĂƌĞ ĨƌŽŵ ƋƵĂƌƚĞƌůLJ CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚƐ͘
140 Federal Housing Finance Agency

Table 21. Federal Home Loan Banks Net Income

End of Period

($ in Millions)

Atlanta Boston Chicago incinnati Dallas Des Moines Indianapolis New York WiƩsďurgh San Francisco SeaƩle Topeka Combining 

Adjustment System Total

4Q22 74 55 134 104 116 146 70 154 96 117 ͲͲ 73 1 1,140 

3Q22 47 60 95 91 94 131 46 130 75 80 ͲͲ 67 1 917 

2Q22 27 41 91 41 66 99 32 76 37 48 ͲͲ 51 ;2Ϳ 607 

1Q22 36 28 95 16 41 54 29 57 19 78 ͲͲ 50 ;ϭͿ 502 

Annual Data

2022 184 184 415 252 317 430 177 417 227 323 ͲͲ 241 ;ϭͿ 3,166 

2021 133 69 275 42 164 206 94 266 86 287 ͲͲ 161 ;ϭ2Ϳ 1,771 

2020 255 120 374 276 198 362 88 442 210 335 ͲͲ 118 13 2,791 

2019 367 191 300 276 227 384 142 473 317 327 ͲͲ 185 1 3,190 

2018 416 217 303 339 199 460 195 560 347 360 ͲͲ 170 ;κͿ 3,562 

2017 349 190 317 314 150 518 156 479 340 376 ͲͲ 197 ;ϭ0Ϳ 3,376 

2016 278 173 327 268 79 649 113 401 260 712 ͲͲ 162 ;ϭκͿ 3,408 

2015 301 289 349 249 67 131 121 415 257 638 ;ϯ2Ϳ 93 ;22Ϳ 2,856 

2014 271 150 392 244 49 121 117 315 256 205 60 106 ;κϭͿ 2,245 

2013 338 212 343 261 88 110 218 305 148 308 61 119 16 2,527 

2012 270 207 375 235 81 111 143 361 130 491 71 110 21 2,606 

2011 184 160 224 138 48 78 110 244 38 216 84 77 ;ΘͿ 1,593 

2010 278 107 366 164 105 133 111 276 8 399 21 34 79 2,081 

2009 283 ;ϭΘϳͿ ;ςρͿ 268 148 146 120 571 ;ϯϳͿ 515 ;ϭς2Ϳ 237 18 1,855 

2008 254 ;ϭϭςͿ ;ϭϭεͿ 236 79 127 184 259 19 461 ;ϭεεͿ 28 ;ϳͿ 1,206 

2007 445 198 111 269 130 101 122 323 237 652 71 150 18 2,827 

2006 414 196 188 253 122 89 118 285 216 542 26 136 27 2,612 

2005 344 135 244 220 242 228 153 230 192 369 2 136 30 2,525 

2004 294 90 365 227 65 100 131 161 119 293 83 93 ;2ϳͿ 1,994 

2003 207 92 437 171 113 135 134 46 69 323 144 88 ;ϳκͿ 1,885 

2002 267 76 205 178 ;ρ0Ϳ 46 81 234 ;2ϳͿ 292 147 58 0 1,507 

2001 162 113 164 189 114 74 104 285 85 425 178 77 0 1,970 

2000 298 146 129 193 129 124 127 277 173 377 139 99 0 2,211 

1999 282 137 131 173 109 132 125 244 184 332 165 90 24 2,128 

1998 221 116 111 176 99 116 111 186 143 294 154 81 ;ϯ0Ϳ 1,778 

1997 192 103 99 135 87 110 98 144 110 249 129 65 ;2εͿ 1,492 

1996 165 96 92 116 95 111 80 131 97 219 118 58 ;κΘͿ 1,330 

1995 159 92 73 91 91 103 74 136 82 200 87 50 63 1,300 

1994 120 69 57 68 78 76 71 126 58 196 75 45 ;ϭςͿ 1,024 

1993 114 57 49 33 39 50 53 117 62 163 122 35 ;ϭ2Ϳ 884 

1992 124 52 51 41 26 47 59 141 58 131 93 33 ;ρͿ 850 

1991 158 88 58 51 38 46 64 156 57 316 58 64 7 1,159 

Source: FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ SLJƐƚĞŵ OĸĐĞ ŽĨ FŝŶĂŶĐĞa

a

 FŝŶĂŶĐŝĂů ĚĂƚĂ ŝƐ ĨƌŽŵ ƚŚĞ FHLĂŶŬƐ͛ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ĂŶŶƵĂů CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚ ĨŽƌ ĞĂĐŚ LJĞĂƌ ůŝƐƚĞĚ͘ DĂƚĂ ŵĂLJ ŶŽƚ ƌĞŇĞĐƚ ƐƵďƐĞƋƵĞŶƚ ĂĚũƵƐƚŵĞŶƚƐ Žƌ ƌĞƐƚĂƚĞŵĞŶƚƐ͘
Report to the Congress 2022 141

APPENDIX: HISTORICAL DATA TABLES

Table 22. Federal Home Loan Banks Advances Outstanding

End of Period ($ in Millions)

Atlanta Boston Chicago incinnati Dallas Des Moines Indianapolis New York WiƩsďurgh San Francisco SeaƩle Topeka System Total

4Q22 109,595 41,600 66,288 67,019 68,922 111,202 36,683 115,293 68,856 89,400 ͲͲ 44,263 819,121

3Q22 93,071 33,665 59,667 59,748 44,238 82,196 31,196 91,871 58,402 65,658 ͲͲ 35,319 655,032

2Q22 72,320 30,318 52,811 55,771 36,376 52,731 30,507 80,062 35,244 43,221 ͲͲ 29,523 518,883

1Q22 51,538 11,817 46,907 33,529 26,763 44,773 26,588 70,629 16,292 20,246 ͲͲ 25,488 374,570

Annual Data

2022 109,595 41,600 66,288 67,019 68,922 111,202 36,683 115,293 68,856 89,400 ͲͲ 44,263 819,121

2021 45,415 12,340 48,049 23,055 24,637 44,111 27,498 71,536 14,124 17,027 ͲͲ 23,484 351,278

2020 52,168 18,817 46,695 25,362 32,479 46,530 31,347 92,067 24,971 30,976 ͲͲ 21,227 422,639

2019 97,167 34,596 50,508 47,370 37,117 80,360 32,480 100,695 65,610 65,374 ͲͲ 30,241 641,519

2018 108,462 43,193 52,628 54,822 40,794 106,323 32,728 105,179 82,476 73,434 ͲͲ 28,730 728,767

2017 102,440 37,566 48,085 69,918 36,461 102,613 34,055 122,448 74,280 77,382 ͲͲ 26,296 731,544

2016 99,077 39,099 45,067 69,882 32,506 131,601 28,096 109,257 76,809 49,845 ͲͲ 23,986 705,225

2015 104,168 36,076 36,778 73,292 24,747 89,173 26,909 93,874 74,505 50,919 ͲͲ 23,580 634,022

2014 99,644 33,482 32,485 70,406 18,942 65,168 20,790 98,797 63,408 38,986 10,314 18,303 570,726

2013 89,588 27,517 23,489 65,270 15,979 45,650 17,337 90,765 50,247 44,395 10,935 17,425 498,599

2012 87,503 20,790 14,530 53,944 18,395 26,614 18,130 75,888 40,498 43,750 9,135 16,573 425,750

2011 86,971 25,195 15,291 28,424 18,798 26,591 18,568 70,864 30,605 68,164 11,292 17,394 418,157

2010 89,258 28,035 18,901 30,181 25,456 29,253 18,275 81,200 29,708 95,599 13,355 19,368 478,589

2009 114,580 37,591 24,148 35,818 47,263 35,720 22,443 94,349 41,177 133,559 22,257 22,254 631,159

2008 165,856 56,926 38,140 53,916 60,920 41,897 31,249 109,153 62,153 235,664 36,944 35,820 928,638

2007 142,867 55,680 30,221 53,310 46,298 40,412 26,770 82,090 68,798 251,034 45,524 32,057 875,061

2006 101,476 37,342 26,179 41,956 41,168 21,855 22,282 59,013 49,335 183,669 27,961 28,445 640,681

2005 101,265 38,068 24,921 40,262 46,457 22,283 25,814 61,902 47,493 162,873 21,435 27,087 619,860

2004 95,867 30,209 24,192 41,301 47,112 27,175 25,231 68,508 38,980 140,254 14,897 27,490 581,216

2003 88,149 26,074 26,443 43,129 40,595 23,272 28,925 63,923 34,662 92,330 19,653 26,882 514,037

2002 82,244 26,931 24,945 40,063 36,869 23,971 28,944 68,926 29,251 81,237 20,036 25,921 489,338

2001 71,818 24,361 21,902 35,223 32,490 20,745 26,399 60,962 29,311 102,255 24,252 22,822 472,540

2000 58,249 21,594 18,462 31,935 30,195 21,158 24,073 52,396 25,946 110,031 26,240 17,582 437,861

1999 45,216 22,488 17,167 28,134 27,034 22,949 19,433 44,409 36,527 90,514 26,284 15,592 395,747

1998 33,561 15,419 14,899 17,873 22,191 18,673 14,388 31,517 26,050 63,990 21,151 8,477 288,189

1997 23,128 12,052 10,369 14,722 13,043 10,559 11,435 19,601 16,979 49,310 15,223 5,844 202,265

1996 16,774 9,655 10,252 10,882 10,085 10,306 9,570 16,486 12,369 39,222 10,850 4,921 161,372

1995 13,920 8,124 8,282 8,287 9,505 11,226 7,926 15,454 9,657 25,664 9,035 5,185 132,264

1994 14,526 8,504 6,675 7,140 8,039 9,819 7,754 14,509 8,475 25,343 8,899 6,212 125,893

1993 11,340 7,208 4,380 4,274 10,470 6,362 6,078 12,162 6,713 23,847 5,889 4,407 103,131

1992 9,301 5,038 2,873 2,415 7,322 3,314 5,657 8,780 3,547 23,110 5,025 3,502 79,884

1991 8,861 5,297 1,773 2,285 4,634 2,380 5,426 11,804 2,770 24,178 5,647 4,011 79,065

Source: FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ SLJƐƚĞŵ OĸĐĞ ŽĨ FŝŶĂŶĐĞa

a

 FŝŶĂŶĐŝĂů ĚĂƚĂ ŝƐ ĨƌŽŵ ƚŚĞ FHLĂŶŬƐ͛ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ĂŶŶƵĂů CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚ ĨŽƌ ĞĂĐŚ LJĞĂƌ ůŝƐƚĞĚ͘ DĂƚĂ ŵĂLJ ŶŽƚ ƌĞŇĞĐƚ ƐƵďƐĞƋƵĞŶƚ ĂĚũƵƐƚŵĞŶƚƐ Žƌ ƌĞƐƚĂƚĞŵĞŶƚƐ͘ 

YƵĂƌƚĞƌůLJ ŝƚĞŵƐ ĂƌĞ ĨƌŽŵ ƋƵĂƌƚĞƌůLJ CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚƐ͘
142 Federal Housing Finance Agency

Table 23. Federal Home Loan Banks Regulatory Capital

End of Period

($ in Millions)

Atlanta Boston Chicago incinnati Dallas Des Moines Indianapolis New York WiƩsďurgh San Francisco SeaƩle Topeka Combining 

Adjustmenta System Total

4Q22 7,680 3,732 7,801 6,569 5,826 8,883 3,782 8,488 4,992 7,757 ͲͲ 3,761 Ͳϯ 69,268

3Q22 6,501 3,384 7,393 6,022 4,767 7,640 3,609 7,370 4,558 7,256 ͲͲ 3,348 Ͳ2 61,846

2Q22 5,689 3,175 7,119 5,748 4,469 6,351 3,508 6,910 3,515 6,649 ͲͲ 3,019 Ͳϭ 56,151

1Q22 4,898 2,514 6,766 4,826 3,903 5,942 3,360 6,427 2,748 5,979 ͲͲ 2,747 Ͳϭ 50,109

Annual Data

2022 7,680 3,732 7,801 6,569 5,826 8,883 3,782 8,488 4,992 7,757 ͲͲ 3,761 Ͳϯ 69,268

2021 4,612 2,516 6,656 3,804 3,758 5,783 3,473 6,434 2,648 5,896 ͲͲ 2,643 0 48,223

2020 5,276 2,772 6,361 3,964 3,523 5,744 3,596 7,279 3,047 5,966 ͲͲ 2,627 13 50,168

2019 7,142 3,388 5,807 4,483 3,706 6,888 3,412 7,585 4,725 6,605 ͲͲ 2,769 Ͳκε 56,461

2018 7,597 3,956 5,547 5,366 3,643 7,719 3,178 7,766 5,327 6,522 ͲͲ 2,442 1 59,064

2017 7,157 3,628 5,051 5,211 3,266 7,292 2,998 8,316 4,822 6,797 ͲͲ 2,486 3 57,027

2016 6,848 3,661 5,032 5,026 2,757 8,083 2,550 7,751 4,746 5,883 ͲͲ 1,965 16 54,318

2015 6,956 3,507 4,688 5,232 2,311 5,812 2,377 6,875 4,427 5,369 ͲͲ 1,863 32 49,449

2014 6,914 3,613 4,317 5,019 1,928 4,213 2,344 6,682 3,879 6,356 2,659 1,605 48 49,577

2013 6,563 4,297 3,703 5,435 1,782 3,379 2,379 6,594 3,648 7,925 2,958 1,824 90 50,578

2012 6,373 4,259 3,347 4,759 1,794 2,694 2,677 5,714 3,806 10,750 2,987 1,752 77 50,989

2011 7,258 4,251 4,527 3,845 1,765 2,684 2,515 5,292 3,871 12,176 2,958 1,738 56 52,936

2010 8,877 4,004 4,962 3,887 2,061 2,746 2,695 5,304 4,419 13,640 2,871 1,826 64 57,356

2009 9,185 3,876 4,502 4,151 2,897 2,953 2,830 5,874 4,415 14,657 2,848 1,980 Ͳϭρ 60,153

2008 8,942 3,658 4,327 4,399 3,530 3,174 2,701 6,112 4,157 13,539 2,687 2,432 Ͳϯϯ 59,625

2007 8,080 3,421 4,343 3,877 2,688 3,125 2,368 5,025 4,295 13,859 2,660 2,336 Ͳ2ς 56,051

2006 6,394 2,542 4,208 4,050 2,598 2,315 2,111 4,025 3,655 10,865 2,303 2,225 Ͳκκ 47,247

2005 6,225 2,675 4,507 4,130 2,796 2,346 2,349 3,900 3,289 9,698 2,268 1,990 Ͳϳϭ 46,102

2004 5,681 2,240 4,793 4,002 2,846 2,453 2,132 4,005 2,791 7,959 2,166 2,023 Ͳϭ0ϭ 42,990

2003 5,030 2,490 4,542 3,737 2,666 2,226 1,961 3,765 2,344 5,858 2,456 1,800 Ͳϳκ 38,801

2002 4,577 2,323 3,296 3,613 2,421 1,889 1,935 4,296 1,824 5,687 2,382 1,661 0 35,904

2001 4,165 2,032 2,507 3,240 2,212 1,574 1,753 3,910 1,970 6,814 2,426 1,436 0 34,039

2000 3,649 1,905 1,701 2,841 2,166 1,773 1,581 3,747 2,175 6,292 2,168 1,267 0 31,266

1999 3,433 1,868 1,505 2,407 1,862 2,264 1,446 3,093 2,416 5,438 2,098 1,190 0 29,019

1998 2,427 1,530 1,299 1,952 1,570 1,526 1,179 2,326 1,827 4,435 1,813 894 Ͳ2κ 22,756

1997 2,077 1,344 1,159 1,694 1,338 1,320 1,090 1,881 1,440 3,545 1,495 791 6 19,180

1996 1,846 1,239 1,091 1,377 1,150 1,245 903 1,616 1,230 3,150 1,334 666 35 16,883

1995 1,615 1,201 941 1,128 1,168 1,217 799 1,531 1,030 2,719 1,148 632 83 15,213

1994 1,488 1,091 749 961 944 905 676 1,281 924 2,627 1,094 612 20 13,373

1993 1,423 927 648 692 914 652 584 1,251 740 2,440 934 526 36 11,766

1992 1,333 843 564 563 661 515 548 1,181 566 2,453 782 474 48 10,531

1991 1,367 807 525 517 645 450 515 1,234 492 2,924 652 514 53 10,695

Source: FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ SLJƐƚĞŵ OĸĐĞ ŽĨ FŝŶĂŶĐĞď

a

 CŽŵďŝŶŝŶŐ ĂĚũƵƐƚŵĞŶƚ ĨŽƌ FĞĚĞƌĂů HŽŵĞ LŽĂŶ ĂŶŬ SLJƐƚĞŵ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ ƌĞƉŽƌƚĞĚ ďLJ ƚŚĞ OĸĐĞ ŽĨ FŝŶĂŶĐĞ͘

ď

 FŝŶĂŶĐŝĂů ĚĂƚĂ ŝƐ ĨƌŽŵ ƚŚĞ FHLĂŶŬƐ͛ OĸĐĞ ŽĨ FŝŶĂŶĐĞ ĂŶŶƵĂů CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚ ĨŽƌ ĞĂĐŚ LJĞĂƌ ůŝƐƚĞĚ͘ DĂƚĂ ŵĂLJ ŶŽƚ ƌĞŇĞĐƚ ƐƵďƐĞƋƵĞŶƚ ĂĚũƵƐƚŵĞŶƚƐ Žƌ ƌĞƐƚĂƚĞŵĞŶƚƐ͘ 

YƵĂƌƚĞƌůLJ ŝƚĞŵƐ ĂƌĞ ĨƌŽŵ ƋƵĂƌƚĞƌůLJ CŽŵďŝŶĞĚ FŝŶĂŶĐŝĂů RĞƉŽƌƚƐ͘
Report to the Congress 2022 143

APPENDIX: HISTORICAL DATA TABLES

Table 24. Loan Limit Values

Period Single-Family onforming >oan >imit saluesa

One Unit Two Units Three Units Four Units

ϮϬϮϯǔ ϳ2ς͕200Ͳϭ͕0Θε͕ϯ00 ε2ε͕Θρ0Ͳϭ͕ϯεκ͕ϳϳρ ϭ͕ϭ2ϯ͕ε00Ͳϭ͕ςΘρ͕Θρ0 ϭ͕ϯες͕Θ00Ͳ2͕0ερ͕200

ϮϬϮϮǔ ςκϳ͕200Ͳεϳ0͕Θ00 Θ2Θ͕ϳ00Ͳϭ͕2κϯ͕0ρ0 ϭ͕00ϭ͕ςρ0Ͳϭ͕ρ02͕κϳρ ϭ͕2κκ͕Θρ0Ͳϭ͕Θςϳ͕2ϳρ

ϮϬϮϭǔ ρκΘ͕2ρ0ͲΘ22͕ϯϳρ ϳ02͕000Ͳϭ͕0ρϯ͕000 ΘκΘ͕ρ00Ͳϭ͕2ϳ2͕ϳρ0 ϭ͕0ρκ͕ρ00Ͳϭ͕ρΘϭ͕ϳρ0

ϮϬϮϬǔ ρϭ0͕κ00Ͳϳςρ͕ς00 ςρϯ͕ρρ0ͲεΘ0͕ϯ2ρ ϳΘε͕ερ0Ͳϭ͕ϭΘκ͕ε2ρ εΘϭ͕ϳ00Ͳϭ͕κϳ2͕ρρ0

ϮϬϭεǔ κΘκ͕ϯρ0Ͳϳ2ς͕ρ2ρ ς20͕200Ͳεϯ0͕ϯ00 ϳκε͕ςρ0Ͳϭ͕ϭ2κ͕κϳρ εϯϭ͕ς00Ͳϭ͕ϯεϳ͕κ00

ϮϬϭΘǔ κρϯ͕ϭ00Ͳςϳε͕ςρ0 ρΘ0͕ϭρ0ͲΘϳ0͕22ρ ϳ0ϭ͕2ρ0Ͳϭ͕0ρϭ͕Θϳρ Θϳϭ͕κρ0Ͳϭ͕ϯ0ϳ͕ϭϳρ

ϮϬϭϳǔ κ2κ͕ϭ00Ͳςϯς͕ϭρ0 ρκϯ͕000ͲΘϭκ͕ρ00 ςρς͕ϯρ0ͲεΘκ͕ρ2ρ Θϭρ͕ςρ0Ͳϭ͕22ϯ͕κϳρ

ϮϬϭςǔ κϭϳ͕000Ͳς2ρ͕ρ00 ρϯϯ͕Θρ0ͲΘ00͕ϳϳρ ςκρ͕ϯ00Ͳεςϳ͕ερ0 Θ0ϭ͕ερ0Ͳϭ͕202͕ε2ρ

ϮϬϭρǔ κϭϳ͕000Ͳς2ρ͕ρ00 ρϯϯ͕Θρ0ͲΘ00͕ϳϳρ ςκρ͕ϯ00Ͳεςϳ͕ερ0 Θ0ϭ͕ερ0Ͳϭ͕202͕ε2ρ

ϮϬϭκǔ κϭϳ͕000Ͳς2ρ͕ρ00 ρϯϯ͕Θρ0ͲΘ00͕ϳϳρ ςκρ͕ϯ00Ͳεςϳ͕ερ0 Θ0ϭ͕ερ0Ͳϭ͕202͕ε2ρ

ϮϬϭϯǔ κϭϳ͕000Ͳς2ρ͕ρ00 ρϯϯ͕Θρ0ͲΘ00͕ϳϳρ ςκρ͕ϯ00Ͳεςϳ͕ερ0 Θ0ϭ͕ερ0Ͳϭ͕202͕ε2ρ

ϮϬϭϮǔ κϭϳ͕000Ͳς2ρ͕ρ00 ρϯϯ͕Θρ0ͲΘ00͕ϳϳρ ςκρ͕ϯ00Ͳεςϳ͕ερ0 Θ0ϭ͕ερ0Ͳϭ͕202͕ε2ρ

ϮϬϭϭc κϭϳ͕000Ͳϳ2ε͕ϳρ0 ρϯϯ͕Θρ0Ͳεϯκ͕200 ςκρ͕ϯ00Ͳϭ͕ϭ2ε͕2ρ0 Θ0ϭ͕ερ0Ͳϭ͕κ0ϯ͕κ00

ϮϬϭϬǖ κϭϳ͕000Ͳϳ2ε͕ϳρ0 ρϯϯ͕Θρ0Ͳεϯκ͕200 ςκρ͕ϯ00Ͳϭ͕ϭ2ε͕2ρ0 Θ0ϭ͕ερ0Ͳϭ͕κ0ϯ͕κ00

ϮϬϬεǗ κϭϳ͕000Ͳϳ2ε͕ϳρ0 ρϯϯ͕Θρ0Ͳεϯκ͕200 ςκρ͕ϯ00Ͳϭ͕ϭ2ε͕2ρ0 Θ0ϭ͕ερ0Ͳϭ͕κ0ϯ͕κ00

ϮϬϬΘǘ κϭϳ͕000Ͳϳ2ε͕ϳρ0 ρϯϯ͕Θρ0Ͳεϯκ͕200 ςκρ͕ϯ00Ͳϭ͕ϭ2ε͕2ρ0 Θ0ϭ͕ερ0Ͳϭ͕κ0ϯ͕κ00

2007 417,000 533,850 645,300 801,950 

2006 417,000 533,850 645,300 801,950 

2005 359,650 460,400 556,500 691,600 

2004 333,700 427,150 516,300 641,650 

2003 322,700 413,100 499,300 620,500 

2002 300,700 384,900 465,200 578,150 

2001 275,000 351,950 425,400 528,700 

2000 252,700 323,400 390,900 485,800 

1999 240,000 307,100 371,200 461,350 

1998 227,150 290,650 351,300 436,600 

1997 214,600 274,550 331,850 412,450 

1996 207,000 264,750 320,050 397,800 

1995 203,150 259,850 314,100 390,400 

1994 203,150 259,850 314,100 390,400 

1993 203,150 259,850 314,100 390,400 

1992 202,300 258,800 312,800 388,800 

1991 191,250 244,650 295,650 367,500 

5/1/1990 - 12/31/1990 187,450 239,750 289,750 360,150 

1989 - 4/30/1990 187,600 239,950 290,000 360,450 

1988 168,700 215,800 260,800 324,150 

1987 153,100 195,850 236,650 294,150 

1986 133,250 170,450 205,950 256,000 

1985 115,300 147,500 178,200 221,500 

1984 114,000 145,800 176,100 218,900 

1983 108,300 138,500 167,200 207,900 

1982 107,000 136,800 165,100 205,300 

1981 98,500 126,000 152,000 189,000 

1980 93,750 120,000 145,000 170,000 

10/27/1977 - 1979 75,000 75,000 75,000 75,000 

1975 - 10/26/1977 55,000 55,000 55,000 55,000 

Sources: Federal Housing Finance Agency 

Ǔ CŽŶĨŽƌŵŝŶŐ ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞƐ ĂƌĞ ρ0 ƉĞƌĐĞŶƚ ŚŝŐŚĞƌ ŝŶ AůĂƐŬĂ͕ HĂǁĂŝŝ͕ GƵĂŵ͕ ĂŶĚ ƚŚĞ U͘S͘ VŝƌŐŝŶ IƐůĂŶĚƐ͘ 

ǔ DĂdžŝŵƵŵ ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞƐ ĨŽƌ ůŽĂŶƐ ĂĐƋƵŝƌĞĚ ďĞƚǁĞĞŶ 20ϭ2 ĂŶĚ 2022 ǁĞƌĞ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ĨŽƌŵƵůĂ ĞƐƚĂďůŝƐŚĞĚ ŝŶ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͘ 

Ǖ PƵďůŝĐ LĂǁ ϭϭϭͲ2κ2 ƐĞƚ ŵĂdžŝŵƵŵ ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞƐ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ŽƌŝŐŝŶĂƚĞĚ ƚŚƌŽƵŐŚ SĞƉƚĞŵďĞƌ ϯ0͕ 20ϭϭ Ăƚ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ĂŵŽƵŶƚƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ EĐŽŶŽŵŝĐ SƟŵƵůƵƐ AĐƚ ŽĨ 

200Θ Žƌ ƚŚŽƐĞ ĚĞƚĞƌŵŝŶĞĚ ƵŶĚĞƌ Ă ĨŽƌŵƵůĂ ƉƌĞƐĐƌŝďĞĚ ďLJ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͘ LŽĂŶƐ ŽƌŝŐŝŶĂƚĞĚ ĂŌĞƌ SĞƉƚĞŵďĞƌ ϯ0 ǁĞƌĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ 

EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ůŝŵŝƚƐ͕ ǁŚŝĐŚ ŚĂĚ Ă ĐĞŝůŝŶŐ ŽĨ Ψς2ρ͕ρ00 ŝŶ ƚŚĞ ĐŽŶƟŐƵŽƵƐ U͘S͘

ǖ PƵďůŝĐ LĂǁ ϭϭϭͲ2κ2 ƐĞƚ ŵĂdžŝŵƵŵ ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞƐ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ŽƌŝŐŝŶĂƚĞĚ ŝŶ 20ϭ0 Ăƚ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ĂŵŽƵŶƚƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ EĐŽŶŽŵŝĐ SƟŵƵůƵƐ AĐƚ ŽĨ 200Θ Žƌ ƚŚŽƐĞ 

ĚĞƚĞƌŵŝŶĞĚ ƵŶĚĞƌ Ă ĨŽƌŵƵůĂ ƉƌĞƐĐƌŝďĞĚ ďLJ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͘ FŽƌ Ăůů ĂƌĞĂƐ͕ ƚŚĞ ƌĞƐƵůƟŶŐ 20ϭ0 ůŝŵŝƚ ǀĂůƵĞƐ ǁĞƌĞ ƚŚĞ ƐĂŵĞ ĂƐ ƚŚŽƐĞ ŝŶ ĞīĞĐƚ ĨŽƌ 200ε͘

Ǘ LŽĂŶ ůŝŵŝƚ ǀĂůƵĞƐ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ŽƌŝŐŝŶĂƚĞĚ ŝŶ 200ε ǁĞƌĞ ŝŶŝƟĂůůLJ ƐĞƚ ƵŶĚĞƌ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͕ ǁŚŝĐŚ ĂůůŽǁĞĚ ĨŽƌ ŚŝŐŚͲĐŽƐƚ ĂƌĞĂ ůŝŵŝƚ ǀĂůƵĞƐ 

ŽĨ ƵƉ ƚŽ Ψς2ρ͕ρ00͘ IŶ FĞďƌƵĂƌLJ 200ε͕ ŚŽǁĞǀĞƌ͕ ƚŚĞ AŵĞƌŝĐĂŶ RĞĐŽǀĞƌLJ ĂŶĚ RĞŝŶǀĞƐƚŵĞŶƚ AĐƚ ŽĨ 200ε ƌĞƐƚŽƌĞĚ ƚŚĞ Ψϳ2ε͕ϳρ0 ŵĂdžŝŵƵŵ ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ŽƌŝŐŝŶĂƚĞĚ ŝŶ 

2009.

ǘ TŚĞ EĐŽŶŽŵŝĐ SƟŵƵůƵƐ AĐƚ ŽĨ 200Θ ĂůůŽǁĞĚ FĂŶŶŝĞ DĂĞ ĂŶĚ FƌĞĚĚŝĞ DĂĐ ƚŽ ƌĂŝƐĞ ƚŚĞ ĐŽŶĨŽƌŵŝŶŐ ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞƐ ŝŶ ĐĞƌƚĂŝŶ ŚŝŐŚͲĐŽƐƚ ĂƌĞĂƐ ƚŽ Ă ŵĂdžŝŵƵŵ ŽĨ Ψϳ2ε͕ϳρ0 ĨŽƌ ŽŶĞͲƵŶŝƚ 

ŚŽŵĞƐ ŝŶ ƚŚĞ ĐŽŶƟŶĞŶƚĂů UŶŝƚĞĚ SƚĂƚĞƐ͘ HŝŐŚĞƌ ůŝŵŝƚƐ ĂƉƉůŝĞĚ ƚŽ ƚǁŽͲ͕ ƚŚƌĞĞͲ͕ ĂŶĚ ĨŽƵƌͲƵŶŝƚ ŚŽŵĞƐ͘ AůĂƐŬĂ͕ HĂǁĂŝŝ͕ GƵĂŵ͕ ĂŶĚ ƚŚĞ VŝƌŐŝŶ IƐůĂŶĚƐ ŚĂǀĞ ŚŝŐŚĞƌ ŵĂdžŝŵƵŵ ůŝŵŝƚ ǀĂůƵĞƐ͘ 

TŚĞ ĂŵŽƵŶƚƐ ĂƉƉůŝĞĚ ƚŽ ůŽĂŶƐ ŽƌŝŐŝŶĂƚĞĚ ďĞƚǁĞĞŶ :ƵůLJ ϭ͕ 200ϳ͕ ĂŶĚ DĞĐĞŵďĞƌ ϯϭ͕ 200Θ͘
144 Federal Housing Finance Agency

Period

FHA Single-Family Insurable Limit Values 

One Unit Two Units Three Units Four Units

Low Cost Area Max High Cost Area Max Low Cost Area Max High Cost Area Max Low Cost Area Max High Cost Area Max Low Cost Area Max High Cost Area Max

ϮϬϮϯa 472,030 1,089,300 604,400 1,394,775 730,525 1,685,850 907,900 2,095,200

ϮϬϮϮa 420,680 970,800 538,650 1,243,050 651,050 1,502,475 809,150 1,867,275

ϮϬϮϭa 356,362 822,375 456,275 1,053,000 551,500 1,272,750 685,400 1,581,750

ϮϬϮϬa 331,760 765,600 424,800 980,325 513,450 1,184,925 638,100 1,472,550

ϮϬϭεa 314,827 726,525 403,125 930,300 487,250 1,124,475 605,525 1,397,400

ϮϬϭΘa 294,515 679,650 377,075 870,225 455,800 1,051,875 566,425 1,307,175

ϮϬϭϳa 275,665 636,150 352,950 814,500 426,625 984,525 530,150 1,223,475

ϮϬϭςa 271,050 625,500 347,000 800,775 419,425 967,950 521,250 1,202,925

ϮϬϭρa 271,050 625,500 347,000 800,775 419,425 967,950 521,250 1,202,925

ϮϬϭκa 271,050 625,500 347,000 800,775 419,425 967,950 521,250 1,202,925

ϮϬϭϯǔ 271,050 729,750 347,000 934,200 419,425 1,129,250 521,250 1,403,400

ϮϬϭϮǔ 271,050 729,750 347,000 934,200 419,400 1,129,250 521,250 1,403,400

ϮϬϭϭǔ 271,050 729,750 347,000 934,200 419,400 1,129,250 521,250 1,403,400

ϮϬϭϬc 271,050 729,750 347,000 934,200 419,400 1,129,250 521,250 1,403,400

ϮϬϬεǖ 271,050 729,750 347,000 934,200 419,400 1,129,250 521,250 1,403,400

ϮϬϬΘǗ 271,050 729,750 347,000 934,200 419,400 1,129,250 521,250 1,403,400

2007 200,160 362,790 256,248 464,449 309,744 561,411 384,936 697,696

2006 200,160 362,790 256,248 464,449 309,744 561,411 384,936 697,696

2005 172,632 312,895 220,992 400,548 267,120 484,155 331,968 601,692

2004 160,176 290,319 205,032 371,621 247,824 449,181 307,992 558,236

2003 154,896 280,749 198,288 359,397 239,664 434,391 297,840 539,835

2002 144,336 261,609 184,752 334,863 223,296 404,724 277,512 502,990

2001 132,000 239,250 168,936 306,196 204,192 370,098 253,776 459,969

2000 121,296 219,849 155,232 281,358 187,632 340,083 233,184 422,646

1999 115,200 208,800 147,408 267,177 178,176 322,944 221,448 401,375

1998 109,032 197,621 139,512 252,866 168,624 305,631 209,568 379,842

1997 81,546 170,362 104,310 205,875 126,103 248,888 156,731 309,338

Source: FĞĚĞƌĂů HŽƵƐŝŶŐ AĚŵŝŶŝƐƚƌĂƟŽŶ

Ǔ HUD ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞ ĂƵƚŚŽƌŝƚLJ ŐŝǀĞŶ ďLJ CŽŶŐƌĞƐƐ ŝŶ ƚŚĞ EĐŽŶŽŵŝĐ SƟŵƵůƵƐ AĐƟŽŶ ŽĨ 200Θ ĂŶĚ ĞdžƚĞŶĚĞĚ ďLJ ƚŚĞ CŽŶƐŽůŝĚĂƚĞĚ ĂŶĚ FƵƌƚŚĞƌ CŽŶƟŶƵŝŶŐ AƉƉƌŽƉƌŝĂƟŽŶƐ AĐƚ ŽĨ 20ϭ2 ;P͘L͘ 

ϭϭ2ͲρρͿ ĞdžƉŝƌĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ DĞĐĞŵďĞƌ 20ϭϯ͘ TŚĞ FĞĚĞƌĂů HŽƵƐŝŶŐ AĚŵŝŶŝƐƚƌĂƟŽŶ ƐŝŶŐůĞͲĨĂŵŝůLJ ůŽĂŶƐ ůŝŵŝƚ ǀĂůƵĞƐ ĨŽƌ 20ϭκ ǁĞƌĞ ĞƐƚĂďůŝƐŚĞĚ ƵƐŝŶŐ ƚŚĞ ƉĞƌŵĂŶĞŶƚ ĂƵƚŚŽƌŝƚLJ ƵŶĚĞƌ 

ƐĞĐƟŽŶ 20ϯ;ďͿ;2Ϳ ŽĨ ƚŚĞ NĂƟŽŶĂů HŽƵƐŝŶŐ AĐƚ͕ ĂƐ ĂŵĞŶĚĞĚ ďLJ ƚŚĞ HŽƵƐŝŶŐ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͘ TŚŝƐ ƐŚŝŌ ŝŶ ůĞŐĂů ĂƵƚŚŽƌŝƚLJ ƌĞƐƵůƚĞĚ ŝŶ ĐŚĂŶŐĞƐ ŝŶ ůŽĂŶ ůŝŵŝƚƐ ĨŽƌ 20ϭκ ĂŶĚ 

ďĞLJŽŶĚ͘

ǔ PƵďůŝĐ LĂǁ ϭϭϭͲ2κ2 ƐĞƚ ƚŚĞ ŵĂdžŝŵƵŵ ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞƐ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ǁŝƚŚ ĐƌĞĚŝƚ ĂƉƉƌŽǀĂůƐ ŝƐƐƵĞĚ ŝŶ FŝƐĐĂů YĞĂƌ 20ϭϭ ;OĐƚŽďĞƌ ϭ͕ 20ϭ0 Ͳ SĞƉƚĞŵďĞƌ ϯ0͕ 20ϭϭͿ Ăƚ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ 

ůŝŵŝƚƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ EĐŽŶŽŵŝĐ SƟŵƵůƵƐ AĐƚ ŽĨ 200Θ ĂŶĚ ƚŚŽƐĞ ĚĞƚĞƌŵŝŶĞĚ ƵŶĚĞƌ Ă ĨŽƌŵƵůĂ ƉƌĞƐĐƌŝďĞĚ ďLJ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͘ TŚĞ ŵĂdžŝŵƵŵ ĂŵŽƵŶƚ 

ĨŽƌ ůŽĂŶƐ ǁŝƚŚ ĐĂƐĞ ŶƵŵďĞƌƐ ĂƐƐŝŐŶĞĚ ďĞƚǁĞĞŶ NŽǀĞŵďĞƌ ϭΘ͕ 20ϭϭ ĂŶĚ DĞĐĞŵďĞƌ ϯϭ͕ 20ϭϯ ǁĞƌĞ ƐĞƚ ƉƵƌƐƵĂŶƚ ƚŽ PƵďůŝĐ LĂǁ ϭϭ2Ͳρρ Ăƚ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ĂŵŽƵŶƚƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ 

EĐŽŶŽŵŝĐ SƟŵƵůƵƐ AĐƚ ŽĨ 200Θ ĂŶĚ ƚŚŽƐĞ ĚĞƚĞƌŵŝŶĞĚ ƵŶĚĞƌ Ă ĨŽƌŵƵůĂ ƉƌĞƐĐƌŝďĞĚ ďLJ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͘

Ǖ PƵďůŝĐ LĂǁ ϭϭϭͲΘΘ ƐĞƚ ŵĂdžŝŵƵŵ ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞƐ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ǁŝƚŚ ĐƌĞĚŝƚ ĂƉƉƌŽǀĂůƐ ŝƐƐƵĞĚ ŝŶ 20ϭ0 Ăƚ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ĂŵŽƵŶƚƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ EĐŽŶŽŵŝĐ SƟŵƵůƵƐ AĐƚ ŽĨ 200Θ Žƌ 

ƚŚŽƐĞ ĚĞƚĞƌŵŝŶĞĚ ƵŶĚĞƌ Ă ĨŽƌŵƵůĂ ƉƌĞƐĐƌŝďĞĚ ďLJ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͘ FŽƌ Ăůů ĂƌĞĂƐ͕ ƚŚĞ ƌĞƐƵůƟŶŐ 20ϭ0 ĂŵŽƵŶƚƐ ǁĞƌĞ ƚŚĞ ƐĂŵĞ ĂƐ ƚŚŽƐĞ ŝŶ ĞīĞĐƚ ĨŽƌ 200ε͘

ǖ LŽĂŶ ůŝŵŝƚ ǀĂůƵĞƐ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ǁŝƚŚ ĐƌĞĚŝƚ ĂƉƉƌŽǀĂůƐ ŝƐƐƵĞĚ ŝŶ 200ε ǁĞƌĞ ŝŶŝƟĂůůLJ ƐĞƚ ƵŶĚĞƌ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ HŽƵƐŝŶŐ ĂŶĚ EĐŽŶŽŵŝĐ RĞĐŽǀĞƌLJ AĐƚ ŽĨ 200Θ͕ ǁŚŝĐŚ ĂůůŽǁĞĚ ĨŽƌ ŚŝŐŚͲĐŽƐƚ 

ĂƌĞĂ ůŝŵŝƚƐ ŽĨ ƵƉ ƚŽ Ψς2ρ͕ρ00͘ IŶ FĞďƌƵĂƌLJ 200ε͕ ŚŽǁĞǀĞƌ͕ ƚŚĞ AŵĞƌŝĐĂŶ RĞĐŽǀĞƌLJ ĂŶĚ RĞŝŶǀĞƐƚŵĞŶƚ AĐƚ ŽĨ 200ε ƌĞƐƚŽƌĞĚ ƚŚĞ Ψϳ2ε͕ϳρ0 ŵĂdžŝŵƵŵ ůŽĂŶ ůŝŵŝƚ ǀĂůƵĞ ĨŽƌ ŵŽƌƚŐĂŐĞƐ ǁŝƚŚ 

credit approvals issued in 2009.

Ǘ TŚĞ EĐŽŶŽŵŝĐ SƟŵƵůƵƐ AĐƚ ŽĨ 200Θ ĂůůŽǁĞĚ ƚŚĞ FĞĚĞƌĂů HŽƵƐŝŶŐ AĚŵŝŶŝƐƚƌĂƟŽŶ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ ƐŝŶŐůĞͲĨĂŵŝůLJ ŝŶƐƵƌĂďůĞ ůŝŵŝƚ ǀĂůƵĞƐ ƚŽ Ă ŵĂdžŝŵƵŵ ŽĨ Ψϳ2ε͕ϳρ0 ĨŽƌ ŽŶĞͲƵŶŝƚ ŚŽŵĞƐ ŝŶ ƚŚĞ ĐŽŶƟŶĞŶƚĂů 

UŶŝƚĞĚ SƚĂƚĞƐ͘ HŝŐŚĞƌ ĂŵŽƵŶƚƐ ĂƉƉůŝĞĚ ƚŽ ƚǁŽͲ͕ ƚŚƌĞĞͲ͕ ĂŶĚ ĨŽƵƌͲƵŶŝƚ ŚŽŵĞƐ͘ AůĂƐŬĂ͕ HĂǁĂŝŝ͕ GƵĂŵ͕ ĂŶĚ ƚŚĞ VŝƌŐŝŶ IƐůĂŶĚƐ ŚĂǀĞ ŚŝŐŚĞƌ ŵĂdžŝŵƵŵ ůŝŵŝƚ ǀĂůƵĞƐ͘ TŚĞ ĂŵŽƵŶƚƐ ĂƉƉůŝĞĚ ƚŽ 

ůŽĂŶƐ ǁŝƚŚ ĐƌĞĚŝƚ ĂƉƉƌŽǀĂůƐ ŝƐƐƵĞĚ ďĞƚǁĞĞŶ :ƵůLJ ϭ͕ 200ϳ͕ ĂŶĚ DĞĐĞŵďĞƌ ϯϭ͕ 200Θ͘
Report to the Congress 2022 145

APPENDIX: HISTORICAL DATA TABLES

Table 25. Mortgage Interest Rates

Period

Average Commitment Rates on Loans īectiǀe Rates on losed >oans

onǀentional onǀentional 

 30-Year Fixed Rate 

 (%)

 One-Year Adjustable Rate 

 (%)

 Fixed Rate 

 (%)

 Adjustable Rate 

 (%)

4Q22 6.4 DŝƐĐŽŶƟŶƵĞĚΎ DŝƐĐŽŶƟŶƵĞĚΎ NͬA

3Q22 6.7 DŝƐĐŽŶƟŶƵĞĚΎ DŝƐĐŽŶƟŶƵĞĚΎ NͬA

2Q22 5.7 DŝƐĐŽŶƟŶƵĞĚΎ DŝƐĐŽŶƟŶƵĞĚΎ NͬA

1Q22 4.7 DŝƐĐŽŶƟŶƵĞĚΎ DŝƐĐŽŶƟŶƵĞĚΎ NͬA

Annual Data

2022 6.4 DŝƐĐŽŶƟŶƵĞĚΎ DŝƐĐŽŶƟŶƵĞĚΎ NͬA

2021 3.1 2.8 DŝƐĐŽŶƟŶƵĞĚΎ NͬA

2020 2.7 2.8 DŝƐĐŽŶƟŶƵĞĚΎ NͬA

2019 3.7 3.1 DŝƐĐŽŶƟŶƵĞĚΎ NͬA

2018 4.6 3.5 4.7 NͬA

2017 4.0 2.9 4.1 NͬA

2016 4.3 2.8 4.0 NͬA

2015 4.0 2.7 4.0 NͬA

2014 3.8 2.4 4.3 NͬA

2013 4.5 2.6 4.1 NͬA

2012 3.4 2.6 4.7 NͬA

2011 4.0 2.8 4.8 NͬA

2010 4.9 3.3 4.9 NͬA

2009 5.1 4.3 5.2 NͬA

2008 5.1 5.0 6.2 5.8

2007 6.2 5.5 6.5 6.3

2006 6.2 5.5 6.7 6.4

2005 6.2 5.2 6.1 5.5

2004 5.8 4.2 6.0 5.2

2003 5.8 3.7 5.9 5.0

2002 5.9 4.0 6.7 5.7

2001 7.2 5.3 7.1 6.4

2000 7.1 6.9 8.3 7.1

1999 8.1 6.6 7.4 6.5

1998 6.8 5.6 7.2 6.5

1997 7.0 5.5 7.9 6.9

1996 7.6 5.6 8.0 7.1

1995 7.1 5.6 8.2 7.1

1994 9.2 6.8 8.2 6.4

1993 7.1 4.2 7.5 5.7

1992 8.1 5.4 8.5 6.6

1991 8.4 6.0 9.7 8.3

1990 9.7 7.9 10.4 9.2

1989 9.8 8.4 10.5 9.4

1988 10.8 8.5 10.4 8.5

1987 10.6 8.0 9.9 8.5

1986 9.3 7.6 10.5 9.4

1985 11.1 9.2 12.4 10.9

1984 13.1 10.9 13.2 12.0

1983 13.4 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘκ 13.0 12.3

1982 13.6 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘϯ NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεΘϯ

1981 17.0

1980 15.0

1979 12.9

1978 10.4

1977 9.0

1976 8.8

1975 9.1

1974 9.6

1973 8.6

1972 7.5

1971 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεϳ2

Source: FƌĞĚĚŝĞ DĂĐ ĨŽƌ ĂǀĞƌĂŐĞ ĐŽŵŵŝƚŵĞŶƚ ƌĂƚĞƐ͖ FĞĚĞƌĂů HŽƵƐŝŶŐ FŝŶĂŶĐĞ AŐĞŶĐLJ ĨŽƌ ĞīĞĐƟǀĞ ƌĂƚĞƐ

NͬA с ŶŽƚ ĂǀĂŝůĂďůĞ

Ύ DĂƚĂ Ăƚ ĞŶĚ ŽĨ ƉĞƌŝŽĚ ĂƐ ƌĞƉŽƌƚĞĚ ďLJ ůŽŽŵďĞƌŐ

DŝƐĐŽŶƟŶƵĞĚΎ͗ IŶ NŽǀĞŵďĞƌ 2022͕ FƌĞĚĚŝĞ DĂĐ ĐŚĂŶŐĞĚ ŝƚƐ ƉƌŽĐĞƐƐ ĂŶĚ ƐƚŽƉƉĞĚ ƉƌŽǀŝĚŝŶŐ ARD ƌĂƚĞƐ͘ AůƐŽ͕ FHFAΖƐ DŽŶƚŚůLJ IŶƚĞƌĞƐƚ RĂƚĞ SƵƌǀĞLJ ǁĂƐ ĚŝƐĐŽŶƟŶƵĞĚ ĨŽůůŽǁŝŶŐ ƚŚĞ DĂLJ 20ϭε 

ƌĞůĞĂƐĞ͘ SĞĞ ƚŚĞ RĞƐĞĂƌĐŚ ĂŶĚ PƵďůŝĐĂƟŽŶ ƐĞĐƟŽŶ ĨŽƌ ŵŽƌĞ͘
146 Federal Housing Finance Agency

daďle Ϯς͘ ,ousing MarŬet ctiǀitya

Period

Housing Starts (units in thousands) Home Sales (units in thousands)

One- to Four-Unit Housing Starts Multifamily ,ousing Starts Total Housing Starts Sales of New One- to Four-Unit 

Homes

Sales of džisting One- to Four-hnit 

Homes

4Q22 890 458 1,348 622 4,030

3Q22 910 555 1,465 550 4,680

2Q22 1,021 554 1,575 571 5,130

1Q22 1,205 511 1,716 707 5,690

 Annual Data 

2022 890 458 1,348 622 4,030

2021 1,187 521 1,708 839 6,090

2020 1,325 336 1,661 943 6,530

2019 1,032 515 1,547 733 5,450

2018 797 298 1,095 566 5,010

2017 832 350 1,182 658 5,570

2016 812 440 1,252 561 5,520

2015 782 364 1,146 546 5,440

2014 740 333 1,073 497 5,090

2013 668 334 1,002 433 4,860

2012 632 344 976 399 4,890

2011 545 149 694 341 4,350

2010 438 101 539 326 4,270

2009 497 84 581 352 4,400

2008 411 149 560 377 4,010

2007 816 221 1,037 619 4,410

2006 1,299 350 1,649 998 6,400

2005 1,659 335 1,994 1,239 6,840

2004 1,761 281 2,042 1,242 6,890

2003 1,676 381 2,057 1,129 6,490

2002 1,474 314 1,788 1,048 5,970

2001 1,302 266 1,568 979 5,490

2000 1,265 267 1,532 983 5,100

1999 1,401 307 1,708 873 5,080

1998 1,439 353 1,792 949 NŽƚ AǀĂŝůĂďůĞ ĞĨŽƌĞ ϭεεε

1997 1,211 355 1,566 793

1996 1,105 265 1,370 805

1995 1,197 234 1,431 709

1994 1,188 267 1,455 629

1993 1,338 195 1,533 812

1992 1,110 117 1,227 650

1991 989 90 1,079 558

1990 766 203 969 464

1989 959 292 1,251 630

1988 1,193 370 1,563 658

1987 1,085 315 1,400 595

1986 1,338 495 1,833 784

1985 1,209 733 1,942 721

1984 1,213 399 1,612 597

1983 1,141 547 1,688 773

1982 943 360 1,303 521

1981 639 271 910 457

1980 1,061 421 1,482 532

1979 1,124 374 1,498 559

1978 1,581 463 2,044 805

1977 1,677 465 2,142 835

1976 1,416 388 1,804 767

1975 1,102 219 1,321 669

1974 799 176 975 417

1973 908 618 1,526 519

1972 1,402 964 2,366 772

Sources: U͘S͘ CĞŶƐƵƐ ƵƌĞĂƵ ĨŽƌ ŚŽƵƐŝŶŐ ƐƚĂƌƚƐ ĂŶĚ ƐĂůĞƐ ŽĨ ŶĞǁ ŽŶĞͲ ƚŽ ĨŽƵƌͲƵŶŝƚ ƉƌŽƉĞƌƟĞƐ͖ NĂƟŽŶĂů AƐƐŽĐŝĂƟŽŶ ŽĨ RĞĂůƚŽƌƐ ĨŽƌ ƐĂůĞƐ ŽĨ ĞdžŝƐƟŶŐ ŽŶĞͲ ƚŽ ĨŽƵƌͲƵŶŝƚ ƉƌŽƉĞƌƟĞƐ

NͬA с ŶŽƚ ĂǀĂŝůĂďůĞ

SĞĂƐŽŶĂůůLJ ĂĚũƵƐƚĞĚ ĂŶŶƵĂů ƌĂƚĞƐ͘

Ǔ CŽŵƉŽŶĞŶƚƐ ŵĂLJ ŶŽƚ ĂĚĚ ƚŽ ƚŽƚĂůƐ ĚƵĞ ƚŽ ƌŽƵŶĚŝŶŐ͘

ΎΎ DĂƚĂ Ăƚ ĞŶĚ ŽĨ ƉĞƌŝŽĚ ĂƐ ƌĞƉŽƌƚĞĚ ďLJ ůŽŽŵďĞƌŐ͘ HŝƐƚŽƌŝĐĂů ǀĂůƵĞƐ ŝŶ ƚŚŝƐ ƚĂďůĞ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ƌĞǀŝƐŝŽŶ ĂŶĚ ƚŚĞƌĞĨŽƌĞ ŵĂLJ ŶŽƚ ŵĂƚĐŚ ǀĂůƵĞƐ ĨŽƌ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŝŶ ƉƌĞǀŝŽƵƐ AŶŶƵĂů 

Reports to Congress.
Report to the Congress 2022 147

APPENDIX: HISTORICAL DATA TABLES

daďle Ϯϳ͘ teighted ReƉeat Sales ,ouse Wrice /ndedž (nnual ata)a Period USA New England Mid-tlantic South tlantic East North Central West North Central East South Central West South Central Mountain WaciĮc

 4Q22 0.34 0.55 0.80 0.80 0.81 0.56 0.71 0.66 ;0͘ΘκͿ ;ϭ͘2κͿ

 3Q22 0.10 ;0͘ϭ0Ϳ 0.46 0.73 0.80 0.68 1.41 0.41 ;ϭ͘εςͿ ;ϭ͘ε0Ϳ

 2Q22 3.49 3.64 3.25 4.86 2.69 2.91 3.56 4.30 3.83 1.95 

 1Q22 4.29 3.68 3.70 5.55 3.66 3.51 4.46 3.73 5.15 4.22 

 Annual Data 

2022 8.41 7.94 8.42 12.37 8.16 7.85 10.48 9.35 6.14 2.94 

2021 17.87 16.62 14.15 20.65 14.38 13.86 19.08 18.19 23.44 19.53 

2020 11.25 12.98 11.38 11.22 11.14 10.06 11.08 9.18 13.70 12.08 

2019 5.51 4.83 4.82 6.16 5.59 5.24 5.70 4.50 7.34 5.16 

2018 5.63 4.76 4.70 5.99 5.74 5.61 5.98 4.45 8.05 5.51 

2017 6.22 5.31 4.69 6.16 5.66 5.16 5.41 6.01 8.57 8.26 

2016 5.88 4.54 4.04 6.54 5.46 4.98 4.98 5.34 7.83 7.61 

2015 5.43 3.65 2.41 6.35 4.07 4.42 4.50 5.75 7.86 8.04 

2014 4.58 2.50 1.83 4.82 4.06 3.97 3.20 5.55 5.65 7.19 

2013 6.79 3.04 2.61 7.22 5.53 3.90 3.10 5.35 10.57 15.04 

2012 4.84 0.40 1.16 4.76 2.69 3.67 2.50 4.73 11.86 10.05 

2011 ;2͘ρκͿ ;2͘ϭςͿ ;ϯ͘Θ2Ϳ ;2͘ρϳͿ ;2͘ϳ2Ϳ ;ϭ͘2εͿ ;ϭ͘ϯϭͿ 0.72 ;ϯ͘ϳΘͿ ;κ͘ερͿ

2010 ;κ͘00Ϳ ;2͘ϯ2Ϳ ;ϭ͘ΘκͿ ;ρ͘κςͿ ;ϯ͘0ΘͿ ;ϯ͘κ2Ϳ ;κ͘ϭϭͿ ;2͘2ϳͿ ;ϳ͘κκͿ ;ρ͘ϭϭͿ

2009 ;2͘ρ2Ϳ ;2͘0ϭͿ ;ϭ͘ερͿ ;κ͘0ρͿ ;2͘2κͿ ;0͘κεͿ ;ϭ͘2εͿ 0.83 ;ϳ͘ϯρͿ ;ϯ͘κ0Ϳ

2008 ;ϭ0͘ϭκͿ ;ς͘ςεͿ ;ρ͘ϯϭͿ ;ϭκ͘2ϳͿ ;ϳ͘εεͿ ;κ͘ςκͿ ;ϯ͘εϯͿ ;2͘0ϭͿ ;ϭκ͘02Ϳ ;2ϭ͘ΘκͿ

2007 ;2͘ϳκͿ ;2͘ς2Ϳ ;0͘ϭ0Ϳ ;ϯ͘ςϳͿ ;ϯ͘ςϯͿ ;0͘ΘϭͿ 1.72 3.19 ;ϯ͘ρκͿ ;ϭ0͘0ςͿ

2006 2.83 ;2͘0ϯͿ 2.31 4.67 ;0͘ϭρͿ 1.99 5.88 6.12 6.76 0.20 

2005 10.24 6.39 10.00 14.89 3.37 4.85 7.49 6.80 17.82 18.20 

2004 10.17 10.50 12.19 12.88 4.25 5.48 5.17 4.40 12.83 21.87 

2003 7.82 10.66 10.93 8.53 4.62 5.57 4.06 3.14 6.80 15.52 

2002 7.62 13.44 11.63 8.09 4.44 5.56 3.33 3.65 5.49 13.95 

2001 6.72 11.95 9.37 7.33 4.76 6.13 3.26 4.00 5.36 9.65 

2000 6.93 12.53 8.34 6.38 5.15 6.37 2.75 5.53 5.44 11.32 

1999 6.13 9.96 6.80 5.70 5.09 5.49 3.84 5.37 5.59 8.62 

1998 5.68 7.91 4.85 4.51 4.87 6.51 4.73 5.57 4.66 8.77 

1997 3.30 4.42 2.01 3.19 3.39 3.59 2.83 3.08 3.11 4.31 

1996 2.77 2.50 0.85 2.78 4.43 3.98 3.88 2.31 3.81 0.99 

1995 2.72 1.05 0.15 2.55 4.93 4.79 4.74 2.97 4.92 ;0͘ρϭͿ

1994 2.87 0.38 ;0͘ϳϳͿ 3.44 4.88 4.35 5.22 3.19 8.54 ;ϭ͘ϭ2Ϳ

1993 2.77 ;ϭ͘ε0Ϳ 0.03 2.38 4.71 6.18 4.71 4.63 9.54 ;2͘κεͿ

1992 2.70 ;0͘κρͿ 1.74 2.10 4.64 4.23 3.98 3.70 6.72 ;ϭ͘ϭ0Ϳ

1991 3.12 ;2͘2κͿ 1.55 3.02 4.72 3.78 4.01 3.96 5.65 1.90 

1990 1.21 ;ϳ͘ϭεͿ ;2͘κΘͿ 0.38 3.80 1.12 0.48 0.65 2.41 5.71 

1989 5.61 0.81 2.50 4.43 5.95 3.28 2.80 2.57 2.55 18.32 

1988 5.62 4.20 6.67 5.77 6.43 2.59 2.27 ;ϭ͘ϳςͿ 0.88 16.35 

1987 5.45 15.09 16.00 5.80 7.64 2.43 3.39 ;Θ͘22Ϳ ;2͘ϳρͿ 8.62 

1986 7.30 21.10 17.60 6.65 7.21 3.78 5.47 ;0͘00Ϳ 2.42 6.44 

1985 5.71 22.44 13.54 5.08 4.82 3.67 5.58 ;ϭ͘ςϳͿ 2.29 4.71 

1984 4.68 14.98 11.11 4.50 2.83 3.79 4.14 0.10 2.79 4.04 

1983 5.33 13.64 11.90 5.90 4.74 4.24 4.26 4.11 ;0͘ς0Ϳ 1.64 

1982 3.93 7.34 6.48 4.86 ;2͘ϳκͿ 1.95 8.02 6.84 5.82 3.35 

1981 2.76 6.48 1.63 2.71 1.76 0.54 ;ϯ͘02Ϳ 6.27 6.14 3.88 

1980 6.46 5.45 8.79 9.56 1.05 3.85 5.04 7.90 6.20 10.07 

1979 12.30 14.18 15.76 11.75 7.81 10.39 7.96 14.82 14.49 16.25 

1978 13.33 17.65 4.74 10.29 15.34 13.59 11.57 16.60 17.21 16.99 

1977 14.80 8.15 12.73 10.01 14.90 15.72 10.76 14.49 17.94 25.53 

1976 8.04 8.68 ;ϭ͘κκͿ 4.34 7.34 7.97 6.12 9.32 12.56 20.55 

Source: Federal Housing Finance Agency

Ǔ PĞƌĐĞŶƚĂŐĞ ĐŚĂŶŐĞƐ ďĂƐĞĚ ŽŶ FHFAΖƐ ƉƵƌĐŚĂƐĞͲŽŶůLJ ŝŶĚĞdž ĨŽƌ ϭεε2 ƚŚƌŽƵŐŚ 2022 ;SAͿ ĂŶĚ ĂůůͲƚƌĂŶƐĂĐƟŽŶƐ ŝŶĚĞdž ĨŽƌ ƉƌŝŽƌ LJĞĂƌƐ ;NSAͿ͘ AŶŶƵĂů ĚĂƚĂ ĂƌĞ ŵĞĂƐƵƌĞĚ ďĂƐĞĚ ŽŶ ĨŽƵƌƚŚ 

ƋƵĂƌƚĞƌ ƚŽ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ƉĞƌĐĞŶƚĂŐĞ ĐŚĂŶŐĞ͘ YƵĂƌƚĞƌůLJ ĚĂƚĂ ĨŽƌ 2022 ƐŚŽǁ ƉĞƌĐĞŶƚĂŐĞ ĐŚĂŶŐĞƐ ĨŽƌ ĞĂĐŚ ƋƵĂƌƚĞƌ͘ ĞĐĂƵƐĞ ƋƵĂƌƚĞƌůLJ ŝŶĚĞdž ĞƐƟŵĂƚĞƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ƌĞǀŝƐŝŽŶ͕ ƚŚĞ 

ŚŝƐƚŽƌŝĐĂů ǀĂůƵĞƐ ŝŶ ƚŚŝƐ ƚĂďůĞ ŵĂLJ ŶŽƚ ĞdžĂĐƚůLJ ŵĂƚĐŚ ǀĂůƵĞƐ ĨŽƌ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ ŝŶ ƉƌĞǀŝŽƵƐ AŶŶƵĂů RĞƉŽƌƚƐ ƚŽ CŽŶŐƌĞƐƐ͘

Regional Divisions

• NĞǁ EŶŐůĂŶĚ͗ CŽŶŶĞĐƟĐƵƚ͕ DĂŝŶĞ͕ DĂƐƐĂĐŚƵƐĞƩƐ͕ NĞǁ HĂŵƉƐŚŝƌĞ͕ RŚŽĚĞ IƐůĂŶĚ͕ VĞƌŵŽŶƚ

• DŝĚͲAƚůĂŶƟĐ͗ NĞǁ :ĞƌƐĞLJ͕ NĞǁ YŽƌŬ͕ PĞŶŶƐLJůǀĂŶŝĂ

• SŽƵƚŚ AƚůĂŶƟĐ͗ tĂƐŚŝŶŐƚŽŶ͕ D͘C͕͘ DĞůĂǁĂƌĞ͕ FůŽƌŝĚĂ͕ GĞŽƌŐŝĂ͕ DĂƌLJůĂŶĚ͕ NŽƌƚŚ CĂƌŽůŝŶĂ͕ SŽƵƚŚ CĂƌŽůŝŶĂ͕ VŝƌŐŝŶŝĂ͕ tĞƐƚ VŝƌŐŝŶŝĂ

• EĂƐƚ NŽƌƚŚ CĞŶƚƌĂů͗ IůůŝŶŽŝƐ͕ IŶĚŝĂŶĂ͕ DŝĐŚŝŐĂŶ͕ OŚŝŽ͕ tŝƐĐŽŶƐŝŶ

• tĞƐƚ NŽƌƚŚ CĞŶƚƌĂů͗ IŽǁĂ͕ <ĂŶƐĂƐ͕ DŝŶŶĞƐŽƚĂ͕ DŝƐƐŽƵƌŝ͕ NĞďƌĂƐŬĂ͕ NŽƌƚŚ DĂŬŽƚĂ͕ SŽƵƚŚ DĂŬŽƚĂ

• EĂƐƚ SŽƵƚŚ CĞŶƚƌĂů͗ AůĂďĂŵĂ͕ <ĞŶƚƵĐŬLJ͕ DŝƐƐŝƐƐŝƉƉŝ͕ TĞŶŶĞƐƐĞĞ

• tĞƐƚ SŽƵƚŚ CĞŶƚƌĂů͗ AƌŬĂŶƐĂƐ͕ LŽƵŝƐŝĂŶĂ͕ OŬůĂŚŽŵĂ͕ TĞdžĂƐ

• DŽƵŶƚĂŝŶ͗ AƌŝnjŽŶĂ͕ CŽůŽƌĂĚŽ͕ IĚĂŚŽ͕ DŽŶƚĂŶĂ͕ NĞǀĂĚĂ͕ NĞǁ DĞdžŝĐŽ͕ UƚĂŚ͕ tLJŽŵŝŶŐ

• PĂĐŝĮĐ͗ AůĂƐŬĂ͕ CĂůŝĨŽƌŶŝĂ͕ HĂǁĂŝŝ͕ OƌĞŐŽŶ͕ tĂƐŚŝŶŐƚŽŶ
NOTES

Report to the Congress 2022 i

2022 FHFA ARTC — SUPERVISION AND OVERSIGHT — REGULATORY ACTIVITIES
NOTES

ii Federal Housing Finance Agency

2022 FHFA ARTC — SUPERVISION AND OVERSIGHT — REGULATORY ACTIVITIES

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