2021 REPORT TO

CONGRESS

FEDERAL HOUSING FINANCE AGENCY

KEY MANAGEMENT OFFICIALS

Sandra L. Thompson

Director

Jason Cave

Deputy Director

Division of Conservatorship Oversight and Readiness

Debra Chew

Director

Office of Equal Opportunity and Fairness

Daniel E. Coates

Deputy Director

Division of Research and Statistics 

Christopher H. Dickerson

Senior Advisor

Andre D. Galeano 

Deputy Director

Division of Enterprise Regulation

Clinton Jones

General Counsel

Katrina D. Jones

Chief Operating Officer

Sharron P. A. Levine

Director

Office of Minority and Women Inclusion

Nina Nichols

Deputy Director

Division of Accounting and Financial Standards

Louis Scalza

Acting Deputy Director 

Division of Bank Regulation

Naa Awaa Tagoe 

Acting Deputy Director

Division of Housing Mission and Goals

Laura Thrift 

Director 

Office of Congressional Affairs and Communications

Danielle Walton

Acting Chief of Staff

Charles C. Yi

Senior Advisor for Legal Affairs and Policy

FEDERAL HOUSING FINANCE 

OVERSIGHT BOARD

Sandra L. Thompson

Chair

Janet Yellen

Secretary, U.S. Department of Treasury

Marcia L. Fudge

Secretary, U.S. Department of Housing 

and Urban Development

Gary Gensler

Chairman, U.S. Securities and Exchange Commission

OFFICE OF THE 

INSPECTOR GENERAL

Brian M. Tomney

Inspector General

Report to Congress 2021 | 1 
2 | Federal Housing Finance Agency

FEDERAL HOUSING FINANCE AGENCY 

OFFICE OF THE DIRECTOR

June 15, 2022

Honorable Sherrod Brown

Chairman

Committee on Banking, Housing, and Urban Affairs

United States Senate

Washington, D.C. 20510

Honorable Maxine Waters

Chairwoman

Committee on Financial Services

United States House of Representatives

Washington, D.C. 20515

Honorable Patrick J. Toomey

Ranking Member

Committee on Banking, Housing, and Urban Affairs

United States Senate

Washington, D.C. 20510

Honorable Patrick McHenry

Ranking Member

Committee on Financial Services

United States House of Representatives

Washington, D.C. 20515

Dear Chairs and Ranking Members:

I am pleased to transmit the Federal Housing Finance Agency’s (FHFA’s) 2021 Report to Congress (Report). 

This Report meets the requirement of the Federal Housing Enterprises Financial Safety and Soundness Act 

of 1992 (Safety and Soundness Act), as amended by the Housing and Economic Recovery Act of 2008 (HERA), 

that FHFA submit an annual report to Congress describing the actions undertaken by FHFA to carry out its statutory 

responsibilities, including a description of the financial safety and soundness of the entities it regulates. The Report 

also meets FHFA’s obligation under Section 1305 of the Dodd-Frank Wall Street Reform and Consumer Protection 

Act to report to Congress on the Agency’s plans to “continue to support and maintain the nation’s vital housing 

industry, while at the same time guaranteeing that the American taxpayer will not suffer unnecessary losses.”

During 2021, FHFA continued to serve as regulator and conservator of Fannie Mae and Freddie Mac (the Enterprises) 

and as regulator of the 11 Federal Home Loan Banks (FHLBanks) and the FHLBanks’ joint Office of Finance. 

The enclosed Report summarizes the findings of the Agency’s 2021 examinations of these entities as well as FHFA’s 

actions as conservator of Fannie Mae and Freddie Mac during 2021. The Report also describes FHFA’s regulatory 

activities, research, and publications issued during the year. As required by HERA, this Report also includes the 

Federal Housing Finance Oversight Board’s assessment of the factors listed in Section 1103 of that Act.

FHFA plays a vital role in supporting equitable and sustainable access to mortgage credit nationwide, promoting 

the housing finance system’s stability and liquidity, and protecting the safety and soundness of the housing 

finance system through our supervision of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System 

(together, “the regulated entities”). 

With the COVID-19 pandemic entering a second year in 2021, FHFA continued to take decisive action to support 

the market and provide relief to renters and borrowers with a mortgage backed by the Enterprises.

I am proud to report on FHFA’s progress and achievements over the course of 2021. 
Director’s Letter

Report to Congress 2021 | 3 

As a seasoned financial regulator with direct experience in a number of banking crises, I believe that safety and 

soundness and sustainable access to credit work together to strengthen the mutual interests of financial institutions, 

families, and the economy. Indeed, sustainable access to credit requires sustainable lending standards. FHFA is 

committed to ensuring the regulated entities fulfill their mission by operating in a safe and sound manner to serve as 

a reliable source of liquidity for equitable and sustainable housing finance and community investment. 

FHFA is strengthening core statutory mission programs such as Duty to Serve and the housing goals for the 

Enterprises, and the Affordable Housing Program (AHP) and community development programs of the FHLBanks. 

FHFA will, for example, ensure that the FHLBanks serve each state in their districts under the AHP, and that the 

FHLBanks’ Community Lending Plans identify and seek to fulfill the needs of communities throughout the district, 

including tribal communities. These programs, like all regulated entity activities, must support access to credit that 

is sustainable and affordable, especially when reaching underserved populations like low- and moderate-income 

families, communities of color, and residents of rural areas.

In September 2021, FHFA announced the Enterprises would develop Equitable Housing Finance Plans to identify 

and address barriers to sustainable housing opportunities and to advance equity in housing finance. The Enterprises 

will update these Plans annually, and FHFA will require the Enterprises to submit annual progress reports on the 

actions undertaken during the prior year to implement their Plans.

FHFA has also strengthened its fair lending oversight capabilities. With a historic Memorandum of Understanding 

now in place between FHFA and the Department of Housing and Urban Development, our Agency will conduct 

targeted examinations for fair lending compliance in close coordination with other federal regulators.

While the Agency’s ability to affect the supply of affordable housing for low- and moderate-income households is 

limited, FHFA is responding to shortages in the overall housing supply by ensuring our regulated entities finance 

the existing affordable housing stock, enable homes in disrepair to be rehabilitated, and support the growth of our 

nation’s housing supply. For example, FHFA significantly increased Fannie Mae and Freddie Mac’s Low-Income 

Housing Tax Credit equity investment caps, an important source of funding for new affordable housing. Within the 

$850 million annual funding cap for each Enterprise, any investments above $425 million annually are required to 

be in areas that have been identified by FHFA as markets that have difficulty attracting investors. This requirement 

increases Enterprise investments under the cap targeted toward transactions that support housing in Duty to Servedesignated rural areas, preserve affordable housing, support mixed-income housing, provide supportive housing, 

or meet other affordable housing objectives. To ensure a strong focus on affordable housing and traditionally 

underserved markets, FHFA announced in October a requirement for at least 50 percent of the Enterprises’ 

multifamily business to be mission-driven affordable housing in 2022. FHFA is also requiring at least 25 percent 

of the Enterprises’ multifamily business to be affordable to residents at or below 60 percent of area median income 

(AMI), up from 20 percent in 2021. In addition, the Agency is working with the regulated entities to ensure liquidity 

is available to support innovative products that respond to the supply shortage, such as accessory dwelling units.

Recognizing the benefits of innovation, FHFA has instructed the Enterprises to leverage technology and data to 

further promote efficiency and cost savings in the mortgage process. Building on lessons learned from temporary 

COVID flexibilities, the Enterprises added desktop appraisal flexibilities for certain low-risk loans to their seller/

servicer guides. Additionally, each Enterprise has announced programs and partnerships to help prepare renters for 

homeownership through positive rental payment history reporting.

The regulated entities must be able to fulfill their mission responsibilities throughout the economic cycle and serve 

as a source of strength for housing finance markets in times of stress. FHFA promotes safe and sound operations at the 

regulated entities through the Agency’s supervisory program. FHFA conducts supervision using a risk-based approach 

to identify existing and emerging risks to the regulated entities, to evaluate overall effectiveness of each regulated 

entity’s risk management systems and controls, and to assess compliance with applicable laws and regulations.

Director’s Letter
The Enterprises continue to manage their credit, market, liquidity, and operational risks. Credit risk management 

remains a priority for both Enterprises given the effects of the COVID-19 pandemic on borrowers, partially 

mitigated by many borrowers successfully exiting forbearance programs. Exposure to nonbank mortgage companies 

increased in 2021, owing to their increased originations and servicing volumes. Related Enterprise risk management 

practices continue to address the heightened exposure. Market risk exposures are low because of shrinking retained 

portfolios and effective funding and hedging strategies for the single-family and multifamily business lines. Both 

Enterprises exceed FHFA guidance and expectations for liquidity by maintaining a large volume of high-quality 

liquid assets. While both Enterprises employ information security programs, operational risks remain elevated given 

increased exposure to cybersecurity threats.

FHFA is continuing to take steps to strengthen the capital positions of the Enterprises so that they can fulfill their 

responsibilities throughout the economic cycle. Following the publication of a proposed rule in 2021, FHFA 

finalized important enhancements to the Enterprise Regulatory Capital Framework in February 2022. These 

enhancements provide the Enterprises with the necessary incentives to transfer credit risk to private investors, 

which will help protect taxpayers from the risks posed by the Enterprises. Furthermore, in the Spring of 2022, FHFA 

finalized additional capital planning requirements to ensure the Enterprises properly assess their risks and maintain 

the appropriate level of capital, and disclosure requirements to provide market participants with more information to 

assess an Enterprise’s risks and capital adequacy.

In 2021, FHFA instructed the Enterprises to begin updating their pricing frameworks to increase support for core 

mission borrowers while fostering capital accumulation, achieving viable returns, and ensuring a level playing field 

for small and large sellers. Following a historic rise in the statutory Conforming Loan Limit values as a result of 

historic house price appreciation, FHFA approved targeted pricing increases on certain high balance and second 

home loans in early 2022 as an incremental step in updating the pricing frameworks.

FHFA is also ensuring that our regulated entities identify and manage emerging climate-related risks. The Agency 

has long worked with the Enterprises to develop effective disaster response loss mitigation toolkits to support 

borrowers and renters affected by natural disasters, such as hurricanes, floods, and wildfires. FHFA leveraged this 

experience to support the Financial Stability Oversight Council’s 2021 climate risk review, while requiring the 

Enterprises to prioritize climate risks in their governance and decision-making.

Lastly, the Legislative Recommendations section of this report outlines three potential risk areas requiring 

Congressional intervention – FHFA’s lack of authority to examine services provided to its regulated entities, 

shortcomings in the Enterprises’ statutory capital definitions, and the ongoing need to undertake the important 

work of housing finance reform.

FHFA’s accomplishments over the course of 2021, as described in this Report, stand as a tribute to the dedication 

of FHFA’s hard working employees. Going forward, the Agency will continue to ensure its regulated entities fulfill 

their mission responsibilities while securing their safety and soundness.

SANDRA L. THOMPSON

Director, Federal Housing Finance Agency

4 | Federal Housing Finance Agency
LIST OF COMMON ABBREVIATIONS 

AND ACRONYMS

AMA – Acquired Member Assets

AMI – Area Median Income

BANK ACT – Federal Home Loan Bank Act of 1932

CDFI – Community Development Financial Institution

CRT – Credit Risk Transfer

CSP – Common Securitization Platform

CSS – Common Securitization Solutions, LLC

D&I – Diversity and Inclusion

DODD-FRANK ACT – Dodd-Frank Wall Street Reform 

and Consumer Protection Act of 2010

DTS – Duty to Serve

EEO – Equal Employment Opportunity

ENTERPRISES – Fannie Mae and Freddie Mac

FANNIE MAE – Federal National Mortgage Association

FHLBANK(S) – Federal Home Loan Bank(s)

FREDDIE MAC – Federal Home Loan 

Mortgage Corporation

GAAP – Generally Accepted Accounting Principles

GINNIE MAE – Government National 

Mortgage Association

HERA – Housing and Economic Recovery Act of 2008

HPI – House Price Index

LIBOR – London Interbank Offered Rate

MBS – Mortgage-Backed Securities

OF – Office of Finance

PSPA – Senior Preferred Stock Purchase Agreement

REGULATED ENTITIES – Fannie Mae, Freddie Mac, 

and the FHLBanks

SAFETY AND SOUNDNESS ACT – Federal Housing 

Enterprises Financial Safety and Soundness Act of 1992

SOFR – Secured Overnight Financing Rate

TPRM – Third-Party Risk Management

UMBS – Uniform Mortgage-Backed Security

UPB – Unpaid Principal Balance

URLA – Uniform Residential Loan Application

List of Common Abbreviations and Acronyms

Report to Congress 2021 | 5 
TABLE OF CONTENTS

Key Management . . . . . . . . . . . . . . . 1

Director’s Letter . . . . . . . . . . . . . . . . 2

List of Common Abbreviations 

and Acronyms . . . . . . . . . . . . . . . . . . 5

Table of Contents . . . . . . . . . . . . . . . 6

Supervision and Oversight . . . . . . . . 7

• Examination Authority for Regulated Entities . . 8

• Reports of Annual Examinations

for Fannie Mae and Freddie Mac . . . . . . . . . . . . 9

• Reports of Annual Examinations

for the Federal Home Loan Banks . . . . . . . . . . . 14

• Results of Stress Tests Under the

Dodd-Frank Wall Street Reform

and Consumer Protection Act . . . . . . . . . . . . . . 29

• Enterprise Housing Goals and Duty to Serve . . . 31

• Federal Home Loan Bank Mission

and Affordable Housing Programs . . . . . . . . . . 40

• Fair Lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

• Climate Change and Environmental,

Social, and Governance . . . . . . . . . . . . . . . . . . . 45

• Diversity and Inclusion . . . . . . . . . . . . . . . . . . . . 46

• Regulatory Activities . . . . . . . . . . . . . . . . . . . . . 49

Conservatorships 

of the Enterprises . . . . . . . . . . . . . . 52

• Managing the Conservatorships . . . . . . . . . . . . 53

• Other Conservatorship Activities . . . . . . . . . . . 64

Research and Publications . . . . . . . 65

• Reports to Congress . . . . . . . . . . . . . . . . . . . . . . 66

• House Price Index . . . . . . . . . . . . . . . . . . . . . . . . 67

• Public Use Databases . . . . . . . . . . . . . . . . . . . . . 67

• National Mortgage Database Project . . . . . . . . 68

• Economic Summits and

Research Publications . . . . . . . . . . . . . . . . . . . . 69

FHFA Operations 

and Performance . . . . . . . . . . . . . . 70

• Performance and Program Assessment . . . . . . 71

• Financial Operations . . . . . . . . . . . . . . . . . . . . . 71

Federal Housing Finance 

Oversight Board Assessment . . . . . 72

Legislative Recommendations . . . . 79

Appendix: Historical Data Tables . . . 82

6 | Federal Housing Finance Agency

November 2022 Update:

Fannie Mae is reevaluating its 2021 stress test results and associated reporting due to the 

recent identification of errors in an underlying model. Once this evaluation is complete, an 

update will be posted. Until that update is posted, you should not rely on Fannie Mae’s 

stress test (DFAST) information in this report for any purpose. 
SUPERVISION 

AND OVERSIGHT

In This Chapter

Examination Authority for Regulated Entities . . . . . . . . . . . . . . . . . . . . 8

Reports of Annual Examinations of Fannie Mae and Freddie Mac . . . 9

Reports of Annual Examinations for the Federal Home Loan Banks . . .14

Results of Stress Tests Under the Dodd-Frank Wall Street 

Reform and Consumer Protection Act . . . . . . . . . . . . . . . . . . . . . . . . .29

Enterprise Housing Goals and Duty to Serve . . . . . . . . . . . . . . . . . . . 31

Federal Home Loan Bank Mission and 

Affordable Housing Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40

Fair Lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44

Climate Change and Environmental, 

Social, and Governance (ESG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45

Diversity and Inclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46

Regulatory Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49

Report to Congress 2021 | 7 
8 | Federal Housing Finance Agency

The Federal Housing Finance Agency 

(FHFA) was established by the Housing and 

Economic Recovery Act of 2008 (HERA) and 

is responsible for the effective supervision, 

regulation, and housing mission oversight of 

the Federal National Mortgage Association 

(Fannie Mae), the Federal Home Loan 

Mortgage Corporation (Freddie Mac), and 

the Federal Home Loan Bank System, which 

includes the 11 Federal Home Loan Banks 

(FHLBanks) and the Office of Finance (OF). 

The Agency’s mission is to ensure that Fannie 

Mae and Freddie Mac (the Enterprises) 

and the FHLBanks (together, “the regulated 

entities”) fulfill their mission by operating in a 

safe and sound manner to serve as a reliable 

source of liquidity and funding for housing 

finance and community investment. Since 

2008, FHFA has also served as conservator of 

Fannie Mae and Freddie Mac .

Examination Authority for 

Regulated Entities

Section 1317(a) of the Federal Housing Enterprises 

Financial Safety and Soundness Act of 1992 (Safety 

and Soundness Act), as amended, 12 U.S.C. § 4517(a), 

requires FHFA to conduct annual on-site examinations 

of the Enterprises and the FHLBanks. Examination of 

the FHLBanks is also performed pursuant to section 

20 of the Federal Home Loan Bank Act (Bank Act), 

as amended, 12 U.S.C. § 1440. The FHLBank System 

includes the 11 FHLBanks and the OF, a joint office of 

the FHLBanks.

For each regulated entity, FHFA prepares an annual 

report of examination, which identifies weaknesses 

and assigns examination ratings. FHFA communicates 

deficiencies and violations at regulated entities as adverse 

findings. The 2021 reports of examination were delivered 

to the directors and management of the Enterprises in 

March and to the FHLBanks periodically throughout 

the year based on FHFA’s examination schedule.

1

 Unless otherwise specified, all dates in this report refer to 2021.

Scope of Examination

FHFA conducts supervision using a risk-based 

approach to identify existing and emerging risks to the 

regulated entities, to evaluate the overall effectiveness 

of each regulated entity’s risk management systems 

and controls, and to assess compliance with laws and 

regulations applicable to the regulated entity. In 2021,1

FHFA’s examination activities included targeted riskbased examinations and ongoing monitoring, including 

assessing the remediation of previously issued Matters 

Requiring Attention (MRAs). FHFA also assessed the 

responses of the regulated entities’ boards of directors 

and management to deficiencies and weaknesses 

identified by the regulated entities’ internal audit 

departments and external auditors.

Rating System

Pursuant to FHFA’s Advisory Bulletin AB 2012-03, 

FHFA Examination Rating System (AB 2012-03), 

FHFA applies the “CAMELSO” rating system to report 

its supervisory views. The CAMELSO framework 

includes ratings for:

1. the overall condition of the regulated entity 

(the composite rating), and

2. seven individual component ratings for financial 

condition and risk management: Capital; 

Asset quality; Management; Earnings; Liquidity; 

Sensitivity to market risk; and Operational risk.

Supervision of Fannie Mae and Freddie Mac

FHFA’s Division of Enterprise Regulation (DER) 

is responsible for carrying out examinations and 

ongoing supervision of the Enterprises. In 2021, 

FHFA performed examination activities in the areas 

of credit, market, model, and operational risk, as well 

as governance, compliance, accounting, auditing, 

and financial disclosure. Enterprise examinations 

included assessment of the safety and soundness of 

each Enterprise (e.g., financial performance, condition, 

and overall risk management practices), as well as 

compliance with regulations.

Examination activity at each Enterprise is led by 

an Examiner-in-Charge and is carried out by an 
Supervision and Oversight

Report to Congress 2021 | 9 

examination team with support from subject-matter 

experts. Following completion of examination activity, 

DER communicates any adverse findings in writing to 

the Enterprise and obtains a commitment, including a 

corrective action plan, from the Enterprise to remediate 

the findings. Following execution of the remediation 

plan, the Enterprise’s internal audit function or an 

independent third party validates the completion 

of remediation, and DER reviews corrective action 

through examination activities.

FHFA issues a report of examination that identifies 

supervisory concerns and contains examination ratings 

reflecting FHFA’s view of the regulated entity’s 

financial safety and soundness and risk management 

practices. The annual Report of Examination is 

signed by the Examiner-in-Charge and issued to the 

Enterprise’s board of directors.

Supervision of the Federal Home Loan Banks

FHFA’s Division of Federal Home Loan Bank 

Regulation (DBR) oversees the Federal Home Loan 

Bank (FHLBank) System. DBR’s objective is to ensure 

that each FHLBank and the Office of Finance (OF) 

operates in a safe and sound manner and achieves its 

housing finance and community investment mission.

DBR performs annual examinations of each FHLBank 

and OF and conducts ongoing supervision throughout 

the year. An Examiner-in-Charge and a team of 

examiners, supported by financial analysts, economists, 

accountants, and attorneys, conduct the annual 

examination of each FHLBank. Outside of the annual 

examination period, FHFA examiners periodically 

meet with FHLBank staff to follow up on examination 

findings and to discuss emerging issues.

Reports of Annual 

Examinations of Fannie Mae 

and Freddie Mac

Financial Overview of the Enterprises

In 2021, Fannie Mae reported annual net income 

of $22.2 billion and comprehensive income of 

$22.1 billion, up from $11.8 billion and $11.8 billion, 

respectively. Fannie Mae reported high net income 

primarily because of elevated guarantee mortgage 

portfolio growth, higher guarantee fees, and an 

elevated level of amortization income from higher 

refinance volume. In addition, Fannie Mae’s earnings 

increased owing to a $5.1 billion in benefit for credit 

losses compared to provision of $0.7 billion a year 

earlier, as COVID-19 pandemic economic conditions 

improved during the year.

Freddie Mac reported annual net income of $12.1 billion 

and annual comprehensive income of $11.6 billion 

in 2021, compared to $7.3 billion and $7.5 billion, 

respectively, in 2020. The improvement was due 

to higher net interest income as a result of elevated 

mortgage portfolio growth, higher guarantee fees, 

and an increase in amortization income from higher 

refinance volume. In addition, Freddie Mac’s earnings 

increased $1.04 billion from the release of credit 

reserves, owing to improved economic conditions in 

2021. This compares to $1.45 billion increases in credit 

reserves in 2020, owing to early projections of losses 

from COVID-19 pandemic economic conditions.

Fannie Mae’s total assets increased 6 percent in 2021, 

slower than the 14 percent growth one year earlier, 

primarily as guarantee portfolio growth slightly slowed 

and the retained portfolio shrunk further. In 2021, 

Fannie Mae’s total mortgage portfolio was $3.97 

trillion, approximately a 7 percent increase from one 

year earlier as new acquisition volumes, though lower 

than a year earlier, outpaced prepayments and other 

liquidations of the existing portfolio. Single-family 

(SF) mortgages represented approximately 89 percent 

of the total guarantee book. In 2021, even though the 

total SF portfolio grew, Fannie Mae SF new acquisition 

volume decreased 0.3 percent to $1.355 trillion 

with new originations slightly outpacing paydowns. 

Similarly, Fannie Mae’s multifamily (MF) guarantee 

portfolio grew 7 percent while its new acquisition 

volume dropped to $69.5 billion, a 9 percent decrease 

year-over-year.

Additional information on the growth in the Fannie 

Mae total mortgage portfolio is shown in Figure 1 

below, which includes mortgages, mortgage-related 

securities held as investments, and mortgages pooled 

into MBS.
10 | Federal Housing Finance Agency

Figure 1: Fannie Mae Mortgage Portfolio (2004-2021) 

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

the loan balances underlying those securities.

Freddie Mac’s total assets increased 15 percent in 

2021, slower than 20 percent growth one year earlier 

because of slightly slower growth of the guarantee 

portfolio and a lower balance in the retained portfolio. 

In 2021, Freddie Mac’s total mortgage portfolio 

increased 18 percent because of high SF acquisition 

volume as a result of continued record low interest 

rates during 2021, of which approximately 65 

percent were refinance activity. Refinance volume, 

while high, constituted a lower proportion of total 

acquisitions during the year as interest rates began 

to slowly move upward towards the end of 2021. SF 

mortgages represented approximately 87 percent of the 

total guarantee book. In 2021, Freddie Mac new SF 

acquisition volume was $1.220 trillion or a 12 percent 

increase year-over-year. New MF business volume 

was $70.0 billion in 2021. The MF guaranty book of 

business grew by 7 percent in 2021 to $415 billion.

Additional information on the changes in Freddie 

Mac’s total mortgage portfolio is shown in Figure 2, 

which includes mortgages, mortgage-related securities 

held as investments, and mortgages pooled into MBS.
Supervision and Oversight

Report to Congress 2021 | 11 

Figure 2: Freddie Mac Mortgage Portfolio (2004-2021) 

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

the loan balances underlying those securities.

CSS Overview

Common Securitization Solutions, LLC (CSS), 

jointly and equally owned by the Enterprises, uses the 

Common Securitization Platform (CSP) to administer 

the Enterprises’ portfolios of mortgage-backed securities 

(MBS) and for the issuance of the Uniform MortgageBacked Security (UMBS). Operating the CSP involves 

storing, processing, and transmitting large volumes of data, 

as CSS acts as an agent for the Enterprises to facilitate 

issuance of SF MBS and related disclosures, as well as 

to administer the securities post-issuance. Specifically, 

CSS records securities with registrars (e.g., Federal 

Reserve Bank of New York), supports and facilitates 

security settlement activities, validates settlements, and 

provides confirmation back to the requestor.

CSS administers a $6.0 trillion bond portfolio of SF 

mortgages and is currently the largest issuing agent 

and administrator of MBS, holding approximately 

75 percent of total market share. In 2021, CSS 

administered approximately $400 billion of UMBS 

issued by the Enterprises monthly and processed 

payments related to over 30 million mortgages in MBS.

FHFA conducts the same examination process for CSS 

as it conducts for the Enterprises. FHFA issues a Report 

of Examination that assigns examination ratings and 

communicates the principal examination conclusions 

and findings for the supervisory cycle. The composite 

rating of CSS is based primarily on an evaluation of 

two components: Management and Operational risk.

Overview of Annual Examination Results

The term CAMELSO refers to the seven components 

of the examination framework that the Federal 

Housing Finance Agency (FHFA) uses to report its 

examination findings to its regulated entities. Those 

components are Capital, Asset quality, Management, 

Earnings, Liquidity, Sensitivity to market risk, and 

Operational risk.

Capital

Pursuant to the Amended PSPAs, the Enterprises are 

able to retain all earnings. While this has improved the 

loss absorption capacity, reducing the risk of a Treasury 

draw, Treasury’s liquidation preference has increased in 

concert with the growth in net worth of both Enterprises.
12 | Federal Housing Finance Agency

Asset Quality

When reviewing asset quality, FHFA examiners 

evaluate the quantity of existing and potential 

credit risk associated with loan and investment 

portfolios, as well as management’s ability to identify, 

measure, monitor, and control credit risk. In 2021, 

the Enterprises generally exhibited favorable trends 

in credit risk associated with loan and investment 

portfolios and management’s ability to identify, 

measure, monitor, and control credit risk. Both 

Enterprises had positive trends in the levels of 

adversely classified assets, serious delinquencies, and 

real estate owned (REO) properties.

Each Enterprise’s acquisition volumes remained 

strong for 2021 for the SF and MF loan portfolios. SF 

credit risk metrics have improved since the prior year 

as serious delinquency rates decreased. Within the 

SF business, the diminishing effects of COVID-19, 

significant portfolio turnover, successful modification 

programs, and the CRT program all led to notable 

reduction in overall credit risk.

The Enterprises’ overall counterparty exposure 

declined because of an improving housing market 

and ongoing reduction in counterparty credit risk 

generating activities. Continued focus remains on 

nonbank mortgage company seller/servicers who have 

continued gaining market share and account for the 

majority of acquisitions and servicing.

The Enterprises’ multifamily portfolios grew in 

2021, within limits set by FHFA as conservator. Risk 

management of multifamily credit exposures was 

generally satisfactory.

Management

FHFA examiners assess the effectiveness of efforts by 

an Enterprise to identify, measure, monitor, and control 

the risks of its activities, and to evaluate the safety and 

soundness of its operations and its compliance with 

applicable laws and regulations.

Fannie Mae’s board and senior management have 

worked to effectively execute strategic objectives 

and address issues identified by FHFA. Model risk 

management continues to exhibit opportunities to 

strengthen, and the Enterprise’s risk management 

program needs to further mature. In addition, other 

areas such as diversity and inclusion and fair lending 

oversight need attention.

Freddie Mac’s board and senior management continue 

to make progress with advancing and strengthening 

the enterprise-wide risk management program. While 

progress was noted in several areas, the Enterprise 

continues to work on risk management opportunities to 

strengthen its ability to identify, monitor, and control 

risks associated with third-party risk management 

(TPRM), seller/servicer oversight, and compliance 

programs. In addition, other areas such as diversity and 

inclusion and fair lending oversight need attention.

The board of managers and senior management 

at CSS have satisfactory performance, oversight, 

and risk management practices. CSS continues to 

strengthen corporate governance. In addition, CSS is 

in compliance with relevant laws and regulations, and 

adheres to regulatory guidance and expectations.
Supervision and Oversight

Report to Congress 2021 | 13 

Earnings, Liquidity, and Sensitivity to Market Risk

When reviewing Enterprise earnings, FHFA examiners 

consider the quantity, trend, sustainability, and 

quality of earnings (e.g., the adequacy of provisions 

to maintain the allowance for loan losses and other 

valuation allowance accounts). Review of liquidity 

includes assessing the current level and prospective 

sources of liquidity compared to funding needs, as well 

as the adequacy of funds management practices relative 

to the Enterprise’s size, complexity, and risk profile. 

Examination of sensitivity to market risk includes 

assessing the ability of management to identify, 

measure, monitor, and control exposure to market risk 

given the Enterprise’s size, complexity, and risk profile.

Fannie Mae’s earnings have substantially increased. 

Net income totaled $22.2 billion, representing a 

$10.4 billion increase over the prior year driven by a 

shift to credit-related income coupled with increases 

in net interest income, as refinance transactions 

continued to accelerate prepayments. High levels of 

acquisition volume continued from 2020 primarily 

led by refinance transactions, and 2021 experienced 

the highest purchase money mortgage acquisitions 

on record. The driving factors were primarily the low 

interest rate environment and home price appreciation, 

with expectations of moderation going forward that 

will likely affect future earnings. Furthermore, the 

$5.1 billion benefit for credit losses attained in 2021 is 

unlikely to continue given these factors.

Fannie Mae continues to maintain a conservative 

liquidity position with reliable sources of funding to 

meet current and anticipated liquidity needs. Market 

risk metrics are within board-approved limits showing 

reductions in market value sensitivity since the prior 

year. Fannie Mae has continued transitioning away from 

the use of the London Interbank Offered Rate (LIBOR).

Freddie Mac’s earnings have substantially increased. 

Comprehensive income of $11.6 billion in 2021 was 

up significantly from the $7.5 billion reported in 2020. 

Robust refinance activities, strong MF gains, and the 

release of credit reserves in response to house price 

appreciation were leading factors in the increase. 

Reserve release related to a stronger housing market 

and successful resolutions of COVID-19 forbearances 

drove 2021 provision for credit losses to a $1.04 billion 

benefit, versus a $1.45 billion expense in 2020. The 

confluence of factors contributing to stronger earnings 

in 2021 are unlikely to be repeated.

Freddie Mac has reliable access to varied sources 

of funds, on acceptable terms, to meet current and 

anticipated funding needs. Freddie Mac maintained all 

market risk exposures within established board limits 

throughout the year. Freddie Mac management took 

actions to further reduce sensitivity to market risk 

from the prior year. Freddie Mac continued to focus on 

measuring and managing the changing mix of exposures 

and transitioning away from the use of the LIBOR.

Operational Risk

When assessing operational risk management, FHFA 

examiners consider exposures to loss from inadequate 

or failed internal processes, staffing, and systems, 

including internal controls and information technology.

Fannie Mae has remediated control deficiencies 

in certain information technology environments, 

and has responded to security incidents; however, 

further opportunities exist to mitigate potential risk to 

earnings or reputation. The Enterprise has exposures 

to information security risk, exhibiting opportunities 

to strengthen governance and controls in attendant 

risk management. The Enterprise continues to address 

business resiliency and related dependence matters on 

key third parties.

Freddie Mac has made progress in reducing 

operational risk. Freddie Mac continues to work 

on matters related to information security, business 

resiliency, data management, model risk, and issue 

management. While Freddie Mac’s TPRM program 

has made progress throughout the year, work remains 

to implement a stronger enterprise-wide program and 

ensure a comprehensive aggregate risk view.

CSS continued improving operational efficiency to 

reduce reliance on manual controls. The board of 

managers receives appropriate transparent information 

on operational risk. Oversight and execution of business 

processes, information technology, information security, 

business resiliency, and third-party relationships are 

consistent with supervisory expectations.
14 | Federal Housing Finance Agency

Core Mission of the 

Federal Home Loan Banks

In 2021, FHFA continued its supervision and oversight 

to ensure that the FHLBanks remain focused on their 

mission, which is to provide to their members and 

housing associates financial products and services, 

including but not limited to advances, that assist 

and enhance such members’ and housing associates’ 

financing of housing serving consumers at all income 

levels and community lending. Historically, short- and 

long-term advances (loans) to members and housing 

associates have been the principal mission asset of 

the FHLBanks, primarily collateralized by residential 

mortgage loans, commercial real estate loans, and 

government and agency securities. FHFA’s Core 

Mission Activities regulation establishes the FHLBank 

activities that qualify as core mission activities, 

including mortgage loans that are eligible as Acquired 

Member Assets (AMA).2

To ensure that the FHLBanks operate in a manner 

consistent with their housing finance mission, FHFA 

requires each FHLBank’s board of directors to adopt, 

maintain, and periodically review a strategic business 

plan that describes “how the significant business 

activities of the regulated entity will achieve its 

mission and public purposes.”3 FHFA provides the 

FHLBanks with guidance in developing its strategic 

plans with respect to core mission, including a 

description of the measure FHFA uses to assesses 

the FHLBanks’ core mission achievement.4 FHFA 

measures each FHLBank’s core mission achievement 

by calculating the ratio of its primary mission assets 

(advances plus AMA) to its outstanding consolidated 

obligations less U.S. Treasury obligations that qualify 

as “high quality liquid assets.”5

FHFA calculates each FHLBank’s core mission ratio 

using annual average par values, as reported by the 

FHLBanks. FHFA assesses each FHLBank’s core 

mission achievement annually and prefers for the 

2 12 CFR Part 1265.

3 12 CFR § 1239.14.

4 See FHLBank Core Mission Achievement, Advisory Bulletin AB 2015-05 (July 14, 2015) and FHLBank Liquidity Guidance, 

Advisory Bulletin AB 2018-07 (August 23, 2018).

5

 Ibid.

FHLBanks’ calculated ratios to exceed 70 percent. 

FHFA expects any FHLBank with a ratio markedly 

below 70 percent to include in its business plan a 

thorough strategy for increasing its mission focus.

As of December 31, 2021, the FHLBank System as 

well as five individual FHLBanks had a core mission 

achievement ratio that exceeded 70 percent, four fewer 

FHLBanks than 2020. The remaining six FHLBanks 

had ratios below 70 percent, four more than in 

either 2019 or 2020. Generally, smaller advance and 

mortgage portfolios drove core mission achievement 

ratios lower at 10 FHLBanks from 2020 to 2021.

FHLBank System Overview

Financial Condition

FHLBank total assets were $723.4 billion on 

December 31, 2021, down from $820.9 billion at 

year-end 2020. The FHLBanks reported 2021 aggregate 

net income of $1.8 billion, down $997 million from 2020. 

The FHLBanks remain well capitalized and hold the 

highest retained earnings balance in their history.

Aggregate asset levels decreased substantially in 2021, 

driven by several asset classes. Advances decreased 

$71.4 billion, or 16.9 percent, year-over-year, 

as advance demand continued to drop precipitously 

with the Federal Reserve’s expansionary policy 

in reaction to the COVID-19 pandemic. Cash and 

investments decreased $19.0 billion, or 5.7 percent, 

as the FHLBanks reduced investments and 

liquidity. Mortgage loans decreased $7.4 billion, or 

11.7 percent, as yields on these investments became 

less attractive since the start of the COVID-19 pandemic. 

At year-end, the FHLBanks held 48.6 percent of 

total assets as advances, 43.1 percent as cash and 

investments, and 7.7 percent as mortgage loans.
Supervision and Oversight

Report to Congress 2021 | 15 

Figure 3: Historical Portfolio of the FHLBank System

Advances are primarily collateralized by residential 

mortgage loans, commercial real estate loans, and 

government and agency securities. Community 

Financial Institutions may pledge small business, 

small farm, and small agri-business loans as collateral 

for advances.6

In response to the onset of the COVID-19 pandemic, 

advances increased substantially to $806.9 billion 

during the first quarter of 2020. Later, as the Federal 

Reserve pursued expansionary monetary policy 

and member liquidity increased, advances declined 

$455.7 billion from the 2020 peak, with $71.4 billion 

of the decrease occurring in 2021.

Nine FHLBanks reported decreases in advances in 

2021, with only the FHLBanks of Topeka and Chicago 

reporting small increases of $2.3 billion and $1.4 billion, 

respectively. The 2021 decrease marked the fourth 

6

 As defined in the Bank Act, the term Community Financial Institution (CFI) means a member, the deposits of which are insured under the 

Federal Deposit Insurance Act, that has average total assets over the last three years at or below an established threshold. For calendar year 

2021, the CFI asset threshold was $1.239 billion. The threshold for 2022 is $1.323 billion. FHLBank members that are CFIs may pledge small 

business loans, small farm loans, small agri-business loans, and community development loans, all of which may be fully secured by collateral 

other than real estate, and securities representing a whole interest in such loans.

consecutive year with lower year-end balances 

following six years of growth that ended in 2017.

The FHLBanks operate both on-balance sheet and 

off-balance sheet programs through which members 

can sell mortgage loans. The FHLBanks’ AMA 

programs allow them to acquire and hold (on their 

balance sheet) conforming loans and loans guaranteed 

or insured by a department or agency of the U.S. 

government. The AMA programs are structured such 

that the FHLBanks manage the interest rate risk and 

the participating member manages a substantial portion 

of the risks associated with originating the mortgage, 

including a significant portion of the credit risk. 

Through the three existing AMA programs, Mortgage 

Partnership Finance (MPF), Mortgage Purchase 

Program (MPP), and Mortgage Asset Program (MAP), 

FHLBanks offer various products to members with 

differing credit risk-sharing structures.
16 | Federal Housing Finance Agency

The FHLBanks held $55.6 billion of mortgage 

loans on their balance sheets at December 31, 2021, 

down from $62.9 billion at year-end 2020. This change 

resulted from mortgage purchases of $14.2 billion and 

mortgage principal payments of $21.0 billion.7

Under the off-balance sheet programs in operation 

through 2021, members of FHLBanks sell mortgages 

to the FHLBank of Chicago, which either concurrently 

sells the loan to Fannie Mae (MPF Xtra) or pools the 

loans into securities guaranteed by the Government 

National Mortgage Association (MPF Government 

Mortgage-Backed Securities (MBS)). FHLBank 

members delivered $6.6 billion of mortgage loans 

under MPF Xtra through the FHLBanks to Fannie Mae. 

Members also delivered $408 million of mortgage 

loans to the FHLBank of Chicago to securitize through 

the MPF Government MBS program.

The aggregate investment portfolio of the FHLBanks 

consisted of 52.0 percent cash and liquidity, 

38.7 percent MBS, and 9.2 percent other investments 

(principally agency debt securities and for the 

FHLBank of Chicago, federally-backed student 

loan asset-backed securities). The FHLBanks held 

$120.9 billion of MBS, primarily made up of MBS 

securitized by Freddie Mac and Fannie Mae. At 

7

 Mortgage purchases include premiums and discounts. As a result, this amount will not align with the unpaid principal balance of new 

mortgage acquisitions.

8

 This measure includes Treasury securities.

year-end 2021, the FHLBanks held $162.4 billion of 

cash and liquidity investments.8 The FHLBanks are 

significant participants in the federal funds market.

The FHLBanks’ letters of credit had increased 

substantially over the past several years but decreased 

by $13.3 billion to $151.2 billion by the end of 2021. 

Letters of credit are typically used by members to 

secure public unit deposits. If drawn, a member may 

take out an advance to cover the member’s obligation 

to repay the funds to the FHLBank; however, they are 

rarely drawn.

Consolidated obligations totaled $652.0 billion and 

consisted of $441.1 billion of bonds (67.7 percent) 

and $210.9 billion of discount notes (32.3 percent). 

Short-term funding by par value (funding with a remaining 

maturity of less than one year) made up 60.9 percent of 

consolidated obligations at year-end 2021.

Net income was $1.8 billion in 2021 and all FHLBanks 

were profitable. However, net income decreased 

$997 million year-over-year due to fewer earning 

assets that drove a $631 million decline in net interest 

income. In addition, non-interest income decreased by 

$626 million partially offset by non-interest expense 

declining $146 million year-over-year. See Figure 4.

Figure 4: Annual FHLBank Net Interest Income and Net Income
Supervision and Oversight

Report to Congress 2021 | 17 

The aggregate return on assets ratio was 0.23 percent in 

2021, down from 0.27 percent in 2020. The aggregate 

return on equity ratio was 3.56 percent, down from 

5.19 percent. While performance was down from 

previous years, continued profitability allowed the 

FHLBanks to build retained earnings in 2021. Aggregate 

retained earnings totaled $22.8 billion, or 3.1 percent of 

assets, at the end of 2021, up from $22.0 billion, or 

2.7 percent of assets, the prior year. By comparison, 

at year-end 2008, during the housing crisis, the 

FHLBanks held only $3.0 billion of aggregate retained 

earnings, which represented just 0.2 percent of 

assets (Figure 5).

Figure 5: Retained Earnings of the FHLBanks

As of December 31, 2021, aggregate regulatory capital 

consisted of $25.5 billion capital stock, of which 

$0.4 billion was mandatorily redeemable capital stock 

(MRCS), and $22.8 billion in retained earnings.9

At year-end 2021, all FHLBanks met both 

the minimum regulatory capital ratio of 

4.0 percent of assets and their individual 

risk-based capital requirements.

9

 Banks reclassify capital stock subject to redemption from capital stock to mandatorily redeemable capital stock (a liability) generally after a 

member exercises a written redemption request, gives notice of intent to withdraw from membership, or attains non-member status by merger 

or acquisition, relocation, charter termination, or involuntary termination from membership. Additionally, when FHFA’s 2016 Final Rule on 

FHLBank Membership declared captive insurance companies ineligible for membership at FHLBanks, all remaining captive insurance capital 

stock was reclassified as mandatorily redeemable capital stock.

Comparisons

The size and composition of FHLBank assets varies 

across the System. Individual FHLBanks ranged from 

total assets of $32.5 billion to $105.4 billion as of 

December 31, 2021. The ratio of advances to assets 

ranged from 31.5 percent to 67.9 percent. The ratio of 

mortgage loans to assets was 7.7 percent overall, with 

the FHLBank of Topeka having the highest ratio at 

16.9 percent. The market value to par value of capital 

stock ratio was above 100 percent at each FHLBank.
18 | Federal Housing Finance Agency

Figure 6: FHLBank Selected Balance Sheet Items and Ratios

Balance Sheet ($ Billions) SYS BOS NYK PIT ATL CIN IND CHI DSM DAL TOP SFR

Total Assets - $ 723.359 32.545 105.358 37.651 78.746 60.618 60.005 96.954 85.852 63.488 48.021 54.121

Advances - % of Assets 48.6% 37.9% 67.9% 37.5% 57.7% 38.0% 45.8% 49.6% 51.4% 38.8% 48.9% 31.5%

% of Advances with 

Remaining Maturity < 1 year 41.5% 41.0% 54.9% 60.7% 48.6% 50.6% 28.8% 28.5% 28.2% 31.3% 56.7% 24.5%

Mortgages - % of Assets 7.7% 9.6% 2.2% 12.4% 0.2% 12.5% 12.7% 10.2% 8.8% 5.5% 16.9% 1.8%

Cash and Investments - 

% of Assets 43.1% 50.9% 29.3% 49.2% 41.5% 48.8% 40.8% 39.8% 39.3% 55.4% 33.5% 66.2%

MBS Investments - 

% of Assets 16.7% 21.7% 13.9% 18.3% 17.3% 17.8% 18.0% 16.0% 13.5% 17.0% 12.7% 24.1%

MBS to Regulatory 

Capital Ratio 2.52 2.76 2.25 2.59 2.95 2.84 3.03 2.75 1.99 2.72 2.24 2.06

Liquidity - % of Assets 23.0% 26.5% 14.2% 25.7% 22.4% 27.8% 18.3% 17.9% 21.4% 30.4% 19.8% 42.1%

Consolidated Obligations 

(COs) - $ 652.033 28.888 97.027 33.599 71.692 54.44 54.478 87.936 77.553 55.517 44.2 46.703

Discount Notes - % of COs 32.3% 7.9% 43.5% 31.2% 35.6% 54.8% 22.2% 27.9% 28.8% 19.8% 14.9% 51.4%

% of COs with 

Remaining Maturity < 1 year 60.9% 31.7% 63.5% 48.3% 58.6% 78.4% 48.4% 53.9% 78.9% 55.4% 64.2% 66.9%

Regulatory Capital Ratio 6.67% 7.73% 6.11% 7.03% 5.86% 6.28% 5.79% 6.87% 6.74% 5.92% 5.50% 10.89%

Retained Earnings - $ 22.76 1.548 1.931 1.398 2.228 1.293 1.177 4.261 2.39 1.558 1.143 3.832

Market Value of Equity as a 

Percent of Capital Stock 199% 253% 147% 222% 194% 154% 154% 311% 177% 183% 184% 310%

Financial performance was not uniform across the FHLBanks in 2021, but it remained adequate. Net income 

ranged from $42 million to $287 million, while return on assets ratios ranged from 0.07 percent to 0.49 percent. 

At the aggregate level, FHLBank operating expenses made up 32.1 percent of net interest income.

Figure 7: Selected Income Statement Items and Ratios

($ in Millions) SYS BOS NYK PIT ATL CIN IND CHI DSM DAL TOP SFR

Net Income - $ 1,783 70 266 86 133 42 94 275 206 164 161 287 

Return on Assets 0.23% 0.19% 0.22% 0.21% 0.16% 0.07% 0.15% 0.28% 0.23% 0.27% 0.33% 0.49%

Return on Equity 3.56% 2.62% 3.89% 3.10% 2.79% 1.08% 2.64% 4.13% 3.48% 4.31% 5.88% 4.46%

Net Interest Income (NII) - $ 3,776 212 546 183 281 277 252 541 381 278 297 528 

Net Interest Spread 0.47% 0.57% 0.43% 0.42% 0.34% 0.41% 0.39% 0.55% 0.39% 0.45% 0.59% 0.89%

Yield on Advances 0.67% 1.33% 0.60% 0.86% 0.64% 0.62% 0.40% 0.54% 0.99% 0.41% 0.56% 0.79%

Yield on Investments 0.82% 0.80% 1.15% 0.80% 0.39% 1.13% 0.70% 0.85% 0.54% 0.68% 0.71% 1.20%

Yield of Mortgage Loans 2.47% 2.66% 2.79% 2.64% 5.38% 2.07% 2.15% 2.55% 2.65% 2.36% 2.50% 3.11%

Cost of Funds on COs 0.39% 0.67% 0.38% 0.64% 0.22% 0.66% 0.37% 0.31% 0.59% 0.19% 0.37% 0.15%

Operating Expenses to NII 32.1% 31.1% 30.6% 44.5% 41.7% 25.5% 36.0% 35.1% 34.6% 32.3% 20.4% 27.8%
Supervision and Oversight

Report to Congress 2021 | 19 

Membership

At the end of 2021, the FHLBanks had a total of 

6,575 members, down from 6,697 in 2020, primarily 

due to mergers. Membership at each FHLBank 

ranged from 281 to 1,280 members. The aggregate 

membership consisted of 3,794 commercial banks, 

1,560 credit unions, 612 savings institutions, 

541 insurance companies, and 68 non-depository 

community development financial institutions 

(CDFIs). Approximately 46.2 percent of FHLBank 

active members were borrowers. The top-10 largest 

borrowers of each district made up more than 70 percent 

of advances at the FHLBanks of New York, Pittsburgh, 

Atlanta, Cincinnati, and Topeka. The decrease in 

advances in 2021 significantly affected the composition 

of advances by member type. Commercial banks 

accounted for 34.6 percent of advances at the end of 

2021, down from 42.8 percent of advances at the end 

of 2020. Conversely, insurance companies increased to 

34.8 percent from 30.4 percent of total advances over 

the same time period.

Figure 8: FHLBank Membership

($ in Millions) SYS BOS NYK PIT ATL CIN IND CHI DSM DAL TOP SFR

Total Members 6,575 423 332 281 811 618 348 675 1,280 798 678 331

Commercial Banks 3,794 51 108 131 446 340 143 444 902 551 538 140

Credit Unions 1,560 159 106 62 238 142 128 101 256 126 89 153

Saving Associate 310 24 31 17 42 58 18 28 37 26 21 8

Savings Bank 302 117 36 34 16 16 7 36 10 29 0 1

Insurance Companies 541 68 43 35 56 55 48 60 69 59 26 22

Non-depository CDFIs 68 4 8 2 13 7 4 6 6 7 4 7

Ten Largest Borrowers - 

% of Advances 49.2% 78.0% 72.3% 71.4% 71.8% 62.8% 60.0% 57.9% 57.8% 70.9% 63.5%
20 | Federal Housing Finance Agency

Rating Component Overview

Capital – Capital management practices were strong 

or satisfactory at all of the FHLBanks in 2021. The 

FHLBanks had generally adequate levels of capital, 

including retained earnings, relative to their risk 

profiles. However, at certain FHLBanks examiners 

made recommendations, including formalizing excess 

stock thresholds, reducing dependence and improving 

reporting on excess stock, implementing independent 

verification of retained earnings methodology, 

improving documentation of risk-based capital 

methodology, and reducing the reliance on manual 

processes in reporting.

Asset Quality – Asset quality was rated strong or 

satisfactory at all of the FHLBanks in 2021. However, 

examiners identified areas for improvement in risk 

management practices at the FHLBanks, including 

offering letters of credit only to eligible organizations, 

improving counterparty rating methodology, improving 

credit risk models, improving collateral verification and 

pricing, improving accuracy of collateral data provided 

to FHFA, addressing deficiencies in calculating 

housing finance assets, improving oversight of third 

parties, and addressing deficiencies in tracking credit 

exposure to unsecured counterparties.

In general, advances are low-risk loans, but they are 

subject to concentration risk. However, in 2021, the 

concentration of advances to subsidiaries of large bank 

holding companies largely remained stable. In 2020, 

the five largest borrowers at the holding company level 

(Metropolitan Life Insurance Company, Citigroup 

Inc., New York Community Bancorp Inc., J.P. Morgan 

Chase & Co., and First Republic Bank) represented 

$72.4 billion or 17 percent of aggregate advances. 

In 2021, the five largest aggregate borrowers at the 

holding company level (Metropolitan Life Insurance 

Company, New York Community Bancorp., J.P. Morgan 

Chase & Co., Midland Financial Co., and Bank of 

American Corporation) accounted for just $60.1 billion 

or 17.2 percent of aggregate advances, the lowest level 

since 2010 and the fifth straight year that advance 

concentration among the top five borrowers has 

declined. (Figure 9)

Figure 9: Top 5 Holding Companies with Advances Outstanding
Supervision and Oversight

Report to Congress 2021 | 21 

The holding companies with the most advances 

outstanding to their subsidiaries change over time. 

While 2020 and 2021 saw little change overall, 

Midland Financial Co. became a top five borrower 

for the first time, though it had previously been a top 

ten borrower in 2020. Since 2010, Bank of America 

Corporation, Capital One, Citigroup Inc., Hudson 

City Bancorp, Santander BanCorp, JP Morgan Chase 

& Company, Metlife Inc., PNC Financial Services 

Group, Ally Financial, BB&T Corporation, New York 

Community Bancorp Inc., Wells Fargo & Company, 

First Republic Bank, and Midland Financial Group 

have been among the top five borrowers at the end 

of the year.

Management – Examination conclusions regarding 

management were strong or satisfactory at all the 

FHLBanks in 2021. However, examiners identified 

areas of concern at most of the FHLBanks, including 

membership application processing, membership 

eligibility determinations for insurance companies, 

advance prepayments, model risk oversight, standards 

for internal audit, interpretation of FHFA regulations/

guidance, and information security policies. 

Earnings – Earnings were strong or satisfactory 

at all but one FHLBank. Similar to previous years, 

earnings and earnings quality generally continue to 

be satisfactory at most FHLBanks, though examiners 

expressed concern that some FHLBanks continued 

to rely on non-mission assets or non-recurring items 

to support their earnings. Examiners also expressed 

concern about the long-term level of earnings relative 

to increasing operating expenses at the FHLBanks.

Liquidity – Liquidity risk management was strong 

or satisfactory at all FHLBanks. Examiners identified 

isolated opportunities for the FHLBanks to strengthen 

their liquidity reporting and measurement systems. 

Sensitivity to Market Risk – Overall, the FHLBanks 

had moderate levels of market risk exposure. Market 

risk management was well controlled or satisfactory at 

all but one FHLBank, and mortgage assets appeared 

to remain the greatest source of market risk. However, 

examiners identified market risk-related enhancements 

several FHLBanks could make to their AMA programs, 

board reporting, LIBOR transition strategy, prepayment 

modeling, and stress testing. 

Operational Risk – Operational risk was generally 

satisfactory at all but one FHLBank. Across the 

System, operational risk levels remained moderately 

elevated because of continued remote operations, 

expanded telework related to the COVID-19 

pandemic, and ongoing information technology 

initiatives at many FHLBanks. Across the FHLBanks, 

examiners identified areas that exhibited or could 

exhibit unacceptable operational risks in business 

resiliency, information technology, third-party 

management and oversight, and policy and procedure 

documentation. Several FHLBanks continue to evolve 

their information security and cyber controls to meet 

existing and potential risks by buttressing software 

security patching, hardening access, and increasing 

staff awareness of and training regarding increasingly 

sophisticated social engineering attack vectors.
22 | Federal Housing Finance Agency

Overview of Annual Examination Results

District 1: The Federal Home Loan Bank of Boston

At the time of its October 2021 examination, the 

overall condition and operations were satisfactory. 

Board and senior management oversight was 

satisfactory. Earnings remained adequate. Credit, 

market and operational risk exposures remained 

satisfactory. The FHLBank’s liquidity and capital 

positions were both strong. Primary examination 

concerns were related to deficiencies in the FHLBank’s 

standby letter of credit product, information technology 

and security, unsecured credit practices, and market 

risk measurement. Oversight and execution of the AHP 

was satisfactory.

District 2: The Federal Home Loan Bank of New York

At the time of its examination in April 2021, the overall 

condition and operations of the FHLBank of New 

York were satisfactory. Board and senior management 

oversight of the FHLBank remained satisfactory, 

member access to liquidity was consistently available, 

and the institution maintained strong core mission 

achievement despite a persistently challenging 

operating environment. Financial performance was 

satisfactory despite a declining profitability trend. 

Principal examination concerns centered around 

insurance company membership applications and 

monitoring, and model governance, validations, and 

methodologies. Oversight and execution of the AHP 

was satisfactory.

District 3: The Federal Home Loan Bank of Pittsburgh

At the time of its examination in April 2021, the 

overall condition and operations of the FHLBank of 

Pittsburgh were satisfactory. The FHLBank continued 

to have strong capital and liquidity positions as well 

as satisfactory earnings that were both sufficient to 

support operations and pay a reasonable dividend to 

members. Further, the FHLBank exhibited satisfactory 

market, credit, and operational risk oversight and 

maintained a conservative risk profile. Principal 

examination concerns related to the declining demand 

for FHLBank advances and the implications thereof, 

counterparty credit risk management practices, internal 

audit departmental resources, and strategic planning 

income simulations. Oversight and execution of the 

AHP was satisfactory.

District 4: The Federal Home Loan Bank of Atlanta

At the time of the examination in January 2021, the 

overall condition and operations of the FHLBank of 

Atlanta were satisfactory. The FHLBank had sound 

capital and liquidity positions; however, earnings 

needed improvement. Asset quality was strong with 

low credit risk. Oversight by the board of directors and 

management was satisfactory. Primary examination 

concerns related to insurance company member risk 

management, advance prepayment fee calculation, 

information technology governance, and data center 

proximity risk. Oversight and execution of the AHP 

was satisfactory.
Supervision and Oversight

Report to Congress 2021 | 23 

District 5: The Federal Home Loan Bank of Cincinnati

At the time of its examination in January 2021, the 

overall condition and operations of the FHLBank of 

Cincinnati were satisfactory. Capital, liquidity, and 

earnings levels adequately supported operations. 

Oversight of operations by the board and senior 

management was satisfactory. Further, the FHLBank 

exhibited satisfactory market, credit, and operational 

risk management practices. Primary examination 

concerns related to MPP oversight of servicers, model 

risk management, and swaption strategies. Oversight 

and execution of the AHP was satisfactory.

District 6: The Federal Home Loan Bank of Indianapolis

At the time of its examination in October 2021, the 

overall condition and operations of the FHLBank of 

Indianapolis were satisfactory. The FHLBank had 

satisfactory liquidity and asset quality, sufficient 

capital and earnings, and acceptable operational risk. 

Sensitivity to market risk oversight improved and was 

satisfactory. Primary examination concerns related to 

prepayment risk management practices, liquidity cash 

flow reporting, membership eligibility standards, and 

AHP internal controls. Oversight and execution of the 

AHP was satisfactory.

District 7: The Federal Home Loan Bank of Chicago

At the time of its examination in July 2021, FHFA 

concluded the FHLBank’s overall condition and 

operations were satisfactory. A strong capital position 

and adequate earnings supported moderate risk levels 

throughout Bank operations. In its role as MPF 

Provider, the FHLBank adequately managed the 

MPF program and collaborated with participating 

FHLBanks. Primary examination concerns related 

to prioritizing information security, mortgage 

credit modeling, participation collateral, unsecured 

counterparty credit limits, a needed upgrade of its trade 

processing system, and suspicious activity reporting. 

Oversight and execution of the AHP was satisfactory.

District 8: The Federal Home Loan Bank of Des Moines

At the time of its examination in September 2021, the 

overall condition and operations of the FHLBank of 

Des Moines were satisfactory. Board and management 

performance improved and was adequate. Operational 

risk management improved but the level of operational 

risk was elevated. The FHLBank had strong capital 

and liquidity. Earnings and sensitivity to market risk 

were adequate. Primary examination concerns related 

to information technology oversight, administration of 

an AHP set-aside program, and membership policies 

and procedures. Oversight and execution of the AHP 

was satisfactory. 

District 9: The Federal Home Loan Bank of Dallas

At the time of its examination in July 2021, the 

overall condition and operations of the FHLBank of 

Dallas were satisfactory. The FHLBank’s financial 

condition was satisfactory, evidenced by adequate 

capitalization, strong liquidity, satisfactory earnings, 

and satisfactory asset quality. Oversight by the board 

and senior management remained effective overall, 

and management of sensitivity to market risk was 

satisfactory. Primary examination concerns related 

to insurance company membership application 

processing, insurance company risk management, and 

collateral reporting and risk management. Oversight 

and execution of the AHP was satisfactory. 

District 10: The Federal Home Loan Bank of Topeka

At the time of its examination in April 2021, the 

overall condition and operations of the FHLBank of 

Topeka were satisfactory. The FHLBank had sufficient 

capital, earnings, and liquidity to support operations, 

pay market-rate dividends, and meet advance demand. 

Oversight of operations by the board and senior 

management was adequate. Sensitivity to market risk 

and operational risk were moderate, and credit risk was 

low. Primary examination concerns related to market 

value measurement and model benchmarking, market 

risk measurement production and challenge, member 

eligibility, collateral lending value process, intraday 

liquidity management, and information security. 

Oversight and execution of the AHP was satisfactory.

District 11: The Federal Home Loan Bank 

of San Francisco

At the time of its January 2021 examination, the 

overall condition, and operations of the FHLBank 

of San Francisco were satisfactory. The FHLBank’s 

financial condition was satisfactory, evidenced by 

strong capital, liquidity, and sensitivity to market risk 
24 | Federal Housing Finance Agency

positions along with adequate earnings. Asset quality 

and operational risk levels were acceptable, and board 

and senior management oversight was overall effective. 

Primary examination concerns related to mortgage 

loan participation and securities collateral, model 

risk management, membership application processes, 

advances pricing practices, business resumption 

agreements, electronic funds transfer framework, and 

supplier risk management. Oversight and execution of 

the AHP was satisfactory.

Office of Finance

At the time of its examination in July 2021, the 

overall condition and operations of the OF were 

satisfactory. Oversight by the board and senior 

management were effective. Primary examination 

concerns related to operational resilience, disaster 

recovery preparedness, and business process mapping.

FHLBank Directors’ 

Compensation and Expenses

The FHLBanks are governed by boards of directors, 

which range in size from 14 to 22 members. Statute 

requires the majority of FHLBank board members 

to be member directors, who are officers or directors 

of member institutions, and at least 40 percent to be 

independent directors. Independent directors must 

reside in the district of the FHLBank where they 

serve as a board member and cannot be officers of 

a FHLBank or directors, officers, or employees of a 

member of the FHLBank where they serve. The OF’s 

board comprises five independent directors and all 

11 FHLBank presidents. The FHLBank presidents 

do not receive compensation for their service 

on the OF board.

The FHLBanks are permitted to provide reasonable 

compensation to their boards of directors for time 

required and necessary expenses, subject to FHFA 

review. Each of the 11 FHLBanks and the OF provides 

FHFA with its Director Compensation Policy (Policy), 

which establishes the maximum compensation for 

each director, the criteria for each director to receive 

that compensation, and the timing of payments for 

the upcoming year. FHFA reviews each Policy to 

assess the reasonableness of the proposed maximum 

compensation considering third-party market data 

and to ensure that it includes a provision for reduced 

compensation of any director who does not attend 

a sufficient number of meetings or fails to be a 

contributing board member. Each FHLBank and the 

OF submitted to FHFA reports of attendance and 

compensation paid to their directors for 2021. The 

FHLBanks and OF reduced director compensation in 

accordance with their policies, except in one instance 

where a FHLBank made an exception to its policy 

to address an unanticipated circumstance. Figure 10 

shows the approved maximum compensation amounts 

available in 2021 for the listed board positions at each 

FHLBank and the OF.
Supervision and Oversight

Report to Congress 2021 | 25 

Figure 10: 2021 Annual Maximum Compensation for FHLBank Directors

Federal Home 

Loan Bank Chair Vice Chair Audit Committee Chair

Other Committee 

Chairs Directors

Atlanta $140,000 $120,000 $115,000 $110,000 $100,000 

Boston $137,500 $117,500 $117,500 $117,500 $107,500 

Chicago $145,000 $130,000 $130,000 $117,000 $105,000 

Cincinnati $145,000 $125,500 $125,500 $122,500 $110,000 

Dallasc $140,000 $123,000 $122,000 $117,500 $107,500 

Des Moines $142,000 $131,000 $126,000 $121,000 $109,000 

Indianapolis $137,000 $123,000 $122,000 $117,000 $107,000 

New York $145,000 $125,000 $122,000 $122,000 $112,500 

Office of Financea,b $140,000 N/A $120,000 $115,000 $107,500 

Pittsburgh $142,500 $122,500 $122,500 $122,500 $112,500 

San Francisco $140,000 $135,000 $125,000 $120,000 $115,000 

Topeka $142,500 $122,500 $122,500 $122,500 $112,500 

Average $141,375 $125,000 $122,500 $118,708 $108,833 

Median $141,000 $123,000 $122,250 $118,750 $108,250 

a

 The compensation at the OF is for independent directors only. FHLBank Presidents do not receive compensation for these responsibilities. The Vice Chair is a 

FHLBank President.

b

 The Chair of the Risk Committee for OF also receives $120,000.

c

 The Chair of the Risk Management Committee for Dallas also receives $122,000

Included in director compensation are payments for 

certain expenses incurred by a director’s spouse or 

guest. Spouse and guest payments include travel 

expenses reimbursed to the director and the cost 

per attendee of group events offered to directors 

and their guests in conjunction with a meeting. 

Figure 11 contains information on FHLBank directors’ 

compensation in 2021 and its component parts: 

compensation paid in cash, compensation deferred, 

and amounts paid for spouse and guest expenses.
26 | Federal Housing Finance Agency

Figure 11: FHLBank Director Compensation for 2021

Federal Home 

Loan Bank

Director Compensation 

Paid in Cash

Director Deferred 

Compensation

Spouse/Guest 

Expenses

Total Director 

Compensation 

Paid (Cash + 

Deferred + 

Spouse/Guest 

Expenses)

Average Total Average Total Average Total Average Total

Atlanta $97,071 $1,359,000 $11,857 $166,000 $2,206 $30,881 $111,134 $1,555,881

Boston $66,542 $998,125 $48,292 $724,375 $0 $0 $114,833 $1,722,500

Chicago1 $110,896 $1,996,128 $5,636 $101,450 $182 $3,281 $116,714 $2,100,859

Cincinnati $117,559 $1,998,500 $0 $0 $27 $456 $117,586 $1,998,956

Dallas2 $94,374 $1,604,352 $18,594 $316,102 $314 $5,337 $113,282 $1,925,791

Des Moines3 $86,285 $1,898,263 $27,784 $611,250 $0 $0 $114,069 $2,509,513

Indianapolis $96,526 $1,640,950 $17,591 $299,050 $0 $0 $114,118 $1,940,000

New York $118,167 $2,127,000 $0 $0 $63 $1,132 $118,230 $2,128,132

Office of 

Finance $119,000 $595,000 $0 $0 $0 $0 $119,000 $595,000

Pittsburgh $87,515 $1,400,241 $31,249 $499,976 $11 $177 $118,775 $1,900,394

San Francisco $65,119 $976,792 $56,075 $841,125 $0 $0 $121,194 $1,817,917

Topeka4 $87,230 $1,482,902 $29,149 $495,529 $1,088 $18,501 $117,467 $1,996,932

  

Total (All 

Directors) $1,146,283 $18,077,253 $246,227 $4,054,857 $3,891 $59,765 $1,396,401 $22,191,875

Average $95,524 $1,506,438 $20,519 $337,905 $324 $4,980 $116,367 $1,849,323

Median $95,450 $1,543,627 $18,093 $307,576 $19 $316 $117,090 $1,932,896

1 Chicago had a director fill a vacancy on 6/1/2021.

2 Dallas had a director resign on 7/15/2021.

3 Des Moines had a director pass away on 5/25/2021 and replaced on 8/30/2021. Another director became ineligible on 11/18/2021.

4 Topeka had a director resign on 4/14/2021 and the position was filled on 7/1/2021.

In addition to information about director compensation, 

the FHLBanks and the OF are required each year 

to submit to FHFA for review expenses incurred 

by the boards of directors, which are either paid 

directly by the FHLBank or reimbursed to the 

directors. Figure 12 summarizes this information. 

Board Expenses Attributable to Directors includes 

all travel-related expenses for which the directors are 

reimbursed, including transportation, lodging, and 

food. Director Training Expenses includes the costs 

of external speakers at board meetings, board member 

attendance at training conferences, and educational 

materials. Other Director Expenses includes the 

costs of attendance at FHLBank-related events, 

such as annual member meetings, chair and vice 

chair meetings, and Council of FHLBanks meetings. 

Group Expenses includes costs not directly attributable 

to individuals, such as food and beverages at meetings, 

audio-visual services, and meeting space rentals. 

Figure 13 summarizes the average and total costs of 

the directors of each FHLBank and the OF as the 

sum of compensation and expenses.
Supervision and Oversight

Report to Congress 2021 | 27 

Figure 12: FHLBank Directors’ Expenses in 2021

Federal Home 

Loan Bank

Board Expenses 

Attributable to Directors

Director Training 

Expenses

Other Director 

Expenses, 

(if any)

Group Expenses

Average Total Average Total Average Total Average Total

Atlanta $10,539 $147,548 $1,892 $26,482 $288 $4,026 $5,699 $79,787

Boston $3,784 $56,754 $0 $0 $315 $4,722 $2,240 $33,607

Chicago $2,489 $44,807 $0 $0 $181 $3,257 $139 $2,509

Cincinnati $1,224 $20,807 $0 $0 $108 $1,838 $4,815 $81,853

Dallas $2,029 $34,487 $0 $0 $116 $1,964 $120 $2,032

Des Moines $2,449 $53,869 $43 $956 $346 $7,608 $43 $950

Indianapolis $939 $15,970 $79 $1,344 $9 $153 $2,595 $44,111

New York $1,394 $25,087 $0 $0 $408 $7,342 $445 $8,007

Office of Finance1 $1,427 $7,136 $664 $3,318 $310 $1,549 $2,044 $32,709

Pittsburgh $21 $333 $2,058 $32,928 $163 $2,603 $2,192 $35,069

San Francisco $0 $0 $1,185 $17,782 $184 $2,764 $889 $13,330

Topeka $5,388 $91,601 $0 $0 $196 $3,328 $2,159 $36,699

  

Total (All Directors) $31,683 $498,400 $5,921 $82,809 $2,622 $41,155 $23,380 $370,663

Average $2,640 $41,533 $493 $6,901 $219 $3,430 $1,948 $30,889

Median $1,728 $29,787 $22 $478 $190 $3,010 $2,102 $33,158

1 Group expenses for the Office of Finance covers the full board including the 11 FHLBank Presidents.
28 | Federal Housing Finance Agency

Figure 13: FHLBank Directors’ Total Cost for 2021

Federal Home 

Loan Bank

Total Director 

Compensation Paid

(Cash + Deferred + 

Spouse/Guest Expenses)

Total Director Expenses

(All expenses including board 

expenses, training, group and 

other expenses)

Total Director Cost

(Total Compensation +

Total Expenses)

Average Total Average Total Average Total

Atlanta $111,134 $1,555,881 $18,417 $257,844 $129,552 $1,813,725

Boston $114,833 $1,722,500 $6,339 $95,084 $121,172 $1,817,584

Chicago1 $116,714 $2,100,859 $2,810 $50,573 $119,524 $2,151,431

Cincinnati $117,586 $1,998,956 $6,147 $104,498 $123,733 $2,103,454

Dallas2 $113,282 $1,925,791 $2,264 $38,484 $115,546 $1,964,275

Des Moines3 $114,069 $2,509,513 $2,881 $63,383 $116,950 $2,572,896

Indianapolis $114,118 $1,940,000 $3,622 $61,577 $117,740 $2,001,577

New York $118,230 $2,128,132 $2,246 $40,436 $120,476 $2,168,568

Office of Finance4 $119,000 $595,000 $8,943 $44,713 $123,445 $639,713

Pittsburgh $118,775 $1,900,394 $4,433 $70,933 $123,208 $1,971,327

San Francisco $121,194 $1,817,917 $2,258 $33,875 $123,453 $1,851,792

Topeka5 $117,467 $1,996,932 $7,743 $131,628 $125,209 $2,128,561

  

Total (All 

Directors) $1,396,401 $22,191,875 $68,103 $993,027 $1,460,007 $23,184,902

Average $116,367 $1,849,323 $5,675 $82,752 $121,667 $1,932,075

Median $117,090 $1,932,896 $4,028 $62,480 $122,190 $1,986,452

1 Chicago had a director fill a vacancy on 6/1/2021.

2 Dallas had a director resign on 7/13/2021.

3 Des Moines had a director pass away on 5/25/2021 and replaced on 8/30/2021. Another director became ineligible on 11/18/2021.

4 Group expenses for the Office of Finance are divided by the full 16 board members rather than just the 5 independent directors.

5 Topeka had a director resign on 4/14/2021 and the position was filled on 7/1/2021.
Supervision and Oversight

Report to Congress 2021 | 29 

Results of Stress Tests Under 

the Dodd-Frank Wall Street 

Reform and Consumer 

Protection Act 

Summary

Section 165(i)(2) of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act of 2010 

(Dodd-Frank Act), as amended by section 401 of the 

Economic Growth, Regulatory Relief, and Consumer 

Protection Act, requires certain financial companies 

with total consolidated assets of more than $250 billion, 

and which are regulated by a primary federal financial 

regulatory agency, to conduct annual stress tests to 

determine whether the companies have the capital 

necessary to absorb losses as a result of severely 

adverse economic conditions. These statutory changes, 

which became effective on March 24, 2020, require 

the Enterprises to conduct stress tests on an annual 

basis due to their total consolidated asset amounts, 

function in the mortgage market, size of their 

retained portfolios, and their share of the mortgage 

securitization market. Because no FHLBank meets the 

total consolidated asset threshold of $250 billion, none 

of them is subject to the stress test requirements of the 

statute. Dodd-Frank Act stress testing is a forwardlooking exercise that assesses the impact on capital 

levels that would result from a global market shock 

and nine quarters of adverse economic conditions.

The 2021 Dodd-Frank Act stress tests conducted by 

the Enterprises were based on their portfolios as of 

December 31, 2020. The stress tests covered two 

distinct scenarios, each over the nine-quarter period 

from January 1, 2021 through March 31, 2023.

First, the Baseline scenario models an environment 

of economic expansion in the United States, under 

which average nominal house price appreciation is 

approximately 3.50 percent in 2021, 3.75 percent in 

2022, and 4.00 percent in 2023. The unemployment 

rate declines modestly through the nine-quarter 

scenario period. Mortgage interest rates increase 

moderately in line with long-term Treasury yields.

Second, the Severely Adverse scenario models 

an environment marked by a severe global 

recession, under which house prices and commercial 

real estate prices in the United States decline 

approximately 24 percent and 35 percent, respectively. 

The unemployment rate increases significantly through 

the first seven quarters and then falls gradually over 

the remaining two quarters. Short-term interest rates 

remain near zero through the scenario period. Longterm Treasury rates remain flat at 1/4 percent through 

the first quarter of 2022, and then rise in the last four 

quarters. Mortgage interest rates increase in the first 

half of the scenario period, and then fall gradually.

FHFA aligned the stress test scenario variables 

and assumptions with those used by the Board of 

Governors of the Federal Reserve System (Federal 

Reserve Board) in its annual Dodd-Frank Act stress 

tests. Similar to the stress testing assumptions used by 

the Federal Reserve Board for the Severely Adverse 

scenario, FHFA required the Enterprises to apply a 

global market shock to securities and other assets 

held at fair value. 

The Enterprises estimated instantaneous 

losses in the first quarter of the planning 

horizon from the global market shock 

on assets held at fair value and assumed 

no recovery of such losses over the 

planning horizon.

FHFA required the Enterprises to incorporate a 

counterparty default scenario component into the 

Severely Adverse scenario. This additional component 

required each Enterprise to estimate the potential losses 

and effects on capital associated with the instantaneous 

and unexpected default of its largest counterparty 

across one of the following: secured and unsecured 

lending, securities lending, repurchase and reverse 

repurchase agreements, and derivative exposures; 

single-family mortgage insurance providers; or 

providers of multifamily credit enhancements.

November 2022 Update:

Fannie Mae is reevaluating its 2021 stress test results and associated reporting due to the recent identification of errors in an 

underlying model. Once this evaluation is complete, an update will be posted. Until that update is posted, you should not rely on 

Fannie Mae’s stress test (DFAST) information in this report for any purpose.
30 | Federal Housing Finance Agency

2021 Results for the Severely 

Adverse Scenario

FHFA, acting in its capacity as conservator, published 

the results of the Severely Adverse scenario stress 

tests of the Enterprises on August 13, 2021. In the 

Severely Adverse scenario, each Enterprise projected 

total comprehensive income without establishing a 

valuation allowance on deferred tax assets and total 

comprehensive losses with establishing a valuation 

allowance on deferred tax assets. As shown in 

Figure 14, Fannie Mae projected total comprehensive 

income of $8.1 billion (without allowance) and losses 

of $7.5 billion (with allowance), and Freddie Mac 

projected total comprehensive income of $2.7 billion 

(without allowance) and losses of $3.4 billion (with 

allowance). The largest contributor to comprehensive 

losses at both Enterprises was the provision for credit 

losses, followed by the global market shock impact on 

trading securities and Available-for-Sale securities.

Figure 14: Severely Adverse Scenario Projections - Cumulative Comprehensive Losses
Supervision and Oversight

Report to Congress 2021 | 31 

Enterprise Housing Goals 

and Duty to Serve

Housing Goals

The Federal Housing Enterprises Financial Safety 

and Soundness Act of 1992 (Safety and Soundness 

Act) requires FHFA to establish annual housing goals 

for Enterprise purchases of both single-family and 

multifamily mortgages. 

In 2021, FHFA evaluated the mortgage purchases of 

the Enterprises based on the following eight housing 

goals, which were established by FHFA in February 

2018 and remained in effect through the end of 2021.10

1. Low-income home purchase goal:

Home purchase mortgages to families with 

incomes no greater than 80 percent of area 

median income (AMI).

2. Very low-income home purchase goal:

Home purchase mortgages to families with 

incomes no greater than 50 percent of AMI.

3. Low-income areas home purchase subgoal:

Home purchase mortgages to families living in 

census tracts with tract median incomes no greater 

than 80 percent of AMI, or families with incomes 

no greater than 100 percent of AMI who live in 

census tracts with a minority population of at least 

30 percent and a tract median income of less than 

100 percent of AMI.

4. Low-income areas home purchase goal:

Home purchase mortgages that meet the criteria 

of the low-income areas home purchase subgoal 

or that are to families with incomes no greater 

than 100 percent of AMI who live in designated 

disaster areas.

5. Low-income refinance goal: Refinance mortgages to 

families with incomes no greater than 80 percent 

of AMI.

6. Low-income multifamily goal: Rental units 

in multifamily properties that are affordable to 

families with incomes no greater than 80 percent 

of AMI.

10 See 12 CFR Part 1282.

7. Very low-income multifamily subgoal: Rental 

units in multifamily properties that are affordable 

to families with incomes no greater than 50 percent 

of AMI.

8. Small multifamily low-income subgoal:

Rental units in multifamily properties with 

5 to 50 units that are affordable to families with 

incomes no greater than 80 percent of AMI.

In determining whether an Enterprise has met a 

single-family housing goal, FHFA compares the 

percentage of its total mortgage purchases that meet 

the goal to the lower of a benchmark level, established 

in advance by FHFA regulation, and a market level, 

determined retrospectively using Home Mortgage 

Disclosure Act (HMDA) data. FHFA evaluates whether 

an Enterprise has met a multifamily housing goal by 

comparing the number of units in properties secured 

by a mortgage purchased by an Enterprise that meet 

the goal to the benchmark level for the goal that is 

established in advance by FHFA regulation. 

Figure 15 summarizes Enterprise housing goals 

performance in 2020 and 2021. Enterprise 2020 

performance figures are derived from FHFA’s analysis 

of loan-level data provided by the Enterprises in 2021. 

In December 2021, FHFA finalized its determinations 

of Enterprise performance in 2020.

FHFA determined that Fannie Mae met all five 

single-family housing goals in 2020, as its performance 

surpassed the benchmark levels for all five goals. 

FHFA determined that Freddie Mac met the four 

single-family purchase housing goals, but failed to 

meet the low-income refinance goal in 2020. FHFA 

notified Freddie Mac that it must prepare and submit 

to FHFA a housing plan describing the actions it will 

take in 2022-2024 to improve its performance on the 

low-income refinance goal. FHFA determined that both 

Enterprises met the benchmark levels for each of the 

three multifamily goals in 2020.

In December 2020, FHFA issued a final rule on the 

2021 housing goals for Fannie Mae and Freddie 

Mac. Due to the economic uncertainty related to the 

COVID-19 pandemic, FHFA established benchmark 

levels for 2021 only and maintained the same levels 

from the previous rulemaking cycle, 2018-2020. 
32 | Federal Housing Finance Agency

In December 2021, FHFA published a final rule 

establishing benchmark levels for each of the singlefamily housing goals and subgoals for 2022-2024. 

The final rule included two new single-family subgoals 

to replace the previous low-income areas subgoal. 

The new minority census tract subgoal is designed 

to focus on providing mortgage financing for low- and 

moderate-income borrowers in communities of color. 

The minority census tract goal will encourage the 

Enterprises to develop business strategies aimed 

specifically at meeting homeownership needs in 

communities of color and reflects FHFA’s commitment 

to improving access to credit in these communities. 

The new low-income census tract subgoal continues 

to target loans in low-income areas. 

The final rule established multifamily housing goals 

for 2022 only. FHFA will propose new multifamily 

benchmark levels for the Enterprises covering 2023-

2024 in 2022.

FHFA’s assessment of the Enterprise 2021 housing 

goals performance is currently underway. Figure 15 

shows the goal levels and preliminary performance 

figures for 2021 based on information released in 

March 2022 in each Enterprise’s Annual Housing 

Activities Report and Annual Mortgage Report. 

Later in 2022, FHFA will make final determinations 

on Enterprise housing goals performance and market 

levels for 2021. 
Supervision and Oversight

Report to Congress 2021 | 33 

Figure 15: 2020 and 2021 Enterprise Housing Goals Performance

2020 2021

Category Benchmarks Marketa Official Performanceb FHFA Goals 

Determination

Benchmark 

Level

Reported 

Performancec

Single-Family Goalsd

Low-income home 

purchase goal 24% 27.6%

Fannie Mae: 29.0% Fannie Mae: Met

24%

Fannie Mae: 28.7%

Freddie Mac: 28.5% Freddie Mac: Met Freddie Mac: 27.4%

Very low-income home 

purchase goal 6% 7.0%

Fannie Mae: 7.3% Fannie Mae: Met

6%

Fannie Mae: 7.4%

Freddie Mac: 6.9% Freddie Mac: Met Freddie Mac: 6.3%

Low-income areas home 

purchase subgoal 14% 17.6%

Fannie Mae: 18.3% Fannie Mae: Met

14%

Fannie Mae: 20.3%

Freddie Mac: 17.1% Freddie Mac: Met Freddie Mac: 18.0%

Low-income areas home 

purchase goal 18% 22.4%

Fannie Mae: 23.6% Fannie Mae: Met

18%

Fannie Mae: 24.6%

Freddie Mac: 21.8% Freddie Mac: Met Freddie Mac: 21.8%

Low-income refinance goal 21% 21.0%

Fannie Mae: 21.2% Fannie Mae: Met

21%

Fannie Mae: 26.2%

Freddie Mac: 19.7% Freddie Mac: Fail Freddie Mac: 24.8%

Multifamily Goals (units)

Low-income 

multifamily goal 315,000 NA Fannie Mae: 441,773 Fannie Mae: Met

315,000 Fannie Mae: 384,488

Freddie Mac: 473,338 Freddie Mac: Met Freddie Mac: 373,225

Very low-income 

multifamily subgoal 60,000 NA Fannie Mae: 95,416 Fannie Mae: Met

60,000 Fannie Mae: 83,459

Freddie Mac: 107,105 Freddie Mac: Met Freddie Mac: 87,854

Small multifamily property 

low-income subgoal 10,000 NA Fannie Mae: 21,797 Fannie Mae: Met

10,000 Fannie Mae: 14,409

Freddie Mac: 28,142 Freddie Mac: Met Freddie Mac: 31,913

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

a Goal-qualifying shares of single-family home purchase or refinance conventional conforming mortgages originated in the primary mortgage market, based on 

FHFA analysis of 2020 HMDA data. Market performance for 2021 will be determined by FHFA later in 2022.

b Official performance in 2020 as determined by FHFA, based on analysis of Enterprise loan-level data.

c Performance as reported by the Enterprises in their March 2022 Annual Housing Activities Reports. Official performance on all goals in 2021 will be determined by 

FHFA after analysis of Enterprise loan-level data is completed.

d Benchmark levels for single-family goals are minimum percentages of all mortgages financed by Enterprise acquisitions of home purchase or refinance mortgages 

on owner-occupied properties.
34 | Federal Housing Finance Agency

Duty to Serve

The Safety and Soundness Act provides that the 

Enterprises have a “duty to serve underserved markets” 

(DTS). The statute specifies that the Enterprises 

“shall provide leadership to the market in developing 

loan products and flexible underwriting guidelines” to 

improve the distribution and availability of mortgage 

financing in a safe and sound manner and “to facilitate 

a secondary market for mortgages for very low-, 

low-, and moderate-income families with respect to 

the following underserved markets:” manufactured 

housing, affordable housing preservation, and rural 

housing.11 The statute directs FHFA to evaluate each 

Enterprise’s compliance with this duty to serve and 

to evaluate and rate the extent of such compliance on 

an annual basis.

In December 2016, FHFA issued a final rule 

implementing the DTS statutory requirements.12

The regulation requires each Enterprise to develop 

an Underserved Markets Plan (Plan) detailing the 

key objectives and activities to be undertaken by 

the Enterprise to meet its DTS obligations over a 

three-year period. The regulation establishes a process 

for FHFA to review and issue a Non-Objection for 

each underserved market in the Plan, pursuant to 

Non-Objection standards set forth in separate FHFA 

Evaluation Guidance, once FHFA is satisfied that all 

of its comments have been addressed. The regulation 

also establishes a framework for FHFA to evaluate and 

rate the Enterprises’ compliance (further developed in 

the FHFA Evaluation Guidance); lists specific activities 

eligible for DTS credit; and allows the Enterprises to 

propose additional activities that FHFA will consider 

for DTS credit eligibility. The regulation does not 

mandate any particular activities; rather, it requires the 

Enterprises to develop their own plans to better serve 

families in the three underserved markets.

FHFA’s process for evaluating and rating the 

Enterprises’ DTS performance consists of three parts. 

First, FHFA conducts a quantitative assessment to 

determine whether each Enterprise achieved the 

objectives in its Plan. Second, FHFA conducts a 

qualitative assessment of each Enterprise’s impact 

11 12 U.S.C. § 4565.

12 81 FR 96242 (Dec. 29, 2016), codified at 12 CFR Part 1282, Subpart C.

on affordable housing in the underserved markets. 

Third, FHFA evaluates extra credit-eligible activities 

undertaken by each Enterprise.

On January 1, 2018, the Plans for 2018-2020 of each 

Enterprise went into effect. On July 17, 2020, FHFA 

instructed the Enterprises to extend these Plans to 

include activities and objectives for 2021 due to the 

ongoing uncertainty around the impacts of COVID-19 

on the economy. The Enterprises submitted proposed 

2021 Plans to FHFA for review and Non-Objection on 

September 15, 2020, and FHFA issued Non-Objection 

determinations in December 2020.

2022-2024 Duty to Serve Plans

On May 3, 2021, both Enterprises submitted their 

proposed 2022-2024 Plans to FHFA.

FHFA published a Request for Input on May 18, 2021, 

beginning a 60-day public input period during which 

members of the public were invited to submit written 

input or deliver statements on the proposed Plans at 

three virtual public listening sessions. Concurrent with 

the public input period, FHFA staff reviewed each 

Enterprise’s proposed 2022-2024 Plan and provided 

recommendations on the assignment of concept scores 

for each objective in the Plans.

On August 13, 2021, FHFA sent each Enterprise 

written feedback to inform revisions to specific 

activities and objectives, and the draft concept score 

for each year of each objective in its proposed Plan. 

The Enterprises submitted revised proposed 2022-2024 

Plans to FHFA on October 22, 2021. After repeating 

the review process, FHFA determined that neither 

Enterprise’s submission met the standards for NonObjection in any of the three underserved markets, and 

FHFA instructed both Enterprises to submit third draft 

Plans. Additionally, FHFA provided notice to each 

Enterprise that the effective date for the versions of the 

2022-2024 Plans that ultimately satisfy the standards 

for Non-Objection is January 1, 2022, regardless of 

when the Non-Objections are issued.
Supervision and Oversight

Report to Congress 2021 | 35 

On February 11, 2022, both Enterprises submitted a 

third version of their proposed 2022-2024 Plans with 

additional revisions. In response to FHFA feedback, 

the Enterprises made additional changes to their Plans 

and resubmitted the Plans on April 12, 2022. FHFA issued 

a Non-Objection determination for each market in 

these Plans on April 26, 2022.

Under FHFA’s Evaluation Guidance, an Enterprise 

may request to modify objectives in its Plan at any 

time for any year of the Plan. The Evaluation Guidance 

provides, however, that modifications that would 

change current year targets should not be submitted on 

a routine basis and should only occur in response to 

special circumstances beyond an Enterprises’ control 

that materially alter its ability to execute an objective 

through the actions in its Plan, or to strengthen an 

Enterprise’s commitment to an underserved market, 

such as making a target more ambitious, broadening 

the scope of an activity, or adding a new baseline to 

an objective.13

The DTS regulation provides that all modification 

requests are subject to FHFA Non-Objection, 

and that FHFA may seek public input on modification 

requests if the Agency “determines that public 

input would assist its consideration of the proposed 

modifications.”14 Both Enterprises maintained that all 

of their 2021 proposed modifications would strengthen 

their commitment to an underserved market. As a 

result, FHFA determined that seeking public comment 

on the proposed modifications was not necessary.

Fannie Mae and Freddie Mac submitted a combined 

13 modification requests. Twelve of the thirteen 

modifications revised existing objectives in the 

Enterprises’ 2021 Plans, and one modification added 

a new objective.15 After reviewing all of Fannie Mae’s 

13 See Evaluation Guidance 2020-4a at 20-21.

14 12 CFR § 1282.32(h).

15 Fannie Mae added an outreach objective in the affordable housing preservation market to research the impact of pricing incentives on 

increasing landlord acceptance of HUD Housing Choice Vouchers.

16 Fannie Mae’s commitment to purchasing only loans on manufactured housing communities that provide DTS tenant pad lease protections 

became effective in 2022. 

17 12 CFR § 1282.33(c)(4).

18 The baseline for Fannie Mae’s 2021 manufactured housing titled as real property loan purchase objective is the average number of 

manufactured housing loans purchased by Fannie Mae in 2014, 2015, and 2016. 

19 The baseline for Freddie Mac’s 2021 manufactured housing titled as real property loan purchase objective is the average number of 

manufactured housing loans purchased by Freddie Mac in 2017, 2018, and 2019.

and Freddie Mac’s modification requests, FHFA issued 

Non-Objection determinations for all three markets of 

each Enterprise’s modified Plan. 

In April 2022, the Enterprises submitted annual 

reports on their efforts in 2021 to achieve their Plans’ 

objectives in all three underserved markets, which 

will inform FHFA’s evaluation of each Enterprise’s 

performance in 2021. Noteworthy items from 

these annual reports are summarized below and in 

Figures 20 and 21.

In 2021, both Enterprises surpassed their Plans’ 

loan purchase targets in the manufactured housing 

market. Further, both Fannie Mae16 and Freddie Mac 

committed to purchasing only loans on manufactured 

housing communities that provide tenant pad lease 

protections identified in FHFA’s DTS regulation.17

These protections include advance notice of a pad rent 

increase or planned sale or closure of the community 

and rights related to the sale of the residents’ homes or 

sublease of the pads. Both Enterprises surpassed their 

loan purchase targets for manufactured homes titled as 

real property, with Fannie Mae purchasing 22,755 loans 

representing a 163 percent increase over the baseline,18

and Freddie Mac purchasing 12,788 loans, representing 

a 197 percent increase over the baseline.19

In the affordable housing preservation market, 

the Enterprises’ Plans included objectives to support 

the Department of Housing and Urban Development’s 

(HUD) Section 8 program, the HUD Rental Assistance 

Demonstration (RAD) program, Low-Income Housing 

Tax Credit (LIHTC) properties, small multifamily 

properties, shared equity homeownership programs, 

energy efficiency for single-family and multifamily 

properties, and residential economic diversity. In 2021, 

both Enterprises took steps to meet these objectives.
36 | Federal Housing Finance Agency

Freddie Mac continued to surpass its loan purchase 

goals by purchasing loans on 435 properties that also 

receive support from the Section 8 program. Fannie Mae 

purchased 16 loans representing more than 2,000 units 

to promote residential economic diversity under the 

DTS-eligible activity of purchasing loans under a state 

or local affordable housing program, an increase of 

78 percent over the baseline.20

The Enterprises continued to engage 

in single-family and multifamily energy 

efficiency initiatives by conducting outreach 

to educate lenders, borrowers, and industry 

stakeholders on the impact of energy efficiency 

improvements on property values and 

mortgage performance, and by publishing 

research on energy efficient strategies.

20 The baseline for Fannie Mae’s Residential Economic Diversity Single Family Loan Purchase objective in 2021 is based on 2019 acquisition 

data. 2019 was the first year Fannie Mae was able to track loan data for this objective. 

21 The DTS regulation defines “high-needs rural region” as any of the following regions provided the region is located in a rural area: 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.

22 The baseline for Fannie Mae’s 2021 single-family purchases in high-needs rural regions is set at the 2016 level of 10,377 loans.

23 The baseline for Freddie Mac’s 2021 single-family purchases in high-needs rural regions is the average number of purchases in 2017, 2018, 

and 2019. The baseline was increased in 2020 after Freddie Mac reached its 2020 target by mid-year 2020. 

24 The DTS regulation defines a persistent poverty county as a county in a rural area that has had 20 percent or more of its population living in 

poverty over the past 30 years, as measured by the most recent successive decennial censuses. 12 CFR § 1282.1.

In the rural housing market, Fannie Mae and Freddie 

Mac surpassed their Plans’ single-family loan purchase 

targets in high-needs rural regions.21 Fannie Mae 

purchased 27,388 loans in 2021 representing a 

27 percent increase over 2020 purchases and a 

164 percent increase over the baseline.22 Freddie 

Mac purchased 23,529 loans in 2021 representing 

a 41 percent increase over 2020 purchases 

and a 126 percent increase over the baseline.23

Both Enterprises made LIHTC investments in Middle 

Appalachia, the Lower Mississippi Delta, and rural 

persistent poverty counties.24 In November 2021, 

Freddie Mac held its third annual rural research 

symposium, which focused on providing insights 

on the rural macroeconomy, community housing 

development, manufactured housing, sustainability, 

health and housing, and environmental justice.
Supervision and Oversight

Report to Congress 2021 | 37 

Figure 16: 2021 Fannie Mae DTS Loan Purchase Performance Relative to Plan Targets

*New loan purchase objective in 2021

Market Activitya 2021 Targetb 2021 Purchasesc Performance Relative 

to Target

Manufactured Housing

Manufactured Homes Titled 

as Real Property 12,650 loans 22,755 loans Exceeded

Manufactured Housing 

Communities Not Privately Owned 3 loans 1 loan 

226 units Partial

Manufactured Housing 

Communities with Certain 

Tenant Pad Lease Protections

111 properties 280 properties 

21,039 units Exceeded

Affordable Housing 

Preservation

Section 8 153 loans 222 loans 

26,603 units Exceeded

Section 515* 6 loans 0 loans Below Target

Rental Assistance Demonstration 

Program (RAD) 11 properties 12 properties 

1,378 units Exceeded

Other State or Local Affordable 

Housing Programs 59 loans 78 loans 

12,776 units Exceeded

Residential Economic Diversity 

– Other state or local affordable 

housing programs

12 loans 16 loans 

2,013 units Exceeded

Rural Housing

High-Needs Rural Regions 12,000 loans 27,388 loans Exceeded

Multifamily High-Needs Rural 45 loans 47 loans 

4,948 units Exceeded

Small Financial Institutions 8,950 loans 18,699 loans Exceeded

Rural LIHTC Investments 42 investments 52 investments 

2,839 units Exceeded

a Each Enterprise determines which loans to seek DTS credit for under a given activity, subject to FHFA’s parameters. Consequently, loan purchase performance for 

an activity may not be comparable across Enterprises.

b Each Enterprise determines its 2021 targets using the methodology described in its Plan.

c A loan purchase may qualify for DTS credit under multiple DTS objectives.
38 | Federal Housing Finance Agency

Figure 17: 2021 Freddie Mac DTS Loan Purchase Performance Relative to Plan Targets

*New loan purchase objective in 2021

Market Activitya 2021 Targetb 2021 Purchasesc Performance Relative 

to Target

Manufactured Housing

Manufactured Homes Titled as 

Real Property 8,200 loans 12,788 loans Exceeded

Manufactured Housing 

Communities – Resident Owned 

Community (ROC)

1 transaction 1 transaction 

125 units Met Target

Manufactured Housing 

Communities with Tenant Pad 

Lease Protections

75 transactions 

7,500 units

116 transactions 

13,843 units Exceeded

Affordable Housing 

Preservation

Section 8 23,400 units 435 properties 

27,279 units Exceeded

HUD Rental Assistance 

Demonstration (RAD)

8 properties 

1,000 units

8 properties 

1,191 units Exceeded

Low Income Housing Tax Credits 

(LIHTC) Debt 42,000 units 52,390 units Exceeded

Financing of Small Multifamily 

Rental Properties $200 M

71 properties 

1,351 units 

$244.4 M

Exceeded

Residential Economic Diversity: 

Additional Activity 3,800 units 4,142 units Exceeded

Shared Equity* 110 loans 126 loans Exceeded

Rural Housing

High-Needs Regions 

(Single Family) 17,000 loans 23,529 loans Exceeded

Small Financial Institutions 9,100 loans 10,832 loans Exceeded

Rural LIHTC Investments 15 transactions 16 transactions 

1,295 units Exceeded

Rural LIHTC Investments in 

High-Needs Populations 2 transactions 2 transactions Met Target

Rural LIHTC Investments – 

Small Multifamily 7 transactions 7 transactions Met Target

Rural LIHTC Investments in 

High-Needs Regions 5 transactions 7 transactions 

354 units Exceeded

a Each Enterprise determines which loans to seek DTS credit for under a given activity, subject to FHFA’s parameters. Consequently, loan purchase performance for 

an activity may not be comparable across Enterprises.

b Each Enterprise determines its 2021 targets using the methodology described in its Plan.

c A loan purchase may qualify for DTS credit under multiple DTS objectives.
Supervision and Oversight

Report to Congress 2021 | 39 

Affordable Housing Allocations

25 Under HERA, FHFA is statutorily authorized to temporarily suspend an Enterprise’s affordable housing allocations, generally based on the 

financial condition of the Enterprise. 

26 See 12 U.S.C. § 4567(a).

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

28 See Fannie Mae, Form 10-K for the Fiscal Year Ended December 31, 2021, at 236 (Feb. 15, 2022); Freddie Mac, Form 10-K for the Fiscal Year 

Ended December 31, 2021, at 124 (Feb. 10, 2022).

To support affordable housing, the Safety and 

Soundness Act requires the Enterprises to set aside in 

each fiscal year an amount equal to 4.2 basis points 

(0.042 percent) for every dollar of unpaid principal 

balance on total new business purchases.25 Of the 

amount set aside, the Enterprises must transfer 

65 percent to the Department of Housing and Urban 

Development to fund the Housing Trust Fund and 

35 percent to the Treasury Department to fund the 

Capital Magnet Fund.26 The Housing Trust Fund is 

designed to assist states in meeting the housing needs 

of the lowest-income families. The Capital Magnet 

Fund is a special account within the Community 

Development Financial Institutions Fund designed to 

increase investment in affordable housing, economic 

development, and community development facilities in 

low-income or underserved rural areas.27

In March 2022, Fannie Mae and Freddie Mac made, 

as directed, a total of $1.138 billion in affordable 

housing allocation payments. Figure 18 shows the total 

amounts paid into these funds each year from 2016 

through 2022. These affordable housing allocation 

payments were calculated based on each Enterprise’s 

total new business purchases.28 Fannie Mae’s new 

business purchases in 2021 amounted to approximately 

$1.4 trillion, resulting in a $598 million affordable 

housing allocation payment. Freddie Mac’s total new 

business purchases in 2021 amounted to approximately 

$1.3 trillion, resulting in a $540 million affordable 

housing allocation payment.

Figure 18: Affordable Housing Allocation Payments

Affordable Housing Allocation Payments

(Dollars in millions)

Enterprise 2016 2017 2018 2019 2020 2021 2022 Total

Fannie Mae $217 $268 $239 $215 $280 $603 $598 $2,420 

Freddie Mac $165 $187 $175 $162 $222 $491 $540 $1,942 

Total $382 $455 $414 $377 $502 $1,090 $1,138 $4,361 
40 | Federal Housing Finance Agency

Federal Home Loan Bank 

Mission and Affordable 

Housing Programs

Affordable Housing Programs

The Federal Home Loan Bank Act of 1932 (Bank Act) 

requires each of the FHLBanks to establish an Affordable 

Housing Program (AHP) to fund the purchase, 

construction, or rehabilitation of affordable housing for 

very low- and low- or moderate-income households.29

FHLBank member financial institutions can apply 

to their FHLBanks for AHP grants or subsidized 

advances, which the members pass on as grants or 

subsidized loans to eligible projects or grants to 

eligible households. Annually, each FHLBank is 

required by statute to fund its AHP with 10 percent of 

its net earnings from the prior year, provided that all 

11 FHLBanks meet a total contribution minimum of 

$100 million. In 2021, the FHLBanks made available 

approximately $314.7 million in AHP subsidies

29 See 12 U.S.C. § 1430(j).

nationwide (Figure 19). From 1990, the AHP’s 

first year, through 2021, the FHLBanks awarded 

approximately $7.3 billion in AHP subsidies, assisting 

more than one million households.

By statute, AHP subsidies must be used either to fund 

homeownership for households with incomes at or 

below 80 percent of area median income (AMI), or to 

purchase, construct, or rehabilitate rental housing in 

which at least 20 percent of the units will be occupied 

by, and affordable to, households with incomes at or 

below 50 percent of AMI.

In November 2018, FHFA issued a final rule amending 

the AHP regulation to provide the FHLBanks additional 

authority and flexibility over the use of their AHP 

funds and the selection of projects. The FHLBanks 

were required to comply with certain amendments by 

January 1, 2020, and with the rest of the amendments 

by January 1, 2021.

Figure 19: Federal Home Loan Banks’ AHP Statutory Contributions

AHP Competitive Application Program – Under 

the AHP competitive application program, FHLBank 

members apply on behalf of project sponsors, typically 

nonprofit organizations or housing finance agencies, 

to their FHLBanks for AHP funds pursuant to a 

competitive application scoring process. 

In 2021, rental housing units made up approximately 

89 percent of all units funded under the competitive 

application program, a slight decrease from 90 percent 

in 2020 (Figure 20).
Supervision and Oversight

Report to Congress 2021 | 41 

Figure 20: 2021 AHP Competitive Application Overviewa

Rental Housing 

Projects

Owner-Occupied Housing 

Projects

Total Housing 

Projects 

Total Number of Awarded Projects 327 99 426

Subsidy Awarded ($ in Millions) $221.3M $41.3M $262.6M

Number of Housing Units 17,658 2,127 19,785

Average Subsidy per Unit $12,535 $19,399 $13,273

Number of Very Low-Income Housing Unitsb 12,377 894 13,271

a Data, which exclude withdrawn projects, are current as of December 31, 2021. Numbers expressed in dollars have been rounded to the nearest dollar. 

b “Very low-income” is defined as households with incomes at or below 50 percent of AMI.

AHP Homeownership Set-Aside Program

Each FHLBank is also authorized to set aside funds 

for grants to eligible households under homeownership 

set-aside programs. The limit that each FHLBank may 

allocate annually is the greater of either $4.5 million 

or 35 percent of its statutorily required AHP annual 

contribution (10 percent of its net earnings for the 

prior year). All 11 FHLBanks offered homeownership 

set-aside programs in 2021, with total funding of 

approximately $89.8 million. For 2021, at least onethird of an FHLBank’s annual aggregate homeownership 

set-aside program allocation was required to be 

designated to assist low- or moderate-income first-time 

homebuyers or owner-occupied rehabilitation for low- or 

moderate-income households.

The 2018 amendments to the AHP regulation increased 

the maximum permissible homeownership set-aside 

program grant per household from $15,000 to $22,000, 

subject to annual adjustments upward in accordance 

with increases in FHFA’s House Price Index. The 

compliance date for this provision was January 1, 2021. 

In 2021, one FHLBank opted to provide grants to 

households above $15,000. The average set-aside grant 

per household in 2021 was $6,915. The most common 

use of set-aside grants was to defray borrowers’ down 

payment and closing costs. In 2021, 895 set-aside 

grants also funded the rehabilitation of owner-occupied 

homes, an increase from 777 set-aside grants for 

owner-occupied rehabilitation in 2020 (see Figure 21).

Figure 21: Number of AHP Homeownership Set-Aside Grants Used for Rehabilitation Assistance (2009-2021) 
42 | Federal Housing Finance Agency

AHP Subsidies Used in Conjunction with Other 

Sources of Funding – The AHP is designed to 

work with a variety of other funding sources and is 

frequently used in conjunction with funding from 

nonprofit organizations and housing programs at the 

federal, state, or local level. In 2021, approximately 

61 percent of AHP projects received additional funding 

from federal programs (Figure 22), such as the HOME 

Investment Partnerships Program, the Community 

Development Block Grant Program, and the LIHTC 

Program. LIHTC was the most common source of 

funding, supporting about 62 percent of all approved 

AHP applications for rental housing.

Figure 22: Number of AHP Projects Approved in 2021 

Receiving Federal Fundinga

Program Number of 

AHP Projects

Community Development Block 

Grant Program 23

HOME Investment Partnerships Program 82

LIHTC Program 202

Federal Housing Administration Programs 8

Other Federal Housing Programs 45

Projects Not Receiving Funding from 

Federal Sources 168

a Data, which exclude withdrawn projects, are current as of December 31, 2021. 

Some projects may have federal funding from more than one source.

Community Investment Programs 

and Community Investment Cash 

Advance Programs

Each FHLBank, through its statutorily-mandated 

Community Investment Program (CIP), offers 

advances to its members at the cost of the FHLBanks’ 

consolidated obligations of comparable maturities, 

taking into account reasonable administrative costs. 

CIP advances may assist the financing of housing 

for households with incomes at or below 115 percent 

of AMI. CIP funds also may be used for economic 

development projects that are located in low- and 

moderate-income neighborhoods or that benefit 

low- and moderate-income households. In 2021, the 

FHLBanks issued approximately $1.7 billion in CIP 

30 FHLBank membership is available at: https://www.fhfa.gov/DataTools/Downloads/Pages/Federal-Home-Loan-Bank-Member-Data.aspx.

31 See 12 CFR part 1281.

advances for housing projects and approximately 

$32.2 million for economic development projects.

Each FHLBank may also offer optional Community 

Investment Cash Advance (CICA) programs, which 

are authorized under the CICA regulation and the Bank 

Act. Under these programs, FHLBanks may support 

the financing of targeted economic development 

projects by offering low-cost, long-term advances and 

grants through FHLBank members, as well as through 

housing associates such as state and local housing finance 

agencies and economic development finance authorities. 

In 2021, the FHLBanks provided approximately $1 billion 

in CICA advances for economic development projects, 

such as commercial, industrial, and manufacturing 

projects, social services, and public facilities that met 

the requirements for qualifying as one of the specified 

targeted beneficiaries in the CICA regulation.

Community Development Financial Institutions – 

Two types of CDFIs are eligible to become FHLBank 

members: federally insured depositories and nondepository CDFIs. As of December 31, 2021, 68 

non-depository CDFIs were members of the FHLBank 

System, up from 64 such members in 2020.30

FHLBank Housing Goals

The Bank Act requires that FHFA establish housing 

goals with respect to the purchase of mortgage loans, 

if any, by the FHLBanks, and that these goals be 

consistent with those established for the Enterprises, 

taking into account the FHLBanks’ unique mission and 

ownership structure. FHFA’s FHLBank housing goals 

regulation establishes housing goals for single-family 

loans purchased by the FHLBanks from their members 

through their Acquired Member Assets (AMA) 

programs.31 The housing goals measure the extent to 

which the FHLBanks’ AMA programs serve low- and 

very low-income families and families residing in 

low-income areas, as well as the extent to which these 

programs are used by small FHLBank members.

In 2020, three FHLBanks exceeded the $2.5 billion 

volume threshold: Chicago, Cincinnati, and Topeka. 

During 2021, FHFA evaluated the FHLBanks’ 2020 

housing goals performance and determined that the 
Supervision and Oversight

Report to Congress 2021 | 43 

FHLBanks of Chicago and Cincinnati did not meet 

the housing goal levels for the four goal categories. 

The FHLBank of Topeka did not meet the low-income 

and low-income areas purchase goals, or the lowincome refinance goal. It did meet the very low-income 

purchase goal. Because FHFA finalized significant 

amendments to its existing FHLBank housing goals 

rule in 2020, FHFA informed the FHLBanks that it 

would not require submission of housing plans based 

on their 2020 performance.

On June 25, 2020, FHFA published a final rule 

amending the FHLBank housing goals regulation. 

The rule, which applies to AMA loan purchases after 

2020, eliminated the $2.5 billion volume threshold, 

such that all FHLBanks are now subject to the 

housing goals. The regulation now includes a single, 

combined, prospective mortgage purchase housing 

goal, rather than four distinct housing goals measured 

retrospectively via market comparison. It also includes 

a new small member participation housing goal for 

participation by small institutions. The rule requires 

that 20 percent of a FHLBank’s AMA loan purchases, 

measured in unpaid principal balance, be loans for 

some combination of low-income families, very lowincome families, or families in low-income areas, 

provided that no more than 25 percent of the purchases 

that count towards achievement of this 20 percent 

level be for families with incomes above 80 percent of 

AMI. The rule also provides that, of all institutions that 

sell at least one AMA loan to a given FHLBank in a 

year, at least 50 percent of such institutions must have 

assets not in excess of $1,239,000,000, as adjusted 

annually by FHFA. AMA program users with assets 

below this limit are referred to as “Community-Based 

Users.” Finally, the rule allows FHLBanks to propose 

different target levels for mortgage purchases and small 

member participation, other than 20 and 50 percent, 

respectively, subject to FHFA approval.

The new rule took effect starting January 1, 2021. FHFA 

is in the process of evaluating FHLBank housing goals 

performance for 2021.

32 12 U.S.C. § 1430(g)(1).

33 12 U.S.C. § 1430(g)(2).

34 12 CFR Part 1290.

Community Support Program

The Bank Act requires FHFA to adopt regulations 

establishing standards of community investment or 

service that FHLBank members must meet in order 

to maintain access to long-term advances.32 The Bank 

Act further states that the regulations shall take into 

account factors such as a member’s performance under 

the Community Reinvestment Act of 1977 (CRA) 

and the member’s record of lending to first-time 

homebuyers.33 FHFA’s Community Support Program 

regulation implements these statutory provisions by 

establishing standards and procedures for the submission 

and review of FHLBank members’ performance.34

Under the regulation, every two years, members are 

required to submit to FHFA a community support 

statement describing their latest CRA ratings and 

activities supporting first-time homebuyers, if applicable.

Based on its review of each member’s community 

support statement, FHFA determines whether the 

member has complied with the community support 

standards, which, in part, determines whether the 

member’s access to long-term advances and its 

FHLBank’s AHP, CIP, and CICA programs will be 

restricted. FHFA gives each FHLBank member one of 

three community support review results: compliance, 

probation, or restriction.
44 | Federal Housing Finance Agency

The 2021 biennial review period began April 1, 2021 and ended on October 29, 2021. FHFA’s determinations on 

members’ community support compliance are set forth in Figure 23.

Figure 23: FHFA Community Support Statement Review Results, Standards and Actions

Results Standard Action

Compliance

Member institution complies with the requirements of 

FHFA’s Community Support Program regulation.

Member maintains access to the FHLBank’s 

long-term advances, and new participation in 

AHP, CIP and CICA programs.

Probation

Member institution is placed on probation if:

• its most recent CRA rating was “Needs to Improve,” and

• either the member has not received any other CRA rating or its 

second-most recent CRA rating was “Outstanding” or “Satisfactory.”

If a member is placed on probation, the 

member may continue to obtain long-term 

FHLBank advances and access to AHP, CIP 

and CICA programs during the probationary 

period. The probationary period runs until 

the member’s next CRA rating.

Restriction

Member institution is placed on restriction if:

• it does not submit a community support statement;

• it has not demonstrated compliance with the first-time homebuyer standard;

• its most recent CRA rating was “Substantial Noncompliance;”

• its most recent CRA rating was “Needs to Improve” and its second-most 

recent CRA rating was “Needs to Improve;” or

• its most recent CRA rating was “Needs to Improve,” its second-most recent 

CRA rating was “Substantial Noncompliance,” and its third-most recent CRA 

rating was “Needs to Improve” or “Substantial Noncompliance.”

If a member is placed on restriction, 

the member may not obtain long-term 

FHLBank advances and may not engage 

in new AHP, CIP, and CICA activity until 

the restriction is removed.

Fair Lending

In 2021, FHFA took meaningful steps to advance 

fairness and equity in the housing finance system. 

FHFA published a policy statement on fair lending to 

communicate the Agency’s position on monitoring, 

supervisory examinations, and administrative 

enforcement. FHFA also published an advisory bulletin 

describing FHFA’s supervisory expectations and 

providing guidance on fair lending compliance. FHFA 

completed targeted fair lending examinations of certain 

business areas of both Enterprises.

The Enterprises continued to strengthen their ability to 

comply with fair lending requirements by performing 

fair lending risk assessments, conducting regular 

monitoring of applications, acquisitions, and loss 

mitigation data, conducting targeted fair lending 

testing, and implementing enhanced procedures to 

ensure strong internal controls.

The Enterprises conducted comprehensive reviews 

of their respective Seller/Servicer Guides to identify 

provisions that pose fair lending risk and implement 

corrective actions to appropriately manage, reduce, 

or eliminate the identified risk. The Enterprises also 

conducted a joint assessment of servicer-maintained 

fair lending data to determine whether additional 

internal controls or oversight was needed to improve 

access to fair lending data during servicing. Following 

HUD’s interpretive guidance regarding sexual 

orientation and gender identity, the Enterprises updated 

internal policies and issued public statements on their 

commitment to fair lending principles accordingly.

FHFA also instructed the Enterprises to submit 

Equitable Housing Finance Plans that identify and 

address barriers to sustainable housing opportunities. 

As part of these plans, FHFA required the Enterprises 

to take actions to reduce the racial or ethnic 

homeownership gap and reduce underinvestment 

or undervaluation in formerly redlined areas that 

remain underserved.
Supervision and Oversight

Report to Congress 2021 | 45 

Climate Change and 

Environmental, Social, 

and Governance (ESG)

FHFA recognizes that climate change poses a serious 

threat to the U.S. housing finance system. For example, 

physical risks from climate change, such as increases in 

damages to homes from flooding or fires, could affect 

home values; changes in public policy that increase the 

costs of carbon-intensive industries, or require changes 

in heating sources, can lead to higher building costs; 

and consumer and investor preferences may induce 

migration away from areas with high likelihoods 

of climate or natural disaster events. Financially 

vulnerable communities may be disproportionately 

affected by climate risk, which necessitates careful 

consideration of the distributional effects of physical 

and transition risk.

FHFA is committed to working collaboratively 

with other federal agencies to make tangible 

progress toward addressing climate change and its 

consequences. FHFA’s regulated entities have an 

important leadership role to play in addressing this 

issue. At the same time, FHFA is also enhancing its 

Agency-wide monitoring and supervision of climate 

change issues.

In January 2021, FHFA issued a Request for Input 

(RFI) on the current and future natural disaster risk to 

the housing finance system and to its regulated entities. 

FHFA also sought input on opportunities to strengthen 

its supervision and regulation of the regulated entities’ 

management of, and reporting on, the physical and 

transition risks that may arise from natural disasters 

and changes in climate patterns. FHFA held a public 

listening session on Climate and Natural Disaster Risk 

Management on March 4, 2021. The listening session 

participants included a range of stakeholders including 

federal agencies, researchers, advocacy groups, 

academia, and data and modeling providers.

FHFA contributed to the Financial Stability Oversight 

Council (FSOC) Report on Climate-Related Financial 

Risk, 2021. FHFA led the drafting of a section on 

FHFA’s regulatory and supervisory engagement 

with climate-related financial risk as well as sections 

discussing data on climate risk for its regulated entities. 

In October 2021, FHFA updated the 2022 Enterprise 

multifamily loan caps to classify loans that finance 

energy or water efficiency improvements with 

units affordable at or below 60 percent of AMI 

as mission-driven.

In December 2021, FHFA issued a statement 

recognizing that climate change poses a serious threat 

to the U.S. housing finance system. The Agency has 

instructed the Enterprises and encouraged the Federal 

Home Loan Banks to designate climate change as 

a concern and actively consider its effects in their 

decision making. FHFA also announced that the 2022 

Conservatorship Scorecard will hold the Enterprises 

accountable for ensuring resiliency to climate risks.

FHFA focused on capacity building in 2021. FHFA 

established an Environmental, Social, and Governance 

(ESG) Working Group in March 2021. Along with the 

Natural Disaster Risk Working Group established in 

2020, the two working groups took important early 

steps toward understanding the risks associated with 

climate change and the changing ESG landscape 

throughout 2021.

FHFA also reorganized its Natural Disaster Risk and 

ESG Working Groups to provide a more focused 

perspective in areas determined beneficial for future 

work. The new organizational structure established 

eight cross-agency working groups staffed by subjectmatter experts and devoted to: data and research; 

assessing climate exposure; ESG reporting and 

disclosure; governance; green bonds; consumer 

protection; internal agency operations; and legal issues. 

These working groups report to an executive-level 

Climate Change and ESG Steering Committee. 

Both the Steering Committee and the working group 

structure supporting it were formally established in 

January 2022.
46 | Federal Housing Finance Agency

Diversity and Inclusion

Supervision and Examination of the Regulated 

Entities’ Diversity and Inclusion Programs

The Enterprises and the Federal Home Loan Banks 

(FHLBanks) are unique among federally regulated 

financial institutions in that they are required by law to 

establish an Office of Minority and Women Inclusion 

(OMWI), or its functional equivalent, to promote 

diversity and ensure inclusion in all business activities, 

including employment, management, and contracting, 

in accordance with FHFA standards and requirements.35

FHFA’s Minority and Women Inclusion regulation 

(MWI regulation) implementing the statute requires the 

regulated entities to “develop, implement, and maintain 

policies and procedures to ensure, to the maximum 

extent possible in balance with financially safe and 

sound business practices, the inclusion and utilization 

of minorities, women, individuals with disabilities, and 

minority-, women-, and disabled-owned businesses 

in all business and activities and at all levels” of the 

organization.36 FHFA’s MWI regulation also requires 

each regulated entity to develop a D&I strategic plan 

and report specific data to FHFA. In 2021, FHFA began 

issuing an annual D&I Report of Examination (ROE) 

to each regulated entity that includes a D&I composite 

rating and performance reporting on their workforce, 

procurement, and financial transactions diversity 

programs. A D&I composite rating more clearly 

informs FHFA’s assessment of the regulated entities’ 

programs and performance. 

In 2021, OMWI’s supervision and examination 

team completed its fifth year of examinations of the 

D&I Program (Program) of each regulated entity. 

Leveraging the results from the 2020 examinations, 

OMWI provided further guidance to the regulated 

entities in the areas of workforce, procurement, 

and finance. Also, OMWI continued to enhance its 

standards and systems that support standardized 

data reporting under the MWI regulation. These 

enhancements facilitate OMWI’s continued 

development and assessment of D&I standards and 

regulatory compliance across the regulated entities.

35 See 12 U.S.C. § 4520(a) through (c). 

36 See 12 CFR Part 1223.

In alignment with the requirements of FHFA regulation 

and the 2021 Conservatorship Scorecards guidance for 

Fannie Mae, Freddie Mac, and Common Securitization 

Solutions, LLC (CSS) (2021 Scorecards), in 2021, 

both Enterprises and CSS continued to execute 

formalized processes to assess and, where appropriate, 

integrate D&I across programs and initiatives. They 

also identified measurable D&I goals aligned with the 

objectives in the 2021 Scorecards. 

FHFA’s OMWI supervises and performs annual 

examinations of the Enterprises’, CSS’s, and 

FHLBank System’s Programs. An OMWI Supervisory 

Examination Specialist, supported by examination 

staff, manages, and oversees D&I examination 

activities, continuous monitoring, and ongoing 

supervision throughout the year. Consistent with 

the requirements of FHFA regulation, in 2021, the 

Enterprises, CSS, and FHLBank System continued 

to execute strategies to ensure the consideration and 

integration of D&I in all of their businesses and 

activities. Both Enterprises, CSS, and each of the 

11 FHLBanks and the Office of Finance established 

D&I goals and measurable targets. 

Diversity and Inclusion Examination Results

The scope of the examinations changes from year 

to year. The results summarized below are based 

on the aspects of each regulated entity’s Program 

that were examined in 2021, which included facets 

of Board Oversight, Strategic Planning, Workforce 

(FHLBank System and CSS), Finance (Enterprises), 

Data Management, and Internal Audit.

In 2021, OMWI conducted D&I examinations of each 

of the regulated entities. OMWI focused its reviews 

and assessments on aspects of the areas in scope. 

As a result of these examinations, OMWI identified 

deficiencies and issued 66 findings requiring corrective 

action. OMWI assigned qualitative ratings to each 

area evaluated, which informed the D&I composite 

rating. In 2021, OMWI developed D&I component 

and composite ratings for each regulated entity to 

reflect its D&I Program and board and management 

performance. The descriptive ratings are provided 

for each Federal Home Loan Bank. At the time of 

submission Annual Report to Congress, the ratings for 
Supervision and Oversight

Report to Congress 2021 | 47 

Fannie Mae, Freddie Mac, and CSS are non-public and 

under review.

Fannie Mae

OMWI issued findings at this examination requiring 

corrective action in Board Oversight, Strategic 

Planning, Finance, Data Management, and Internal 

Audit. Management remediated the findings issued at 

the previous examinations.

Freddie Mac

OMWI issued findings at this examination requiring 

corrective action in Board Oversight, Strategic 

Planning, Finance, Data Management, and Internal 

Audit. OMWI did not issue any findings at the 

previous examination. 

CSS

OMWI issued findings at this examination requiring 

corrective action in Board Oversight, Strategic 

Planning, Finance, Data Management, and Internal 

Audit. OMWI did not issue any findings at the 

previous examination.

District 1: The Federal Home Loan Bank of Boston

At the time of the examination in October 2021, the 

Program was satisfactory. Board Oversight, Strategic 

Planning, Workforce, and Internal Audit were all adequate. 

Data Management was inadequate. OMWI issued findings 

in the data management area requiring corrective action 

at this examination. Management remediated the findings 

issued at the previous examination. 

District 2: The Federal Home Loan Bank of New York

At the time of the examination in July 2021, 

the Program was satisfactory. Board Oversight, 

Strategic Planning, Workforce, and Internal Audit 

were all adequate. Data Management was inadequate. 

OMWI issued findings in the data management 

area requiring corrective action at this examination. 

Management remediated the findings issued at the 

previous examination. 

District 3: The Federal Home Loan Bank of Pittsburgh

At the time of the examination in September 2021, 

the Program was satisfactory. Board Oversight, 

Workforce, Data Management, and Internal Audit 

were all adequate. Strategic Planning was inadequate. 

OMWI issued findings in the strategic planning and 

data management areas requiring corrective action at 

this examination. Management remediated the findings 

issued at the previous examination. 

District 4: The Federal Home Loan Bank of Atlanta

At the time of the examination in January 2021, the 

Program was strong. Board Oversight, Strategic 

Planning, Workforce, Data Management, and Internal 

Audit were all adequate. OMWI did not issue any 

findings at this examination. Management remediated 

the findings issued at the previous examination.

District 5: The Federal Home Loan Bank of Cincinnati

At the time of the examination in April 2021, the 

Program needed improvement. Board Oversight, 

Workforce, and Internal Audit were all adequate. 

Strategic Planning and Data Management were 

inadequate. OMWI issued findings in the strategic 

planning, workforce, and data management areas 

requiring corrective action at this examination. 

Management remediated the findings issued at the 

previous examination.

District 6: The Federal Home Loan Bank 

of Indianapolis

At the time of the examination in April 2021, the 

Program needed improvement. Board Oversight, 

Workforce, and Internal Audit were all adequate. 

Strategic Planning and Data Management 

were inadequate. OMWI issued findings in the 

board oversight, strategic planning, and data 

management areas requiring corrective action at this 

examination. OMWI did not issue any findings at the 

previous examination.

District 7: The Federal Home Loan Bank of Chicago

At the time of the examination in July 2021, the 

Program needed improvement. Board Oversight and 

Workforce were adequate. Strategic Planning, Data 

Management, and Internal Audit were inadequate. 

OMWI issued findings in the strategic planning, 

data management, and internal audit areas requiring 

corrective action at this examination. Management 

remediated the findings issued at the previous examination. 
48 | Federal Housing Finance Agency

District 8: The Federal Home Loan Bank of Des Moines

At the time of the examination in April 2021, the 

Program needed improvement. Board Oversight, 

Workforce, and Internal Audit were all adequate. 

Strategic Planning and Data Management were 

inadequate. OMWI issued findings in the strategic 

planning and data management areas requiring 

corrective action at this examination. Management was 

working to remediate the findings issued at the previous 

examination.

District 9: The Federal Home Loan Bank of Dallas

At the time of the examination in January 2021, the 

Program needed improvement. Strategic Planning, 

Workforce, and Internal Audit were all adequate. Board 

Oversight and Data Management were inadequate. 

OMWI issued findings in the board oversight and data 

management areas requiring corrective action at this 

examination. OMWI did not issue any findings at the 

previous examination.

District 10: The Federal Home Loan Bank of Topeka

At the time of the examination in October 2021, 

the Program was satisfactory. Strategic Planning, 

Workforce, Data Management, and Internal Audit 

were all adequate. Board Oversight was inadequate. 

OMWI issued findings in the board oversight and data 

management areas requiring corrective action at this 

examination. Management remediated the findings 

issued at the previous examination. 

District 11: The Federal Home Loan Bank 

of San Francisco

At the time of the examination in July 2021, the 

Program needed improvement. Board Oversight, 

Workforce, and Internal Audit were all adequate. 

Strategic Planning and Data Management were 

inadequate. OMWI issued findings requiring corrective 

action in the strategic planning, workforce, and data 

management areas at this examination. OMWI did not 

issue any findings at the previous examination. 

Office of Finance

At the time of the examination in January 2021, the 

Program was satisfactory. Board oversight, Strategic 

Planning, Workforce, and Internal Audit were all 

adequate. Data Management was inadequate. OMWI 

issued findings requiring corrective action in the data 

management area at this examination. OMWI did not 

issue any findings at the previous examination.
Supervision and Oversight

Report to Congress 2021 | 49 

Regulatory Activities

Regulatory activities of FHFA support FHFA’s mission as regulator of the Enterprises and the FHLBanks. In 

2021, FHFA issued 17 proposed rules, final rules, policy guidance documents, regulatory orders, and regulatory 

interpretations, which are summarized in the following tables. FHFA has published the listed rules in the 

Federal Register.

The tables also indicate if a proposed rule has been adopted in final form since the proposal was published. 

More information about FHFA’s regulatory activities is available on FHFA’s website.

Proposed Rules: Regulated Entities

Rule/Regulation Title Reference Date (2021) Description/Explanation/Comments

Capital Planning 

and Stress Capital 

Buffer Determination 

Proposed Rule

86 FR 73187; 

12 CFR Part 1240 December 27

Proposes requirements for the Enterprises to submit annual capital 

plans to the Agency and provide prior notice for certain capital actions 

(the proposal or proposed rule). The Agency is also incorporating 

the determination of the stress capital buffer into the capital 

planning process. The requirements in this proposal are consistent 

with the regulatory framework for capital planning for large bank 

holding companies. The rule was adopted in final form on June 1, 2022.

Amendments to the 

Enterprise Regulatory 

Capital Framework Rule – 

Public Disclosures for the 

Standardized Approach 

Proposed Rule

86 FR 60589; 

12 CFR Part 1240 November 3

Requested comments on new standardized approach disclosure 

requirements for the Enterprises, including disclosures related to 

regulatory capital instruments and risk-weighted assets calculated 

under the Enterprise Regulatory Capital Framework (ERCF). The 

amendments were adopted in final form on May 26, 2022.

Amendments to the 

Enterprise Regulatory 

Capital Framework Rule 

– Prescribed Leverage 

Buffer Amount and Credit 

Risk Transfer Proposed Rule

86 FR 53230; 

12 CFR Part 1240

September 

27

Proposed amendments to the ERCF by refining the prescribed leverage 

buffer amount (PLBA or leverage buffer) and credit risk transfer (CRT) 

securitization framework for the Enterprises. The amendments would 

also make technical corrections to various provisions of the ERCF that 

was published on December 17, 2020. The amendments were adopted in 

final form on February 25, 2022.

2022-2024 Enterprise 

Housing Goals 

Proposed Rule

86 FR 47398; 

12 CFR Part 1282 August 25 See final regulations table; adopted in final form on December 28.

Final Rules: Regulated Entities

Rule/Regulation Title Reference Date (2021) Description/Explanation/Comments

2022-2024 Single-Family 

and 2022 Multifamily 

Enterprise Housing Goals 

Final Rule

86 FR 73641;

12 CFR Part 1282 December 28

Amends FHFA’s regulation on the single-family housing goals for the 

Enterprises for 2022 through 2024, as well as the multifamily housing 

goals for 2022.

The rule went into effect on February 28, 2022.

Resolution 

Planning Final Rule

86 FR 23577;

12 CFR Part 1242 May 4

Requires the Enterprises to develop plans to facilitate their rapid and 

orderly resolution in the event FHFA is appointed receiver.

The rule went into effect on July 6, 2021. There are deferred compliance 

deadlines for specified parts of the rule.

Rules of Practice 

and Procedure; Civil 

Money Penalty Inflation 

Adjustment Final Rule

86 FR 7493;

12 CFR Parts 

1209, 1217, 

and 1250

January 29

Amends FHFA’s Rules of Practice and Procedure and other agency 

regulations to adjust each civil money penalty within its jurisdiction to 

account for inflation, pursuant to the Federal Civil Penalties Inflation 

Adjustment Act of 1990, as amended by the Federal Civil Penalties 

Inflation Adjustment Act Improvements Act of 2015.

The final rule was applicable as of January 15, 2021.
50 | Federal Housing Finance Agency

Regulatory Interpretations: Federal Home Loan Banks

Rule/Regulation Title Reference Date (2021) Description/Explanation/Comments

Eligibility of Mortgage Loan 

Participations as Collateral 

for Federal Home Loan 

Bank Advances

2021-RI-01 October 4

Establishes that mortgage loan participations must satisfy the 

requirements for “other real estate related” (ORER) collateral under 

FHFA’s advances regulation, 12 CFR part 1266, to qualify as collateral 

eligible to secure advances. A real estate-related asset may qualify 

as eligible ORER collateral only if the FHLBank can perfect a security 

interest in the asset and it has a readily ascertainable value, can be reliably 

discounted to account for liquidation and other risks, and can be liquidated 

in due course.
Supervision and Oversight

Report to Congress 2021 | 51 

Policy Guidance: Regulated Entities and the Office of Finance

Policy Subject Reference Date (2021) Description/Explanation/Comments

Advisory Bulletin on 

Enterprise Fair Lending 

and Fair Housing 

Compliance 

AB 2021-04 December 20 Communicates to the Enterprises FHFA’s supervisory expectations and 

guidance on fair lending and fair housing compliance.

Advisory Bulletin on 

Framework for Adversely 

Classifying Loans, Other 

Real Estate Owned, and 

Other Assets and Listing 

Assets for Special Mention

AB 2021-03 August 25

Communicates to the regulated entities FHFA’s guidelines for adverse 

and non-adverse classification of assets. The guidelines describe sound 

practices for managing credit risk at the regulated entities. The Advisory 

Bulletin establishes a standard and uniform methodology for classifying 

regulated entity assets based on their credit quality and affirms the basis 

for writing off loans classified as Loss.

Advisory Bulletin on 

Agency Commercial 

Mortgage-Backed 

Securities Risk 

Management

AB 2021-02 August 16

Communicates FHFA’s guidance to the FHLBanks regarding the 

FHLBanks’ investments in Agency Commercial Mortgage-Backed 

Securities (CMBS) issued and guaranteed by either the U.S. Government 

(Ginnie Mae) or by one of the Enterprises. The guidance recommends 

risk management practices, including the establishment of certain limits, 

to address the risks associated with unexpected prepayments of Agency 

CMBS investments.

Advisory Bulletin on Board 

Diversity Data Collection AB 2021-01 March 17 

Communicates FHFA’s guidance to the FHLBanks and the FHLBanks’ 

Office of Finance (OF) on standards for data collection relating to the 

diversity of boards of directors of each FHLBank and the OF. The AB 

outlines the expectations set by FHFA’s Office of Minority and Women 

Inclusion (OMWI) regarding the content and frequency of data reporting 

on the demographic makeup of the boards of directors.

Regulatory Orders

Subject Reference Date (2021) Description/Explanation/Comments

Rescission of Regulatory 

Waiver 2020-W-1 (DFAST)

2021-OR-FNMA-3; 

and 2021-ORFHLMC-3August 12

This Order rescinds 2020-W-l (DFAST) and orders that a summary of 

each Enterprise’s 2020 stress test results shall be published at the time 

each Enterprise’s 2021 DFAST results summary is published, not later 

than August 15, 2021.

Fair Lending Compliance 

and Report Submission 

by Freddie Mac

2021-ORFHLMC-2 July 1

This Order responds to the compliance requirements of the Fair Housing 

Act (42 U.S.C. 3601, et seq.), the Equal Credit Opportunity Act (15 U.S.C. 

1691), and the Safety and Soundness Act (12 U.S.C. 4545), to require 

Freddie Mac to comply with those laws, submit to FHFA timely and regular 

information with respect to fair lending performance, and to ensure that 

the purposes of those laws are carried out.

Fair Lending Compliance 

and Report Submission 

by Fannie Mae

2021-OR-FNMA-2 July 1

This Order responds to the compliance requirements of the Fair Housing 

Act (42 U.S.C. 3601, et seq.), the Equal Credit Opportunity Act (15 U.S.C. 

1691), and the Safety and Soundness Act (12 U.S.C. 4545), to require 

Fannie Mae to comply with those laws, submit to FHFA timely and regular 

information with respect to fair lending performance, and to ensure that 

the purposes of those laws are carried out.

Designation of Federal 

Home Loan Bank 

Directorships for 2022

2021-OR-B-1 June 2 

The Director is required by statute to establish annually the size and 

composition of the board of directors of each FHLBank for the following 

year. This Director’s Order maintains the current size and composition of 

the boards of directors of the FHLBanks for 2022.
CONSERVATORSHIPS 

OF THE ENTERPRISES

In This Chapter

Managing the Conservatorships . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53

Other Conservatorship Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64

52 | Federal Housing Finance Agency
Conservatorships of the Enterprises

Report to Congress 2021 | 53 

Managing the 

Conservatorships

The Federal Housing Finance Agency (FHFA) 

periodically releases a Strategic Plan for the 

Conservatorships of Fannie Mae and Freddie Mac 

(the Enterprises) that establishes a multi-year 

framework for how FHFA, as conservator and 

in accordance with its statutory mandates, 

intends to guide the Enterprises while they remain 

in conservatorships. In addition, FHFA releases an 

annual Scorecard that sets forth the Agency’s tactical 

priorities and aligns activities of the Enterprises and 

Common Securitization Solutions, LLC (CSS) to those 

priorities and to the Strategic Plan. The Scorecard is 

an essential tool in holding the Enterprises accountable 

for the Strategic Plan’s effective implementation. On 

October 28, 2019, FHFA released The 2019 Strategic 

Plan for the Conservatorships of Fannie Mae and 

Freddie Mac. On February 16, 2021, FHFA released 

the Scorecard for the Enterprises and Common 

Securitization Solutions for calendar year 2021. 

FHFA developed both documents under then Director 

Mark Calabria, whose term in office ended on June 

23, 2021. However, the Strategic Plan remained in 

effect throughout 2021, the year covered by this report, 

as did the Scorecard (2021 Scorecard), albeit with 

modifications to reflect changes in FHFA priorities. 

Accordingly, this section highlights actions taken in 

2021 by the Enterprises and FHFA that align with the 

three strategic goals in the 2021 Scorecard, as modified.

Foster Competitive, Liquid, Efficient, And 

Resilient National Housing Finance Markets

The first strategic goal of the 2021 Scorecard was to 

foster national housing finance markets that protect 

taxpayers, promote liquidity through the cycle, and 

support sustainable homeownership and affordable 

rental housing, while ensuring the Enterprises fulfill all 

statutory mandates. This strategic goal reflects FHFA’s 

expectation that the Enterprises will efficiently and 

effectively operate their single-family and multifamily 

business activities in a manner that supports safety 

and soundness, market liquidity, and access to credit. 

Within this strategic goal, FHFA established the 

following specific objectives, each discussed further 

below, to guide the work of the Enterprises:

• Fulfill the Enterprises’ Housing Goals and Duty 

to Serve plans by offering sustainable mortgage 

programs and conducting effective outreach.

• Carefully monitor and maintain UMBS cash flow 

alignment and take such further steps as necessary 

to ensure a well-functioning To-Be-Announced 

(TBA) securitization market.

• Successfully continue to implement key on-going 

initiatives, including

– COVID-19 Market Actions – Continue to respond 

as appropriate to mortgage market needs related to 

COVID-19.

– Multifamily Caps – Manage to the multifamily 

cap requirements described in Appendix A 

of the Scorecard.

– Credit Score Rule – Continue implementation 

of the final Credit Score Rule with adherence 

to the regulation’s requirements in a timely and 

effective manner.

– Collateral Evaluation RFI Process – Continue 

to support FHFA’s assessment of the collateral 

evaluation process, including alternative appraisal 

approaches and supporting technology.

– LIBOR Transition – Continue to ensure that 

there is an effective transition from LIBOR to 

approved alternative reference rates by announcing 

plans and milestones to transition legacy 

LIBOR products.

• Support strategies that enhance a level playing field 

for a wide range of mortgage market participants. 

• Assess opportunities and seek stakeholder 

feedback to support and encourage state and local 

policies that enable the housing market to function 

more efficiently.

• Monitor risks and exposures to the Enterprises’ 

books of business from natural disasters.
54 | Federal Housing Finance Agency

Housing Goals and Duty to Serve

Certain Enterprises’ affordable housing goals and Duty 

to Serve activities are required by statute. The 2021 

Scorecard included reporting and other operational 

requirements for both programs. (Information describing 

each Enterprise’s performance of these activities can be 

found starting on page 31 of this Report.)

Uniform Mortgage-Backed Security (UMBS)

The Enterprises continued their recurring reporting 

to FHFA. In turn, FHFA continued to monitor cash 

flow alignment between the Enterprises’ UMBS and 

reviewed proposed pooling changes for potential 

risks to the alignment of prepayment speeds that 

could threaten UMBS market functioning. The 

Enterprises also began reporting additional seller- and 

servicer-specific prepayment information to FHFA 

that standardizes the Enterprises’ measurement, 

monitoring, and reporting of prepayment activity. The 

information is based on a new framework, developed 

by the Enterprises with FHFA input, that provides 

greater transparency to FHFA and market participants 

on variations in prepayment speeds across sellers and 

servicers. The additional information was designed 

to improve investor confidence in the fungibility 

of UMBS issued by the two Enterprises and should 

provide additional insights if the Enterprises’ pooling 

activities diverge. The Enterprises are also working to 

improve existing security-level investor disclosures.

Key On-Going Initiatives: 

COVID-19 Market Actions

The Enterprises continued responding to mortgage 

market needs resulting from the COVID-19 pandemic. 

In 2021, the Enterprises updated their coordinated 

temporary COVID-19 selling and servicing related 

flexibilities and requirements, which were focused 

on preserving mortgage market liquidity, home 

retention, and risk management. As business operations 

began to normalize and macroeconomic indicators 

started improving, the Enterprises retired or made 

permanent certain temporary COVID-19 selling 

flexibilities and requirements. For example, power of 

attorney enhancements and desktop appraisals have 

been incorporated into the Enterprises’ selling guides 

as permanent policy. Various other items have been 

retired, including flexibilities for verbal verification 

of employment, documentation of assets, and age of 

documents. Finally, the adverse market refinance fee 

was eliminated.

In 2021, the Enterprises also adjusted their coordinated 

temporary COVID-19 servicing flexibilities with a 

focus on loss mitigation. In February 2021, the Enterprises 

published updates to COVID-19 forbearance 

programs, allowing certain eligible borrowers to receive 

COVID-19 forbearance and payment deferral terms up 

to 18 months. In June 2021, the Enterprises updated 

aligned temporary COVID-19 flex modification 

policies, allowing certain eligible borrowers the 

opportunity for an interest rate reduction regardless of 

a mortgage loan’s mark-to-market loan-to-value ratio 

(MTMLTV). This adjustment allows more homeowners 

the possibility of meaningful payment relief.

The Enterprises’ temporary COVID-19 servicing 

flexibilities remain in place until further notice 

and complement existing and similar aligned loss 

mitigation practices. At year-end 2021, a majority 

of the combined 2.2 million Enterprise COVID-19 

forbearance actions had been resolved through 

reinstatement, COVID-19 payment deferral, or loan 

payoffs, which include both loan refinancings and 

home sales. Most borrowers who received COVID-19 

forbearance have resolved their hardship through 

self-cure or permanent loss mitigation solution, such 

as COVID-19 payment deferral. As of year-end 2021, 

approximately 176,000 borrowers remained in active 

COVID-19 forbearance. In addition, FHFA and the 

Enterprises continued to support servicer liquidity by 

limiting a servicer’s obligation to advance to investors 

scheduled principal and interest payments on loans in 

forbearance to four months. The Enterprises, under 

FHFA’s guidance, will continue to monitor impacts 

of the COVID-19 pandemic, updating the temporary 

flexibilities or requirements as needed.
Conservatorships of the Enterprises

Report to Congress 2021 | 55 

Key On-Going Initiatives: Multifamily Caps

Beginning in 2015, FHFA, as conservator of the 

Enterprises, has set a yearly cap in the Conservatorship 

Scorecard that limits the amount of multifamily loans 

that each Enterprise can purchase. The multifamily cap 

furthers FHFA’s conservatorship goals of maintaining 

the presence of the Enterprises as a backstop for the 

multifamily finance market and supporting financing 

for affordable and underserved markets, while not 

impeding the participation of private capital. By 

managing to the multifamily caps, the Enterprises 

help maintain stability in the multifamily market and 

provide liquidity for mission-driven housing.

On November 17, 2020, FHFA announced a cap of 

$70 billion for each Enterprise, a combined total of 

$140 billion, for calendar year 2021. To ensure a focus 

on affordable housing and underserved markets, FHFA 

directed that at least 50 percent of each Enterprises’ 

multifamily loan purchases be mission-driven and at 

least 20 percent be affordable to tenants at 60 percent 

of area median income (AMI) or below.

In the 2021 Conservatorship Scorecard, mission-driven 

affordable housing is generally defined as housing 

affordable for residents at 80 percent of AMI or 

below, with special provisions for rural housing 

and manufactured housing communities. For rural 

housing, a loan is mission-driven if the property is 

in a Duty to Serve (DTS) designated rural area and 

affordable to residents at 100 percent of AMI or below. 

For manufactured housing communities, a loan is 

mission-driven if it is eligible for credit under the 

DTS regulation.

Each Enterprise remained below the $70 billion 

multifamily cap for 2021, at $69.5 billion and 

$70 billion for Fannie Mae and Freddie Mac, 

respectively. In addition, each Enterprise surpassed 

the minimum requirements of at least 50 percent 

mission-driven and 20 percent affordable shares of 

multifamily acquisitions. Figure 26 provides further 

information on each Enterprise’s multifamily activity, 

including mission-driven activities.

Figure 26: Enterprise Multifamily Activity in 2021

Fannie Mae Freddie Mac

$ Billion Percent $ Billion Percent

Total non-mission volume $29.8 42.8% $30.3 43.2%

Total mission-driven volume1 $39.7 57.2% $39.7 56.8%

Total mission-driven volume @ 60% AMI2 $15.2 23.0% $17.7 25.8%

Loans on manufactured housing communities $1.0 1.5% $0.8 1.1%

Financing for targeted affordable housing properties $9.2 13.2% $7.6 10.8%

Loans on small multifamily properties $1.4 2.0% $3.0 4.3%

Loans on properties located in rural areas $1.9 2.7% $1.3 1.9%

Loans on seniors housing $0.4 0.6% $0.5 0.7%

Loans on units affordable to those @ 80% AMI $33.1 47.7% $37.8 53.9%

Source: Fannie Mae and Freddie Mac

1 For more information on mission-driven categories, see the 2021 Scorecard, Appendix A: Multifamily Definitions: https://www.fhfa.gov/Media/PublicAffairs/

PublicAffairsDocuments/2021-Appendix-A.pdf. Dollar amounts and percentages of the loans in the mission-driven categories do not add to the totals for 

all mission-driven loans because some loans qualify under more than one category. Such double counting is not included in the “Total mission-driven volume.” 

In addition, some loans only partially qualify for mission-driven for some categories. Only the qualifying portion of a loan is included in the total for each 

category. If the loan qualifies for mission-driven under more than one category, the greatest portion of the loan that qualifies for any category is included in the 

“Total mission-driven volume.”

2 Loan purchases that meet the mission-driven volume @ 60% of AMI requirement may also meet the mission-driven volume requirement.
56 | Federal Housing Finance Agency

Key On-Going Initiatives: Credit Score Rule

On August 16, 2019, FHFA published a final rule on 

the validation and approval of third-party credit score 

models that can be used by the Enterprises.37 The rule 

implements the requirements in Section 310 of the 

Economic Growth, Regulatory Relief, and Consumer 

Protection Act enacted on May 24, 2018 (the Act). 

The regulation requires a four-phase process for the 

validation and approval of credit score models:

1. Solicitation of applications from credit score 

model developers;

2. Submission and initial review of 

submitted applications;

3. Credit score assessment; and

4. Enterprise business assessment.

The rule became effective 60 days after publication 

in the Federal Register, after which the Enterprises 

submitted a Joint Credit Score Solicitation to FHFA 

for its review and approval. On February 18, 2020, 

FHFA announced the Enterprises had made publicly 

available a Joint-Enterprise Credit Score Solicitation, 

which describes the process for credit score model 

developers to submit applications to the Enterprises.38

The Enterprises began accepting applications on May 

18, 2020. The application period was open for 120 days 

and ended on September 15, 2020. The Enterprises 

received several applications.

On November 10, 2020, FHFA announced, in 

accordance with the rule, the validation and approval 

of the Classic FICO credit score model for use by 

the Enterprises, which allowed them to continue 

supporting the mortgage market, while assessing the 

applications from credit score model developers that 

were submitted in response to the 2020 Joint Enterprise 

Credit Score Solicitation .39

37 84 FR 41886 (Aug. 16, 2019). 12 CFR Part 1254.

38 Fannie Mae and Freddie Mac Publish Joint Enterprise Credit Score Solicitation, available at https://www.fhfa.gov/Media/PublicAffairs/

Pages/Fannie-Mae-and-Freddie-Mac-Publish-Joint-Enterprise-Credit-Score-Solicitation.aspx.

39 FHFA Announces Validation of Classic FICO for Use by Fannie Mae and Freddie Mac, available at https://www.fhfa.gov/

Media/PublicAffairs/Pages/FHFA-Announces-Validation-of-Classic-FICO-for-Use-by-Fannie-Mae-and-Freddie-Mac.aspx. 

The Act stipulated a November 20, 2020 deadline for the Enterprises to use a validated and approved credit score model.

In January 2021, the Enterprises began the credit score 

assessment phase of the validation process, evaluating 

each credit score for accuracy, reliability, and integrity 

outside of the Enterprise’s business systems. The 

Enterprises completed that phase on April 30, 2021 and 

notified the respective applicants about the outcome of 

their credit score assessment.

On May 28, 2021, the Enterprises commenced their 

business assessments of the credit score models in 

conjunction with the Enterprises’ business systems 

that condition the purchase of a mortgage loan on a 

borrower’s credit score. The Enterprises submitted 

their respective business assessments and proposed 

recommendations on the credit score models evaluated 

within the timeframes required by the rule.

FHFA is currently evaluating the Enterprises 

recommendations. FHFA also conducted its own 

internal assessment of the impact of a change in credit 

scores and is analyzing stakeholder feedback provided 

during a listening session held on March 1, 2022. 

Key On-Going Initiatives: 

Collateral Evaluation RFI Process

The purpose of the appraisal-related work is to 

strengthen and improve data quality, consistency, 

and analysis in support of effective risk management 

and process efficiency. This work includes looking 

at collateral valuation alternatives to a traditional 

appraisal, enhancing the uniform appraisal dataset, 

and updating the uniform residential appraisal report.

On December 28, 2020, FHFA released a request for 

input (RFI) on appraisal-related policies, practices, 

and processes, with a 60-day response period ending 

on February 26, 2021. A total of 181 respondents, 

including the Enterprises, lenders, trade associations, 

appraisal management companies, appraisers, and 

technology vendors provided input. RFI respondents 

strongly supported the need for a more modern 

appraisal process, including a wide range of property 

valuation alternatives.
Conservatorships of the Enterprises

Report to Congress 2021 | 57 

Throughout 2021, the Enterprises continued work 

on the appraisal policy and process modernization 

initiative with the goal of improved data quality, 

consistency, and analysis in support of effective 

risk management and process efficiency. This work 

included testing of new data standards, technologies, 

and processes to modernize residential appraisal 

practices as well as engagement with industry 

stakeholders, including appraisers, software providers, 

insurance companies, appraisal management 

companies, inspection companies, mortgage insurers, 

and industry trade groups.

In October 2021, FHFA announced the Enterprises 

would implement the use of desktop appraisals for 

certain eligible purchase loans as permanent policy 

guidance.40 On December 17, 2021, FHFA authorized 

the use of desktop appraisals for certain eligible 

purchase transactions. In January 2022, leveraging 

lessons learned from the temporary desktop appraisal 

policies in place during COVID-19, the Enterprises 

announced an aligned permanent policy in their selling 

guides for desktop appraisals.

Appraisal modernization remains a priority on the 

Enterprises’ Scorecard for 2022. The Enterprises 

continue to pilot collateral valuation alternatives to 

traditional appraisals, including hybrid appraisals and 

inspection-based waivers, as well as efforts to update 

the uniform appraisal dataset and uniform residential 

appraisal forms.

Key On-Going Initiatives: LIBOR Transition

The Enterprises continued to work with FHFA to 

transition away from reliance on LIBOR and LIBORbased products. The Enterprises’ efforts prepare them 

for a prudent transition away from LIBOR in advance 

of LIBOR discontinuation, currently scheduled for 

June 30, 2023.

40 FHFA Announces Two Measures Advancing Housing Sustainability and Affordability, available at https://www.fhfa.gov/Media/

PublicAffairs/Pages/FHFA-Announces-Two-Measures-Advancing-Housing-Sustainability-and-Affordability.aspx.

41 These documents are available on Enterprise transition websites at https://capitalmarkets.fanniemae.com/libor-transition and 

https://www.freddiemac.com/about/reference-rates-transition.

42 The Alternative Reference Rates Committee (ARRC) is a group of private-market participants convened by the Federal Reserve Board and 

the New York Fed to help ensure a successful transition from U.S. dollar (USD) LIBOR to a more robust reference rate, its recommended 

alternative, the Secured Overnight Financing Rate (SOFR).

During 2021, the Enterprises worked with FHFA to 

develop plans to transition from LIBOR derivatives 

activity to alternative derivatives, having transitioned 

away from LIBOR-based debt, single-family and 

multifamily adjustable-rate mortgages (ARMs), 

collateralized mortgage rate obligations, and credit 

risk transfers (CRT) during 2020. The Enterprises also 

prepared legacy LIBOR transition plans describing 

expected timelines, assumptions, and dependencies for 

transitioning certain existing legacy LIBOR products.

The Enterprises have helped educate market 

participants. Fannie Mae and Freddie Mac updated 

their LIBOR transition websites to provide resources 

for existing refinance options that borrowers could 

consider for refinancing existing single-family LIBOR 

ARMS consumers, as well as links to the Consumer 

Finance Protection Bureau (CFPB) website. The 

Enterprises have regularly updated their jointly 

produced “Playbook” describing the steps they were 

planning to take in the transition away from LIBOR 

and “Frequently Asked Questions.”41

FHFA worked with the regulated entities to ensure 

their preparedness for the discontinuation of LIBOR. 

The Enterprises share quarterly data with FHFA 

measuring changes in exposures to LIBOR through 

the LIBOR cessation date. FHFA continued to ensure 

that transition efforts would be prioritized across the 

Agency. FHFA reviewed the regulated entities’ LIBOR 

exposures quarterly and reviewed their evaluation 

of provisions in existing LIBOR contracts. FHFA 

also regularly reviewed the Enterprises’ transition 

documents, including updates on plans and milestones 

to the Playbook and FAQs, to ensure the Enterprises 

transition away from LIBOR in a safe and sound manner.

In 2022, the Enterprises will determine fallback 

reference rates for all existing legacy LIBOR products 

without fallback language recommended by the 

Alternative Reference Rates Committee (ARRC)42 in 

the contract language and will work to be operationally 

ready to transition existing legacy LIBOR contracts to 

alternative rates.
58 | Federal Housing Finance Agency

Support Strategies that Enhance a 

Level Playing Field for a Wide Range 

of Mortgage Market Participants

In 2021, each Enterprise continued the development 

a method to the compare prices paid for acquired 

single-family mortgages, which they acquire through 

two distinct channels: the cash channel through which 

mortgages are acquired in cash transactions and the 

swap channel through which mortgages are acquired 

in exchange for Enterprise MBS. These methods will 

provide the capability to compare prices an Enterprise 

paid both within channels and between channels to 

ensure a level playing field between individual sellers 

and between seller size groupings. As a next step, the 

Enterprises will develop reporting to allow FHFA to 

understand the how pricing compares among sellers 

and seller size groupings.

The information being developed will enable FHFA to 

evaluate the prices paid to different lenders for loans 

acquired in both the cash and swap channels to confirm 

that larger lenders are not being provided higher prices, 

which could result in market share increases.

Efficient Operation of State and Local 

Housing Markets

Each Enterprise submitted a report to FHFA discussing 

their efforts to improve the efficiency of state and 

local housing markets. Fannie Mae’s report focused on 

manufactured housing (MH) education, outreach, and 

expanded eligibility for single-wide MH; accessory 

dwelling unit pilots to inform policy; and work with 

community land trusts to create and preserve affordable 

long-term housing for low- to moderate-income 

individuals. Freddie Mac’s report discussed efforts 

to expand remote online notarization, efforts to assist 

certain community land banks, and concerns about 

certain state-level legislation.
Conservatorships of the Enterprises

Report to Congress 2021 | 59 

Natural Disaster and Climate Change 

Risk Assessment

The Enterprises sought to better understand their 

exposures to climate and natural disaster risks in 2021, 

holding regular meetings with FHFA. In 2021, the 

Enterprises developed initial analyses to better understand 

the effects of climate and natural disaster risk on housing 

finance and will publish these in 2022. 

In addition, in late 2021 and early 2022, 

Fannie Mae and Freddie Mac released 

their inaugural Sustainability Accounting 

Standards Board (SASB) Reports, which 

included voluntarily reported metrics on 

environmental, social, and governance factors.

Diversity and Inclusion

While Diversity and Inclusion (D&I) does not 

appear in the 2021 Scorecard as a distinct line item, 

it remained an important consideration for FHFA 

evaluation of Enterprise and CSS performance across 

Scorecard projects.43 A summary of D&I activities is 

included starting on page 46 of this report.

Ensure Safety and Soundness

The second strategic goal of the 2021 Scorecard was 

to ensure Enterprise safety and soundness by operating 

all aspects of the business in a safe and sound manner 

given limited capital cushions, with a prudent risk 

profile, and heightened risk management appropriate 

for conservatorship. These efforts were to include: 

• Developing appropriate Enterprise risk limits to 

ensure risk and complexity are reduced to levels 

more appropriate for regulated entities with limited 

capital cushions. (suspended)

• Implementing capital management and capital 

planning capabilities that transition away from the 

existing Conservatorship Capital Framework to the 

Enterprise Regulatory Capital Framework (ERCF).

• Work with FHFA to develop contingency plans that 

could be deployed as needed under FHFA direction.

43 The overarching criteria for evaluating Scorecard performance can be found on page 6 of the 2021 Scorecard.

• Continuing to transfer credit risk to private markets 

in a commercially reasonable and safe and sound 

manner, including actively pursuing sales of less 

liquid assets such as non-performing loans and 

re-performing loans.

• Continuing mortgage selling, servicing, and asset 

management efforts that promote stability and 

readiness for continued COVID-19 stress and the 

potential for more challenging market conditions.

• Increasing focus on core Enterprise operational 

and technology management to ensure stability, 

resiliency, efficiency, and risk reduction.

Capital Management and Planning

As the Enterprises continue to retain and build capital, 

capital planning provides the critical long-term 

framework for the Enterprises to manage their financial 

resources. This framework includes strategies to reach 

capital adequacy, while incorporating and aggregating 

other relevant factors from across the Enterprises’ 

business such as pricing and CRT issuance.

Each Enterprise submitted a capital plan to FHFA on 

September 30, 2021 intended to support compliance 

with the ERCF, including efforts to build, maintain, 

and monitor capital adequacy. The elements of the 

Enterprises’ capital plans included:

• Assessment of the expected sources and uses of 

capital, by projecting revenue, expenses, losses, loan 

loss reserves, earnings, and capital;

• Description of planned capital actions over the 

planning horizon that identify actions management will 

take to enable an Enterprise to achieve and maintain 

regulatory capital requirements specified in the ERCF;

• Principles and guidelines used for capital planning, 

issuance, usage, and distributions; and

• Discussion of any expected changes to the 

Enterprises’ business plan that are likely to have a 

material impact on capital adequacy or liquidity.

FHFA reviewed the capital plans and provided 

feedback to the Enterprises, including enhancements 

required to future capital plans submissions related to 

capital generation and regulatory capital metrics.
60 | Federal Housing Finance Agency

FHFA is actively engaging with the Enterprises in 

preparation for their 2022 capital plan submissions. 

Furthermore, in June 2022, FHFA finalized a rule 

related to capital planning to enhance the capital 

planning process.

Contingency Planning

The 2021 Scorecard required each Enterprise to begin 

developing a plan for its own resolution. In May 

2021, FHFA published a final rule that requires the 

Enterprises to develop such plans. Under the Scorecard, 

each Enterprise made progress developing elements 

required of those plans. Contingency planning will 

continue in 2022 and will remain primarily focused on the 

Enterprises developing resolution plans to submit in 

April 2023 as required by the rule.

Risk Transfer

Risk transfer activity under the 2021 Scorecard 

focused on sales of less liquid assets, specifically 

nonperforming (NPLs) and reperforming loans 

(RPLs).44 Both Enterprises sold such loans during 

calendar year 2021. The Enterprises completed 

auctions of RPLs representing over $18 billion 

in unpaid principal balance (UPB) through both 

structured and whole loan sales. They also completed 

auctions of NPLs representing over $4 billion in 

seriously delinquent UPB. The NPLs were sold as 

whole loans in large national pools and geographically 

concentrated smaller pools.

To facilitate these sales, the Enterprises continue to 

post details of NPL and RPL auctions on their public 

websites, including notices of upcoming sales and sale 

results. Additionally, the Enterprises offer training to 

potential bidders to encourage participation in RPL and 

NPL auctions. The Enterprises provide FHFA updates 

on market conditions, execution levels, and potential 

changes to the NPL and RPL sales programs, and 

submitted data for semi-annual NPL sales reports based 

on FHFA reporting templates.

NPL and RPL sales reduce the numbers of delinquent 

loans and of loans with irregular payments in the 

44 RPLs are mortgage loans that were seriously delinquent, but payments made on the mortgages have brought the loans to a sub-performing or 

performing status with or without the use of an Enterprise loan modification plan.

Enterprises’ portfolios. These sales transfer credit risk 

to the private sector. FHFA and the Enterprises impose 

requirements on NPL buyers designed to achieve more 

favorable outcomes for borrowers than foreclosure. 

Data collected and submitted by the Enterprises 

continue to show higher non-foreclosure outcomes 

for borrowers included in NPL sales. In addition, 

the Enterprises worked with FHFA to incorporate 

COVID-19 pandemic borrower protections into the 

NPL and RPL sales requirements. Such protections 

include incorporation of foreclosure or eviction 

moratoriums related to the COVID-19 pandemic 

applicable to single-family mortgage loans that are 

owned or securitized by the Enterprises, including 

any future extensions, as well as additional efforts to 

prioritize owner-occupant buyers when loss mitigation 

results in foreclosure.

Mortgage Selling and Servicing

Important mortgage selling and servicing activities 

conducted under the 2021 Scorecard included:

• Enterprise assistance to FHFA in updating Seller/

Servicer Eligibility Requirements

• Assessment of counterparty risk management 

controls and requirements

• Collaboration with FHFA, the Mortgage Industry 

Standards Maintenance Organization (MISMO), and 

the Consumer Financial Protection Bureau (CFPB) 

under the Servicing Transfers Development Work 

Group (DWG), to further data standardization efforts

In addition, the Enterprises were asked to assess 

the readiness and capability of servicers and the 

appropriateness of servicing policies and processes in 

anticipation of activity in 2022. The Enterprises also 

assess and mitigate any material adverse risk impacts 

from COVID-19 selling or servicing flexibilities. This 

last activity was merged into Key On-going Initiatives 

under Strategic Goal #1, which is discussed above.
Conservatorships of the Enterprises

Report to Congress 2021 | 61 

Seller/Servicer Eligibility Requirements. Even with 

the 2015 Eligibility Requirements in place, FHFA and 

the Enterprises are continually focused on mitigating 

the risk presented by the Enterprises’ non-depository 

counterparties. FHFA proposed Servicer Eligibility 

2.0 requirements for public input on January 31, 2020 

(“2020 Proposal”).45 FHFA intended the 2020 

Proposal to strengthen the Enterprises’ Seller/Servicer 

Eligibility Requirements and provide transparency 

and consistency of capital and liquidity required for 

non-depository seller/servicers. As a result of the 

global COVID-19 pandemic, FHFA announced on 

June 15, 2020 that it would reassess and repropose the 

minimum financial eligibility requirements considering 

lessons learned from market events in reaction to 

the pandemic.

FHFA worked closely with the Enterprises throughout 

2021 to conduct additional analysis and adjust the 

proposed requirements based on lessons learned, 

which include the:

• Effect of higher delinquencies and costs associated 

with servicing mortgage loans, exposing the 

Enterprises to increased levels of counterparty risk;

• Need to cover seller risk stemming from 

liquidity challenges;

• Importance of higher requirements for large nondepository servicers that are important to the 

mortgage servicing system and that hold a substantial 

portion of Enterprise servicing; and

• Need to differentiate servicer liquidity requirements 

based on differences in remittance type.46

45 Federal Housing Finance Agency (January 31, 2020). FHFA Proposes Updated Minimum Financial Eligibility Requirements for Fannie Mae 

and Freddie Mac Seller/Servicers, available at https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Proposes-Minimum-FinancialEligibility-Requirements-for-Fannie-Mae-and-Freddie-Mac-SellerServicers.aspx.

46 Enterprise seller/servicers typically contract to remit principal and interest payments to the investor under one of three approaches—actual 

interest/actual principal, scheduled interest/actual principal, and scheduled interest/scheduled principal. From an advancing perspective, 

“actual/actual” remittance imposes the lowest liquidity demand on a seller/servicer because there is no obligation to advance missed (or 

missed portions of) payments of principal or interest to investors. Seller/servicers that remit payments on a “scheduled/actual” or “scheduled/

scheduled” basis have increasingly higher liquidity needs compared to “actual/actual” remittance, as they must meet advance obligations on 

principal and/or interest regardless of whether or not payments are received from borrowers.

47 Press Release: FHFA Re-Proposes Updated Eligibility Requirements for Enterprise Single-Family Seller/Servicers, available at:

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Re-Proposes-Updated-Eligibility-Requirements-for-Enterprise-Single-FamilySeller-Servicers.aspx.

48 Description Document: https://www.fhfa.gov/Media/PublicAffairs/Documents/SE2-Proposal-FAQ.pdf.

49 The MBFRF is used to report financial information quarterly to the Enterprises by any Enterprise-approved mortgage lender that is not a 

federally supervised depository institution (commercial bank, savings bank, savings and loan, or credit union).

On February 24, 2022, FHFA reproposed minimum 

financial eligibility requirements for the Enterprises’ 

seller/servicers.47, 48 This update will strengthen, and 

provide transparency and consistency of, required 

capital and liquidity for seller/servicers with different 

business models. The Enterprises must consider 

risk exposure from their contractual relationships 

with seller/servicers and assess, monitor, and take 

appropriate actions to address the risks to which 

they are exposed in their business relationships with 

third parties.

FHFA and the Enterprises will engage with servicing 

industry participants, regulators, and other stakeholders 

to obtain their feedback in finalizing the requirements 

in the third quarter of 2022. Most of the requirements 

will be effective at least six months after they are finalized, 

and some will be phased in over longer periods.

Counterparty risk management controls and 

requirements. Counterparty risk management is 

essential to ensure the safety and soundness of the 

Enterprises’ multifamily and single-family activities. 

With respect to the multifamily counterparty risk 

management, the main goal was to implement changes 

to the multifamily section of the Mortgage Bankers 

Financial Reporting Form (MBFRF).49 The 2021 

improvements to the MBFRF allow the Enterprises to 

gather more granular information on the activities of 

multifamily lenders. This information improves Fannie 

Mae’s and Freddie Mac’s visibility into multifamily 

counterparties and supports their management of 

multifamily risk.
62 | Federal Housing Finance Agency

With respect to single-family counterparty risk 

management, the Enterprises worked with the 

other MBFRF consortium members to improve the 

quality and type of data submitted by non-depository 

institutions through quarterly MBFRF data filings.50

A major improvement was requiring an attestation by 

senior non-depository executives that the data being 

provided was accurate. Other improvements included 

the addition of data that will allow for improved 

counterparty risk monitoring.

FHFA and the Enterprises expect that the attestation 

will result in more accurate data. In addition, the new 

data fields facilitate improvements in counterparty risk 

monitoring. This includes identifying data needed for 

Servicer Eligibility 2.0 to conduct impact analysis and 

monitor eligibility compliance.

Data standardization efforts. Common and consistent 

data standards help maintain continuity of servicer 

operations, including foreclosure prevention activities, 

and minimize adverse effects on borrowers due to 

errors during servicing transfers. The Enterprises 

continued to support the MISMO Servicing Transfers 

Development Work Group (DWG), which is an 

industry-led effort to create a standardized servicing 

50 MBFRF consortium members include Fannie Mae, Freddie Mac, Ginnie Mae, and the Mortgage Bankers Association.

transfer dataset and best practices for the transfer 

process. The DWG includes mortgage servicers, 

technology vendors, other industry vendors, as 

well as the Enterprises, FHFA, CFPB, and other 

interested parties.

The Enterprises’ participation allows them to provide 

insights on transfer requirements specific to Enterprise 

loans, including data that need to be transferred to 

maintain servicing continuity for Enterprise loans. 

In 2022, the Enterprises will continue to support 

the DWG.

Core Operations and Technology

FHFA maintains ongoing monitoring with the 

Enterprises to ensure that their business resiliency, 

data management, and information security programs 

adequately address safety and soundness concerns. 

In 2021, Fannie Mae and Freddie Mac continued to 

implement leading-edge technologies to protect the 

security and confidentiality of sensitive information 

and to respond to emerging cybersecurity threats. 

FHFA’s key objectives in this area have included 

ensuring that remediation programs are adequately 

funded and that any gaps or identified control 

weaknesses are remediated in a timely manner.
Conservatorships of the Enterprises

Report to Congress 2021 | 63 

In 2021, Fannie Mae and Freddie Mac took significant 

steps to improve their business resiliency and technical 

recovery capabilities. Both Enterprises have established 

crisis management and incident response programs to 

respond to major operational or technical incidents, 

with tests conducted throughout the year to measure 

performance against recovery time and recovery 

point objectives. In addition to these capabilities, 

the Enterprises have established multi-year plans 

for modernizing their mission-critical infrastructure, 

with a specific focus on systems that are essential for 

providing liquidity to the mortgage market.

The Enterprises also provided guidance to CSS for 

Common Securitization Platform (CSP) operations. 

The Enterprises also requested and supported three 

initiatives for CSP development: the Tax Investor 

Portal for both Enterprises, the Transfer Agent service 

for Fannie Mae, and REMIC model optimization for 

Freddie Mac. Those initiatives will lower costs to 

the Enterprises.

51 Available at https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FHFA_StrategicPlan_2022-2026_Final.pdf.

Strengthening the Enterprises’ 

Financial Condition

The FHFA Strategic Plan: Fiscal Year 2022-202651

states that as conservator, FHFA is focused on ensuring 

that each Enterprise builds capital and improves its 

safety and soundness. FHFA is also takting additional 

steps beyond building capital to ensure that the 

issues that led to the financial crisis will not recur. 

These steps include prioritizing the transfer of risk 

to private market participants, enhancing operational 

resiliency, strengthening governance and infrastructure, 

addressing human capital needs to build a deep 

reservoir of talent and experience, improving the 

Enterprises’ transparency, strengthening underwriting, 

and reviewing pricing and credit policies. FHFA’s 

priority and responsibility in the interim is to focus on 

the safety and soundness and mission requirements of 

both Enterprises.
64 | Federal Housing Finance Agency

Common Securitization Platform Strategy

Starting in early 2020, FHFA explored expanding the 

role of CSS to serve a broader market. In 2021, the 

Enterprises and CSS delivered a pricing proposal. After 

an extensive review, FHFA determined that CSS should 

focus on maintaining the resiliency of the Enterprises’ 

mortgage-backed securities platform to support the 

safety and soundness of the housing finance market 

and reduce unnecessary expenses as the Enterprises 

rebuild capital.

Address Identified Areas in 

Need of Improvement

Timely remediation of MRAs is critical to improving the 

safety and soundness of Fannie Mae and Freddie Mac. 

During 2021, Fannie Mae and Freddie Mac remediated 

90 percent of FHFA-identified matters requiring 

attention (MRAs) by their due dates or had submitted 

an extension request within the appropriate timeframe.

Fair Lending

The Enterprises continued to strengthen their ability to 

comply with fair lending requirements by performing 

fair lending risk assessments, conducting regular 

monitoring of applications, acquisitions, and loss 

mitigation data, conducting targeted fair lending 

testing, and implementing enhanced procedures to 

ensure strong internal controls. (See page 44 of this 

Report for additional detail on fair lending activities.)

Other Conservatorship Activities

Board of Directors

As conservator, FHFA reviews the appointment of 

new directors serving on the board of directors of each 

Enterprise. In 2021, FHFA reviewed and approved the 

election of CEO Michael DeVito and Alberto Musalem 

to serve on Freddie Mac’s board of directors, leaving 

the board with 12 members as of year-end 2021.

52 See 12 U.S.C. § 4518 note. The Equity in Government Compensation Act of 2015 effectively limits the annual direct compensation for the 

CEOs of Fannie Mae and Freddie Mac to no more than $600,000 in base salary. The law also provides that compensation and benefits for the 

CEOs may not be increased while the Enterprises are in conservatorship or receivership.

During 2021, FHFA reviewed and approved the election 

of Simon Johnson and Chris Brummer to serve on 

Fannie Mae’s board of directors, leaving the board with 

12 members as of year-end 2021. Chair Sheila Bair 

announced her resignation from the board in April 2022, 

and board member Mike Heid was appointed to the 

Chair by the board with FHFA approval.

Management

FHFA, as conservator, worked closely with Freddie Mac 

in its selection to replace its CEO, whose resignation was 

effective in 2021. In May 2021, Freddie Mac appointed 

Michael DeVito as the new Freddie Mac CEO.

FHFA, as conservator, also worked closely with 

Fannie Mae to ensure continuity following the 

announcement that CEO Hugh Frater would resign 

from Fannie Mae in the first half of 2022. Fannie Mae 

selected its president, Dave Benson, to serve as Interim 

CEO in addition to his duties as president until a 

permanent CEO is hired.

Enterprise Compensation

No material changes were made to the Enterprises’ 

Executive Compensation Plans in 2021. FHFA 

continues to require the Enterprises to limit base 

salaries for all employees to $600,000, submit 

for Agency approval any proposed increase in 

compensation for an employee or any new hire’s 

compensation if the target total direct compensation 

equals or exceeds $600,000 and defer at-risk 

compensation earned by executive officers for two 

years. Compensation for the Enterprises’ CEOs is 

maintained at the statutory limit52 and FHFA reviews 

compensation of other Enterprise executive officers 

to ensure that it is “reasonable and comparable” 

with compensation for employment in other similar 

businesses involving similar duties and responsibilities. 

FHFA continues to closely examine all compensation 

requests by the Enterprises and maintains an active 

dialogue with each Enterprise about current and future 

compensation actions.
RESEARCH AND 

PUBLICATIONS

In This Chapter

Reports to Congress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66

House Price Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67

Public Use Databases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67

National Mortgage Database Program . . . . . . . . . . . . . . . . . . . . . . . .68

Economic Summits and Research Publications . . . . . . . . . . . . . . . . . .69

Report to Congress 2021 | 65 
66 | Federal Housing Finance Agency

During 2021, FHFA published all reports 

required by statute, as well as research papers 

related to housing and market conditions. 

Reports and publications are posted on FHFA’s 

website at www.FHFA.gov .

Reports to Congress

Pursuant to requirements under federal law, including 

HERA and the Dodd-Frank Act, FHFA submitted 

all required annual reports to Congress in 2021. 

Additionally, as required by statute, FHFA submitted 

monthly reports on the number of loan modifications and 

other foreclosure prevention activities of the Enterprises. 

Guarantee Fee Study – HERA requires FHFA to 

conduct an ongoing study of the guarantee fees charged 

by Fannie Mae and Freddie Mac. In December 2021, 

FHFA released its 13th annual Guarantee Fee Study 

Report. The report examines the fees charged by the 

Enterprises for guaranteeing conventional single-family 

mortgages in 2020, including the amount of these fees 

and the criteria used to determine them. The report 

utilized aggregated data collected from the Enterprises.

Annual Housing Report – FHFA submitted its 13th 

Annual Housing Report to Congress in October 2021. 

This report details the Enterprises’ performance in 

2020 under their housing goals and Duty to Serve 

statutory requirements, as well as information on other 

aspects of the Enterprises’ purchase activities.

FHLBank Advance Collateral Study – HERA 

requires FHFA to submit to Congress an annual report 

on the collateral pledged to the FHLBanks. In July 

2021, FHFA released its 13th Report on Collateral 

Pledged to the Federal Home Loan Banks, based on 

the results of the FHLBank Collateral Data Survey.

No FEAR Act Report – The Notification and 

Federal Employee Antidiscrimination and Retaliation 

Act of 2002 (No FEAR Act) requires federal 

agencies to be publicly accountable for violations of 

antidiscrimination and whistleblower protection laws. 

Federal agencies must publish on their public websites 

quarterly and annual data related to federal sector 

Equal Employment Opportunity (EEO) complaints, 

reimburse the Treasury Department Judgment Fund 

for any payments made, and notify employees and 

applicants for employment about their rights under 

the federal antidiscrimination and whistleblower 

laws. In March 2022, FHFA published the Fiscal Year 

(FY) 2021 No FEAR Act Annual Report to Congress, 

covering fiscal years 2017 through 2021.

OMWI Annual Report – The Dodd-Frank Act 

requires most federal financial regulators to establish 

an Office of Minority and Women Inclusion (OMWI). 

FHFA’s OMWI is responsible for leading the 

Agency’s efforts to advance diversity and inclusion 

and developing standards for: 1) the racial, ethnic, 

and gender diversity of the workforce and senior 

management; 2) increased participation of minorityand women-owned businesses in FHFA programs and 

contracts; and 3) assessing the diversity policies and 

practices of entities regulated by FHFA. Also, Section 

1116(f) of HERA requires FHFA to seek diversity 

at all levels of its workforce, consistent with the 

demographic diversity of the United States. In March 

2022, FHFA submitted its annual OMWI Report to 

Congress detailing the activities of FHFA’s OMWI 

during 2021.

Federal Property Manager’s Report/Foreclosure 

Prevention Report – The Emergency Economic 

Stabilization Act of 2008 directs Federal Property 

Managers (FPM) to develop and implement plans to 

maximize assistance for homeowners and encourage 

servicers of underlying mortgages to take advantage of 

programs to minimize foreclosures. Each FPM is also 

required to report to Congress the number and types 

of loan modifications and the number of foreclosures 

during the reporting period. FHFA is a designated 

FPM in its role as conservator of Fannie Mae and 

Freddie Mac. FHFA delivered all monthly and 

quarterly FPM reports to Congress throughout 2021. 

Interest Rate Disparities Analysis – Interest Rate 

Disparities Analysis – FHFA is required to report 

to Congress annually on “the actions taken, and 

being taken, by the Director to carry out” 12 U.S.C. 

§ 4561(d), which authorizes FHFA to require the 

Enterprises to submit information from which FHFA 

may assess whether loan pricing by lenders results 

in disparities for minority borrowers compared with 

non-minority borrowers of similar creditworthiness. 

If FHFA makes a preliminary finding that a pattern of 
Research and Publications

Report to Congress 2021 | 67 

disparities exists for a lender, FHFA must refer that 

finding to the appropriate regulatory or enforcement 

agency for further review. 

FHFA’s screening methodology involves regression 

analysis of the annual percentage rate (APR) 

controlling for numerous credit and underwriting 

factors that may influence the APR. However, FHFA 

cannot control for all possible factors that may explain 

disparities and is not authorized to review the policies 

or practices of any individual lender. The screening 

methodology flags for a preliminary finding and 

referral of any lender with an APR disparity identified 

as statistically significant in a given loan product. The 

analysis supporting the preliminary finding utilizes the 

data maintained by the Enterprises and includes only 

loans purchased by the Enterprises. 

In 2021, FHFA completed statistical analysis of data 

covering 2019 and 2020 and referred preliminary 

findings of a pattern of disparities to regulators or 

enforcement agencies with jurisdiction to conduct 

examinations or investigations into potential pricing 

discrimination. APR disparities of 10 basis points 

or more, after regression adjustment, constituted 

36 percent of the preliminary findings. A referral was 

most commonly generated due to a disparity for Latino 

borrowers versus non-Latino white borrowers (60% of 

referrals), followed by Black borrowers (49%), Asian 

borrowers (6%), American Indian borrowers (4%), and 

Pacific Islander borrowers (3%).53

House Price Index

In 2021, FHFA continued its regular publication of 

house price indexes (HPI), including “all transactions” 

and “purchase-only” measures using data obtained 

from the Enterprises, as well as “expanded-data” 

measures that also use Federal Housing Administration 

and county recorder data. Such measures are estimated 

using different underlying data sources, and all 

provide readings of house price movements at various 

geographic granularities. These standard indexes are 

produced quarterly and monthly.

53 The figures sum to more than 100% because a referral can be generated due to a disparity for more than one group.

54 Available at https://www.fhfa.gov/DataTools/Downloads/Pages/Public-Use-Databases.aspx.

Public Use Databases

The Safety and Soundness Act requires FHFA to make 

available to the public loan-level data submitted by 

the Enterprises in the reports required under Section 

309(m) of Fannie Mae’s Charter Act and Section 

307(e) of Freddie Mac’s Charter Act, except for certain 

proprietary information and personally identifiable 

information. FHFA is required to make publicly 

available Enterprise data elements analogous to those 

required to be reported by mortgage originators under 

HMDA at the census tract level. The Safety and 

Soundness Act also requires FHFA to make public 

certain high-cost securitized loan data it collects to 

compare the characteristics of high-cost loans the 

Enterprises purchase and securitize. FHFA is required 

to release the data by September 30 of the year 

following the year the mortgages were acquired by an 

Enterprise. For 2021, FHFA released the required 2020 

data to the public through its Public Use Database.54

The Public Use Database contains census tract- and 

national-level data by Enterprise, for both single-family 

and multifamily mortgages. 

FHFA also maintains a similar Public Use 

Database with respect to the FHLBanks, 

required by Section 1212 of HERA. 

The data are at the census tract level 

and are reported directly by the FHLBanks 

to FHFA.
68 | Federal Housing Finance Agency

National Mortgage 

Database Project

The National Mortgage Database (NMDB) project 

is jointly funded and managed by FHFA and CFPB 

and is designed to provide a rich source of information 

about the U.S. mortgage market. It has three 

primary components:

1. The National Mortgage Database (NMDB®)

2. The National Survey of Mortgage 

Originations (NSMO)

3. The American Survey of Mortgage 

Borrowers (ASMB)

Pursuant to requirements of the Safety and Soundness 

Act, the NMDB program conducts a monthly 

mortgage market survey to collect data on the 

characteristics of individual mortgages and the 

55 The statute also calls for the survey to include a determination of whether subprime and nontraditional borrowers would qualify for prime 

lending. Because of uncertainty around defining the concept of subprime (see Interagency Statement on Subprime Mortgage Lending, 

72 FR 37569 (July 10, 2007)) and the paucity of data on the subprime market, it has not been feasible to incorporate such determinations 

in the NMDB.

credit history of borrowers. The survey covers 

mortgages that are and are not eligible for purchase by 

Fannie Mae and Freddie Mac, including subprime and 

nontraditional mortgages.55

The NMDB and its components collect data for a 

nationally representative sample of mortgages. In 

2021, the quarterly NSMO survey was administered 

four times, and a public use file with data for 2013 

to 2019 originations was released in July 2021. The 

ASMB survey focusing on borrowers with mortgage 

forbearance was completed in February 2021. 

Each quarter, FHFA also updated aggregate statistics 

datasets that are derived from the NMDB: National 

New Residential Mortgage Statistics, National 

and State Level Outstanding Residential Mortgage 

Statistics, and National and State Level Residential 

Mortgage Performance Statistics.
Research and Publications

Report to Congress 2021 | 69 

Economic Summits and 

Research Publications

Economic Summits – In 2021, FHFA hosted 

Economic Summits on February 23rd and October 26th. 

These summits bring external perspectives from 

experts and researchers working in areas relevant 

to FHFA’s mission of overseeing safe and sound 

regulated entities. The first summit’s theme was labor 

and mortgage market trends, with emphasis on the 

effects of COVID-19. Speakers from private industry, 

academia, and FHFA participated in the summit. 

The second summit’s theme was housing supply and 

implications for affordable housing. Speakers from 

private industry, academia, the Census Bureau, Freddie 

Mac, and FHFA participated in the summit.

Research Publications – In 2021, FHFA published 

three new working papers. The original research in 

these working papers represents contributions to the 

academic, practitioner, and policy communities in 

the areas of housing finance and regional and urban 

economics. While FHFA provides approval for the 

research projects consistent with FHFA objectives, the 

paper reflect the views of the authors, not FHFA. 

Working Paper 21-01: Transaction Composition 

and House Price Index Measurement: Evidence 

from a Repeat-Sales Aggregation Index – This paper 

develops a framework for estimating city-level 

house price indices that are resilient to changes in 

submarket appreciation rates and transaction patterns. 

A new algorithm ensures feasible estimation in all 

periods, despite cases of low transactions counts in 

some submarkets. Using 40 million repeat-purchase 

transactions in the United States, this paper shows 

differences exist between this index approach and 

standard approaches over certain periods and locations, 

especially in large cities.

Working Paper 21-02: Borrower Expectations and 

Mortgage Performance: Evidence from the COVID-19 

Pandemic – This paper assesses issues related to 

borrower beliefs and mortgage performance using the 

NMDB and its associated NSMO. Local experiences 

and those within a borrower’s social networks play 

important roles. Households who, at origination, 

were optimistic about future house price appreciation 

or pessimistic about the possibility of future 

unemployment were more likely to enter forbearance 

in 2020. However, by early 2021, appreciationoptimistic borrowers who were in forbearance were 

likely to have cured or prepaid their loan, while those 

who expected unemployment were likely to still be in 

forbearance. Three channels by which expectations 

affect forbearance behavior include: choices of initial 

loan terms, associations with actual future events, 

and factors related to belief formation that are also 

plausibly associated with forbearance. Findings 

highlight the crucial role borrower expectations play in 

both leverage choices and mortgage performance.

Working Paper 21-03: The Riskiness of Outstanding 

Mortgages in the United States, 1999 – 2019 – 

This paper introduces summary measures of credit 

risk for the stock of all outstanding mortgages in the 

United States for each quarter between 1999 and 

2019. Mortgage terminations play a fundamental 

role in offsetting risk introduced by the flow of new 

originations because of refinance activity and the often 

“dual nature” of home buyers as concurrent sellers. As 

an example, the Home Affordable Refinance Program 

(HARP) increased origination risk metrics but reduced 

overall risk due to the associated terminations of even 

riskier loans. Generally, book-level risk tends to lag 

behind originations: while origination risk peaked in 

2006, the risk of outstanding mortgages peaked in 

2007, and while origination risk bottomed out in 2011 

and has been rising since, book-level risk continued 

its downward trend in 2019. Other results highlight 

previously rarely examined market segments, including 

credit unions, the Federal Home Loan Bank System, 

and loans guaranteed by the Farm Service Agency/

Rural Housing Service.
FHFA OPERATIONS 

AND PERFORMANCE

In This Chapter

Performance and Program Assessment . . . . . . . . . . . . . . . . . . . . . . .71

Financial Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71

70 | Federal Housing Finance Agency
Operations and Performance

Report to Congress 2021 | 71 

Performance and 

Program Assessment

The Strategic Plan in effect at the start of fiscal year 

(FY) 2022 was published in October 2020 and had 

three strategic goals: 1) Ensure Safe and Sound 

Regulated Entities Through World-Class Supervision; 

2) Foster Competitive, Liquid, Efficient, and Resilient 

National Housing Finance Markets, and 3) Position 

the Agency as a Model of Operational Excellence by 

Strengthening the Workforce and Infrastructure.

On November 15, 2021, FHFA published its annual 

Performance and Accountability Report (PAR), 

summarizing performance and achievements during 

FY 2021. Data to assess performance for measures 

3.1.1 and 3.1.2, will be available in calendar year 2022. 

Of the 37 performance measures in FY 2021 for which 

FHFA has data to assess performance, FHFA met the 

targets for 30 (81 percent) and did not meet the targets 

for 7 (19 percent).

In March 2022, the Association of Government 

Accountants awarded FHFA its 14th consecutive 

Certificate for Excellence in Accountability Reporting

(CEAR), for FY 2021. The CEAR is presented 

to agencies that have demonstrated excellence in 

integrating performance and accountability reporting. 

Agencies must receive unmodified opinions on their 

financial reports from an independent auditor to be 

eligible for the award.

Financial Operations

Financial Highlights

The Safety and Soundness Act authorizes FHFA to 

collect annual assessments from its regulated entities to 

pay its expenses and maintain a working capital fund. 

In FY 2021, FHFA assessed the regulated entities a total 

of $335.2 million, including $49.9 million to support the 

Office of Inspector General. FHFA issues assessment 

notices to the regulated entities semiannually, with 

the collections occurring on October 1 and April 1. 

The Financial Summary for FY 2021 can be found in 

FHFA’s PAR on pages 18-23, with the full set of audited 

financial statements on pages 67-89.

In accordance with HERA, FHFA is authorized 

to retain a working capital fund for unforeseen or 

emergent requirements, which can be funded through a 

special assessment to the regulated entities or through 

retention of unobligated balances at the end of the 

fiscal year. At the end of FY 2021, the FHFA working 

capital fund had a balance of $38.4 million, up from 

$34.3 million in FY 2020.
FEDERAL HOUSING 

FINANCE OVERSIGHT 

BOARD ASSESSMENT

72 | Federal Housing Finance Agency
Federal Housing Finance Oversight Board Assessment

Report to Congress 2021 | 73 

Federal Housing Finance 

Oversight Board Assessment

June 2022

Section 1103 of the Housing and Economic Recovery 

Act (HERA) of 2008 requires that the Federal Housing 

Finance Agency (FHFA) Director’s Annual Report to 

Congress (Annual Report) include an assessment of the 

Federal Housing Finance Oversight Board or any of its 

members with respect to:

• The safety and soundness of FHFA’s regulated 

entities, Fannie Mae and Freddie Mac (the 

Enterprises) and the Federal Home Loan Banks 

(FHLBanks);

• Any material deficiencies in the conduct of the 

operations of the regulated entities;

• The overall operational status of the regulated 

entities; and

• An evaluation of the performance of the regulated 

entities in carrying out their respective missions.

As a basis for this assessment, FHFA’s Annual Report 

provides a review of these matters. The assessment of 

the Federal Housing Finance Oversight Board follows:

The COVID-19 Pandemic

In 2021, the COVID-19 pandemic continued to affect 

economic activity, including the primary and secondary 

mortgage markets. In response, FHFA and the Enterprises 

continued refining COVID-19 policies for renters and 

borrowers with a single-family or multifamily mortgage 

owned or guaranteed by the Enterprises, thereby 

supporting mortgage market liquidity and stability.

To protect borrowers facing delinquency and 

foreclosure during the COVID-19 pandemic, FHFA 

suspended single-family foreclosures and foreclosuredriven evictions through most of 2021. FHFA 

also allowed certain eligible borrowers to extend 

COVID-19 forbearance terms up to 18 months. 

Additionally, the Enterprises made adjustments to 

COVID-19 Flex Modification, allowing eligible 

borrowers to receive an interest rate reduction 

regardless of a mortgage’s mark-to-market loan-tovalue ratio. The success of FHFA and the Enterprises’ 

COVID-19 policies reduced the impact of the 

pandemic and were effective enough to warrant an 

early conclusion of the Adverse Market Refinance Fee 

introduced in December 2020, thereby enabling more 

borrowers to refinance at record low interest rates.

At year-end 2021, a majority of the combined 2.3 

million Enterprise COVID-19 forbearance actions 

had been resolved through reinstatement, COVID-19 

Payment Deferral, or loan payoffs through either 

refinance transactions or home sales. Most borrowers 

who received COVID-19 forbearance have resolved 

their hardships through self-cure of any past due 

payments or permanent loss mitigation solutions, such 

as COVID-19 payment deferrals. As of year-end 2021, 

approximately 176,000 borrowers remained in active 

COVID-19 forbearance.

As the country emerges from the pandemic, there is 

uncertainty about the long-term effects on housing 

finance markets. Prior to the pandemic, house prices 

were growing at a moderate rate, mortgage interest 

rates were stable, yet housing inventory was low. Two 

years after the onset of the pandemic, house price 

growth has been historically high, fueled in part by 

low inventories of homes for sale. In addition, in the 

first months of 2022, mortgage rates increased rapidly. 

For example, Freddie Mac’s weekly survey of lenders 

nationwide indicated that the average rate for 30-year 

fixed rate mortgages, including points, increased from 

3.11 percent on December 30, 2022 to 5.25 percent on 

May 19, 2022, a rise of more than 200 basis points.

FHFA continues to monitor new and evolving 

challenges facing the regulated entities and the nation’s 

housing finance system. FHFA also continues to 

coordinate its policy response efforts with government 

counterparts, including members of the Federal 

Housing Finance Oversight Board.
74 | Federal Housing Finance Agency

Enterprises

The Enterprises have operated in conservatorships 

since 2008. The U.S. Department of Treasury (Treasury 

Department) continues to provide the Enterprises 

with financial support through the Senior Preferred 

Stock Purchase Agreements (PSPAs). $254 billion of 

Treasury’s funding commitment remains available to 

the Enterprises.

The Treasury Department and FHFA have amended the 

PSPAs multiple times. Most recently, in January 2021, 

the parties executed letter agreements that, among 

other changes, allow the Enterprises to retain capital 

up to their regulatory minimums, including buffers, set 

forth in the Enterprise Regulatory Capital Framework 

(ERCF). As a result of these amendments to the PSPAs 

and the subsequent accumulation of retained earnings, 

the Enterprises have grown their combined net worth to 

$75.4 billion as of year-end 2021.

In September 2021, the Treasury Department and 

FHFA suspended certain provisions added to the PSPAs 

in January 2021. This suspension was designed to 

provide FHFA time to review the extent to which these 

requirements are redundant or inconsistent with existing 

FHFA standards, policies, and directives that mandate 

sustainable lending standards. The suspended provisions 

include limits on the Enterprises’ cash windows (loans 

acquired for cash consideration), multifamily lending, 

loans with higher risk characteristics, and second homes 

and investment properties.

The Housing and Economic Recovery Act of 2008 

amended the Federal Housing Enterprises Financial 

Safety and Soundness Act of 1992 to require FHFA to 

establish, by regulation, risk-based capital requirements 

for the Enterprises to ensure that each Enterprise 

operates in a safe and sound manner, maintaining 

sufficient capital and reserves to support the risks 

that arise in the operations and management of the 

Enterprises. In 2021, FHFA issued three proposed 

rulemakings to amend the ERCF. In the first half of 

2022, FHFA finalized all three proposed rulemakings 

to refine the leverage buffer and the risk-based capital 

treatment for retained credit risk transfer (CRT) 

exposures, introduce additional capital-related public 

disclosure requirements, and require the Enterprises 

to develop, maintain, and submit annual capital plans 

to FHFA. These amendments promote transparency, 

encourage sound risk management practices, and 

provide incentives for the Enterprises to distribute 

acquired credit risk to private investors.

These final rules would require the Enterprises upon 

exit from conservatorship to maintain higher levels 

of capital than prior to conservatorship to satisfy 

their risk-based and leverage capital requirements 

and buffers. Based on their financial condition as 

of March 31, 2022, the Enterprises together would 

be required to hold approximately $312 billion in 

adjusted total capital, of which at least $266 billion 

would need to be tier 1 capital and $232 billion would 

need to be common equity tier 1 capital. Fannie Mae’s 

tier 1 risk-based capital requirement plus buffer of 

$162 billion (equivalent to 3.6 percent of adjusted total 

assets) exceeds its tier 1 leverage capital requirement 

plus buffer of $136 billion (3.0 percent of adjusted 

total assets). Freddie Mac’s tier 1 risk-based capital 

requirement plus buffer of $104 billion (equivalent to 

2.9 percent of adjusted total assets) exceeds its tier 1 

leverage capital requirement plus buffer of $101 billion 

(2.8 percent of adjusted total assets).

The Enterprises continue to manage their credit, 

market, liquidity, and operational risks as new 

challenges emerge. Credit risk management remains 

a priority for both Enterprises given the effects of the 

COVID-19 pandemic on borrowers, partially mitigated 

by many borrowers successfully exiting forbearance 

programs, and current home prices, which are 

significantly above the long-run trend level. Exposure 

to nonbank mortgage companies increased in 2021, 

owing to their increased originations and servicing 

volumes. Related Enterprise risk management 

practices continue to address the heightened exposure. 

Market risk exposures declined year-over-year as the 

Enterprises shrank retained portfolios and employed 

effective funding and hedging strategies for the singlefamily and multifamily business lines. Both Enterprises 

exceed FHFA guidance and expectations for liquidity 

by maintaining a large volume of high-quality liquid 

assets. While both Enterprises employ information 

security programs, operational risks remain elevated 

given increased exposure to cybersecurity threats.
Federal Housing Finance Oversight Board Assessment

Report to Congress 2021 | 75 

In 2021, the Enterprises generated combined net 

income of $34.3 billion, up from $19.1 billion in 2020. 

Each Enterprise continues to have a significant but 

declining exposure to credit losses from mortgages 

originated in the several years prior to conservatorship. 

Both Enterprises are subject to quarterly volatility in 

their financial results primarily due to interest-rate 

changes and differing accounting treatments that 

apply to certain financial instruments that are on their 

balance sheets. To minimize the effects of interest rate 

fluctuations and mitigate accounting volatility in its 

financial results, Freddie Mac implemented fair value 

hedge accounting in 2017. Fannie Mae implemented 

fair value hedge accounting in the first quarter of 2021.

The Enterprises were chartered by Congress to provide 

stability in the secondary housing finance market, 

respond appropriately to the private capital market, 

provide ongoing assistance to the secondary mortgage 

market including activities relating to mortgages 

for low- and moderate-income families involving 

a reasonable economic return that may be less than 

the return earned on other activities, and to promote 

access to mortgage credit by increasing the liquidity of 

mortgage investments. Consistent with their statutory 

missions, the Enterprises have continued to provide 

liquidity, stability, and affordability in the secondary 

mortgage market during their conservatorships. 

In 2021, the Enterprises purchased single-family 

mortgages with a combined unpaid principal balance 

(UPB) of $2.58 trillion, compared to $2.45 trillion 

UPB in 2020. The Enterprises purchased a combined 

volume of multifamily mortgages with a UPB of $140 

billion in 2021, compared to $159 billion UPB in 2020, 

while increasing their focus on affordable multifamily 

mortgages. As of December 31, 2021, the Enterprises 

owned or guaranteed approximately $7.1 trillion in 

single-family and multifamily mortgages, representing 

nearly half the market. As of December 31, 2021, 

Fannie Mae’s net worth was $47.4 billion, and Freddie 

Mac’s net worth was $28.0 billion.
76 | Federal Housing Finance Agency

Since 2015, FHFA has set annual caps on the volume 

of multifamily mortgages an Enterprise can purchase 

to ensure that the Enterprises provide appropriate 

support to the multifamily sector, especially missiondriven affordable housing, without displacing private 

capital. The Enterprises stayed at or below their 

volume cap of $70 billion for the 2021 calendar 

year. In addition, in 2021 at least 50 percent of each 

Enterprise’s multifamily mortgage purchases were 

required to be mission-driven affordable housing and at 

least 20 percent of their purchases were required to be 

affordable to households at or below 60 percent of Area 

Median Income (AMI). Both Enterprises exceeded the 

minimum mission-driven requirements in 2021.

The Enterprises are subject to annual affordable 

housing goals covering their purchases of single-family 

mortgages and multifamily mortgages. In 2021, FHFA 

determined that Fannie Mae met all the single-family 

goal requirements for 2020. Freddie Mac met the four 

single-family purchase housing goals in 2020 but did 

not meet the low-income refinance goal. As a result, 

FHFA notified Freddie Mac that it must prepare a 

housing plan describing the actions the Enterprise will 

take in 2022-2024 to improve its performance on the 

low-income refinance goal. The Enterprises also met 

each of their multifamily housing goal requirements 

for 2020. In December 2021, FHFA issued a final rule 

on the 2022-2024 single-family housing goals and the 

2022 multifamily housing goals for Fannie Mae and 

Freddie Mac. The final rule included two new singlefamily subgoals to replace the previous low-income 

areas subgoal. The new minority census tract subgoal 

is designed to improve access to fair and sustainable 

mortgage financing in communities of color. The new 

low-income census tract subgoal targets loans in lowincome neighborhoods.

In support of the Enterprises’ statutory duty to 

serve three underserved markets – manufactured 

housing, affordable housing preservation, and rural 

housing – the Enterprises establish Duty to Serve 

Underserved Markets Plans (Plans). In 2021, both 

Enterprises surpassed their Plans’ single-family loan 

purchase targets in high-needs rural regions and for 

manufactured housing titled as real property. Further, 

both Enterprises committed to purchasing only loans 

on manufactured housing communities that provide 
Federal Housing Finance Oversight Board Assessment

Report to Congress 2021 | 77 

tenant pad lease protections identified in FHFA’s Duty 

to Serve regulation.

The Enterprises also made statutorily required 

contributions to the National Housing Trust Fund and the 

Capital Magnet Fund based on the amount of their 2021 

new business purchases. These contributions support 

affordable housing initiatives and totaled $1.14 billion.

In 2021, FHFA took meaningful steps to advance 

fairness and equity in the housing finance system. 

FHFA published a policy statement on fair lending to 

communicate the Agency’s position on monitoring, 

supervisory examinations, and administrative 

enforcement. FHFA also published an advisory 

bulletin describing FHFA’s supervisory expectations 

and providing guidance on fair lending compliance. 

In addition, FHFA coordinated with the Consumer 

Financial Protection Bureau (CFPB) and the U.S. 

Department of Housing and Urban Development 

(HUD) to strengthen federal enforcement of fair 

lending laws.

In recognition of the serious threat that climate change 

and the resulting climate-related disasters pose to the 

U.S. housing finance system, FHFA issued a statement 

on December 27, 2021, committing to collaborative 

work with other federal agencies to make tangible 

progress toward addressing climate change and its 

consequences. The Agency has also instructed the 

Enterprises and encouraged the FHLBanks to designate 

climate change as a priority concern and actively 

consider its effects in their decision making.

FHLBanks

In 2021, FHFA continued its supervision and oversight 

to ensure that the FHLBanks operate safely and 

soundly and remain focused on their mission, which 

is to provide to their members and housing associates 

advances and other financial products in support of 

housing and community development. 

The FHLBanks remained focused on providing 

liquidity to their members through originating 

advances (loans), purchasing whole mortgage loans, 

and facilitating off-balance sheet programs. FHFA 

calculates a core mission achievement ratio that 

approximates the FHLBanks’ funding of missionoriented assets, and the FHLBank System (the System) 

met a preferred level of at least 70 percent at year-end 

2021. Additionally, each FHLBank funds an Affordable 

Housing Program pursuant to statutory and FHFA 

regulatory requirements.

Historically, short- and long-term advances to 

members and housing associates have been the 

principal mission asset of the FHLBanks. Advances are 

primarily collateralized by residential mortgage loans, 

commercial real estate loans, and government and 

agency securities. In 2021, the FHLBanks’ business of 

advances to members continued to operate effectively 

and without credit losses.

The FHLBanks’ advances continued to decline in 2021 

because of market effects associated with COVID-19 

pandemic relief programs. Advances at year-end 2021 

were $351.3 billion, down from $422.6 billion one year 

earlier. While advances borrowing activity in 2022 

indicates stabilization, the decline in 2021 extended 

an overall downward trend that began in 2018. The 

10 largest borrowers accounted for 26 percent of 

aggregate advances outstanding at year-end 2021, 

down from 27 percent the previous year. Generally, 

FHLBanks with higher levels of advances have one or 

more very large borrowers in their districts.

System balances of whole mortgage loans totaled 

$55.6 billion at year-end 2021, down from $62.9 billion 

at year-end 2020. Off-balance sheet programs include 

letters of credit and mortgage delivery programs. 

Letters of credit, which allow members to diversify 

collateral for securing public unit deposits, had a total 

notional value of $151.2 billion at year-end 2021. 

Mortgage delivery programs to Fannie Mae and thirdparty investors, which are off-balance sheet for the 

FHLBanks, had a combined volume of $7.1 billion 

in 2021, compared with $14.3 billion in 2020. These 

programs provide members with alternative conduits 

to move mortgages off their balance sheets, to allow 

additional mortgage originations. The volume of these 

programs at the FHLBanks fell in 2021 after significant 

declines in interest rates in 2020 spurred refinancings 

and significant paydowns of mortgage balances across 

the System.

As of December 31, 2021, all 11 FHLBanks 

significantly exceeded the minimum 4.0 percent 

regulatory capital ratio. The regulatory capital-to-assets 
78 | Federal Housing Finance Agency

ratio for the FHLBank System was 6.7 percent at the 

end of 2021, up from 6.1 percent at the end of 2020 

as leverage declined significantly. Retained earnings, 

a critical component of FHLBank capital, was 

$22.8 billion or 3.1 percent of assets at year-end 2021, 

up from $22.0 billion or 2.7 percent of assets in 2020.

All FHLBanks were profitable in 2021; no FHLBank 

reported a quarterly or annual loss for the year. 

Aggregate net income totaled $1.8 billion, down from 

$2.8 billion in 2020. The decline was primarily a result 

of a reduction in System assets, which declined to 

$723.4 billion in 2021 from $820.9 billion in 2020, as 

well as mark-to-market effects of lower interest rates 

in 2021.

In 2021, the FHLBanks continued their contributions 

to their Affordable Housing Programs (AHP), which 

provide funds, through their members, for the purchase, 

construction, or rehabilitation of affordable owneroccupied and rental housing for very low- and low- or 

moderate-income households. In addition to their 

competitive programs that award funds primarily to 

rental projects, the FHLBanks also provide homeowner 

assistance for purchase and rehabilitation of properties. 

Since the program’s inception in 1990, the FHLBanks 

have awarded approximately $7.3 billion through the 

AHP, assisting more than one million households. In 

addition, during 2021, the FHLBanks extended funds 

totaling over $2.7 billion to members through other 

community investment programs for housing and 

economic development projects.

Conclusion

As reflected in the Annual Report, FHFA engaged 

in significant efforts to oversee the Enterprises and 

FHLBanks during 2021. While challenges remain 

for the regulated entities, including the ongoing 

conservatorships of Fannie Mae and Freddie Mac, 

FHFA continues to meet its statutory obligations.

Sandra L. Thompson

Chair

Federal Housing Finance Oversight Board

Janet L. Yellen

Secretary

U.S. Department of the Treasury

Marcia L. Fudge

Secretary

U.S. Department of Housing and Urban Development

Gary Gensler

Chair

Securities and Exchange Commission
LEGISLATIVE 

RECOMMENDATIONS

In This Chapter

Third-Party Service Provider Examination Authority . . . . . . . . . . . . . 80

Enterprise Regulatory Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81

Housing Finance Reform . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81

Report to Congress 2021 | 79 
80 | Federal Housing Finance Agency

Third-Party Service Provider 

Examination Authority

The Federal Housing Finance Agency’s (FHFA) 

regulated entities rely on third-party service providers 

for a wide range of services, some of which are critical 

to their operations. The Enterprises, for example, rely 

on mortgage sellers to originate mortgages consistent 

with their underwriting standards and documentation 

requirements, and on servicers to collect payments 

from borrowers, advance some payments to investors 

in mortgage-backed securities, and perform loss 

mitigation on non-performing loans. The Federal Home 

Loan Banks (FHLBanks) and the Enterprises rely on 

third-party service providers for data security and other 

information technology services.

These third-party relationships can pose risks related 

to mortgage origination and servicing, information 

security, and business continuity, among other 

safety and soundness issues, and FHFA expects each 

regulated entity to implement a program to manage 

such third-party risks. However, FHFA does not 

have express statutory authority to examine services 

provided to the Enterprises or FHLBanks, unlike 

other federal safety and soundness supervisors of 

financial intermediaries. As a result, FHFA’s authority 

to assess the impact of third-party relationships on the 

safe and sound operations of its regulated entities is 

limited. With regard to the Enterprises, FHFA relies on 

conservatorship authority to require that the Enterprises 

include provisions in their third-party contracts on 

access to information about service providers and to 

exercise the Enterprise’s contractual right to obtain 

such information as is necessary to fulfill FHFA’s 

statutory safety and soundness responsibilities. FHFA 

does not have similar authority over the FHLBanks, 

which are not in conservatorship.

The Government Accountability Office (GAO) has 

recommended that Congress provide FHFA authority 

to examine third parties that do business with the 

regulated entities similar to that conferred upon 

the federal banking agencies through a provision 

in the Bank Service Company Act.56 The Financial 

56 See GAO Report 16-278, Nonbank Mortgage Servicers: Existing Regulatory Oversight Could be Strengthened.

57 See 2021 Annual Report, Financial Stability Oversight Council, p. 175. 

Stability Oversight Council (FSOC) made a similar 

recommendation in its 2021 Annual Report, as it 

has for the past several years.57 In addition, FHFA’s 

Inspector General has identified third-party oversight 

as a top risk, specifically finding that FHFA is 

challenged to effectively oversee the Enterprises’ 

management of risks related to their counterparties and 

third-parties due to the lack of statutory authority.

Prior FHFA Directors have supported granting 

the Agency this authority, and FHFA continues to 

concur with FSOC’s and GAO’s recommendations. 

Accordingly, in order to identify and mitigate risks to 

the safety and soundness of FHFA’s regulated entities, 

FHFA recommends that Congress authorize FHFA 

to examine the records, operations, and facilities of 

each material service provider to a regulated entity 

with regard to the services provided to the regulated 

entity. Were Congress to grant FHFA such authority, 

giving FHFA tailored parity with other federal financial 

regulators, the Agency would be in a better position 

to achieve its statutory duty to ensure the safe and 

sound operations of the Enterprises and FHLBanks. 

If given express examination authority, FHFA would 

also be able to coordinate with other federal safety and 

soundness supervisors in their examination activities 

regarding third-party service providers, thereby 

increasing efficiency and reducing burden.
Legislative Recommendations

Report to Congress 2021 | 81 

Enterprise Regulatory Capital

In 2008, Congress amended FHFA’s authorizing statute 

to give FHFA relatively broad authority to prescribe 

regulatory capital requirements for the Enterprises. The 

2008 amendments, however, did not remove some of 

the outdated definitions of regulatory capital from the 

original authorizing statute. Unlike the U.S. banking 

framework, these statutory definitions include capital 

elements that tend to have less loss-absorbing capacity 

during a period of financial stress, such as deferred tax 

assets (DTAs). FHFA’s authorizing statute does not 

expressly permit FHFA to adjust the statutory capital 

definitions by regulation.

The shortcomings in the statutory definitions of capital 

could pose safety and soundness risks. During the 

financial crisis, market confidence in the Enterprises 

collapsed in mid-2008 even when Fannie Mae and 

Freddie Mac had total capital, as defined by statute, of 

$55.6 billion and $42.9 billion and net DTAs of $20.6 

billion and $18.4 billion, respectively. Questions about 

the Enterprises’ solvency likely arose in part because 

of their sizeable DTAs, which had less loss-absorbing 

capacity during a period of negative income but still 

counted toward regulatory capital.

FHFA’s Enterprise Regulatory Capital Framework 

(ERCF), as set forth by regulation in 2021 and 

amended in 2022, mitigates the risk posed by the 

existing statutory definitions of capital by prescribing 

supplemental capital requirements based on definitions 

of regulatory capital used by the federal banking 

regulators. While these supplemental requirements 

should ensure that each Enterprise maintains adequate 

high-quality regulatory capital, the supplemental 

requirements introduce some additional complexity 

to an already complex capital framework. If Congress 

were to give FHFA the same flexibility as the federal 

banking regulators by amending or removing the 

statutory capital definitions, FHFA could streamline the 

capital regulation.

Housing Finance Reform

The Enterprises entered conservatorships in 

September 2008 and have now been in this state for 

more than 13 years. When the conservatorships were 

initiated, it was not expected that they would last for 

over a decade. 

As conservator, FHFA has taken actions to improve 

the condition of the Enterprises. Since 2008, FHFA 

has directed reforms to their practices and standards, 

management and transfer of risks, underwriting 

and loss mitigation policies, and the Enterprises’ 

securitization infrastructure. The Enterprises have 

begun to build their capital reserves to meet the 

requirements of the ERCF, although each Enterprise 

remains undercapitalized. However, there are other 

matters that could be addressed to further ensure a 

safe, sound, and equitable secondary housing finance 

system. Addressing such matters may require authority 

FHFA does not currently possess. For example, 

changes to the Enterprises’ charter acts, adjustments to 

their statutory business model (i.e., a utility), creation 

of reserves funded by Enterprise guarantee fees to be 

accessed in the case of losses, ability to charter new 

Enterprises, and other structural reforms involve policy 

decisions that are beyond FHFA’s statutory authority. It 

remains with Congress to determine the structure of the 

Enterprises and the secondary mortgage market for the 

post-conservatorship world.

Moreover, Congress and FHFA are not the only 

organizations who must be involved in addressing the 

Enterprises’ conservatorships and the future of the 

U.S. housing finance system. The U.S. Department of 

Treasury, which holds a significant economic interest 

in the Enterprises, and other Federal agencies will need 

to resolve a series of outstanding issues as part of the 

process to end the conservatorships. In the meantime, the 

Agency will focus on building the Enterprises’ capital 

reserves and improving their safety and soundness.
82 | Federal Housing Finance Agency

APPENDIX: 

HISTORICAL DATA TABLES

82 | Federal Housing Finance Agency
Appendix: Historical Data Tables

Report to Congress 2021 | 83 

Contents

• Table 1 • Fannie Mae Mortgage Purchases . . . . . . . . . . . . 84

• Table 1a • Fannie Mae Mortgage Purchases 

Detail by Type of Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85

• Table 1b • Fannie Mae Purchases of 

Mortgage-Related Securities – Part 1 . . . . . . . . . . . . . . . . 86

• Table 1b • Fannie Mae Purchases of 

Mortgage-Related Securities – Part 2, 

Private-Label Detail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

• Table 2 • Fannie Mae MBS Issuances . . . . . . . . . . . . . . . . . 88

• Table 3 • Fannie Mae Earnings . . . . . . . . . . . . . . . . . . . . . . 89

• Table 4 • Fannie Mae Balance Sheet . . . . . . . . . . . . . . . . . 90

• Table 4a • Fannie Mae Total MBS Outstanding Detail . . . 91

• Table 5 • Fannie Mae Mortgage Assets 

Held for Investment Detail . . . . . . . . . . . . . . . . . . . . . . . . . 92

• Table 5a • Fannie Mae Mortgage Assets 

Held for Investment Detail – Whole Loans . . . . . . . . . . . 93

• Table 5b • Fannie Mae Mortgage Assets 

Held for Investment Detail – Part 1, 

Mortgage-Related Securities . . . . . . . . . . . . . . . . . . . . . . . 94

• Table 5b • Fannie Mae Mortgage Assets 

Held for Investment Detail – Part 2, 

Mortgage-Related Securities, Private-Label Detail . . . . . 95

• Table 5b • Fannie Mae Mortgage Assets 

Held for Investment Detail – Part 3, 

Mortgage-Related Securities . . . . . . . . . . . . . . . . . . . . . . . 96

• Table 6 • Fannie Mae Financial Derivatives . . . . . . . . . . . . 97

• Table 7 • Fannie Mae Nonmortgage Investments . . . . . . 98

• Table 8 • Fannie Mae Mortgage Asset Quality . . . . . . . . . 99

• Table 9 • Fannie Mae Capital . . . . . . . . . . . . . . . . . . . . . . . 100

• Table 10 • Freddie Mac Mortgage Purchases . . . . . . . . . 101

• Table 10a • Freddie Mac Mortgage Purchases 

Detail by Type of Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

• Table 10b • Freddie Mac Purchases 

of Mortgage-Related Securities – Part 1 . . . . . . . . . . . . 103

• Table 10b • Freddie Mac Purchases of 

Mortgage-Related Securities – Part 2, 

Private-Label Detail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

• Table 11 • Freddie Mac MBS Issuances . . . . . . . . . . . . . . 105

• Table 12 • Freddie Mac Earnings . . . . . . . . . . . . . . . . . . . 106

• Table 13 • Freddie Mac Balance Sheet . . . . . . . . . . . . . . 107

• Table 13a • Freddie Mac Total MBS Outstanding Detail . . 108

• Table 14 • Freddie Mac Mortgage 

Assets Held for Investment Detail . . . . . . . . . . . . . . . . . . 109

• Table 14a • Freddie Mac Mortgage 

Assets Held for Investment Detail – Whole Loans . . . . 110

• Table 14b • Freddie Mac Mortgage Assets 

Held for Investment Detail – Part 1, 

Mortgage-Related Securities . . . . . . . . . . . . . . . . . . . . . . 111

• Table 14b • Freddie Mac Mortgage Assets 

Held for Investment Detail – Part 2, 

Mortgage-Related Securities, Private-Label Detail . . . . 112

• Table 14b • Freddie Mac Mortgage Assets 

Held for Investment Detail – Part 3, 

Mortgage-Related Securities . . . . . . . . . . . . . . . . . . . . . . 113

• Table 15 • Freddie Mac Financial Derivatives . . . . . . . . . 114

• Table 16 • Freddie Mac Nonmortgage Investments . . . 115

• Table 17 • Freddie Mac Mortgage Asset Quality . . . . . . 116

• Table 18 • Freddie Mac Capital . . . . . . . . . . . . . . . . . . . . . 117

• Table 19 • Federal Home Loan Banks 

Combined Statement of Income . . . . . . . . . . . . . . . . . . . 118

• Table 20 • Federal Home Loan Banks 

Combined Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . 119

• Table 21 • Federal Home Loan Banks Net Income . . . . . 120

• Table 22 • Federal Home Loan Banks 

Advances Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

• Table 23 • Federal Home Loan Banks 

Regulatory Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

• Table 24 • Loan Limits Values . . . . . . . . . . . . . . . . . . . . . . 123

• Table 25 • Mortgage Interest Rates . . . . . . . . . . . . . . . . . 124

• Table 26 • Housing Market Activity . . . . . . . . . . . . . . . . . 125

• Table 27 • Weighted Repeat Sales 

House Price Index (Annual Data) . . . . . . . . . . . . . . . . . . 126
84 | Federal Housing Finance Agency

TABLE 1 • FANNIE MAE MORTGAGE PURCHASES

Period

Business Activity ($ in Millions)

Purchases

Single-Family 

($) 

Multifamily 

($) 

Total Mortgagesa

($) 

Mortgage-Related Securitiesb

($) 

4Q21 284,954 20,666 305,620 4,152

3Q21 296,818 16,357 313,175 3,015

2Q21 373,618 10,875 384,493 2,202

1Q21 400,759 21,506 422,265 4,794

Annual Data

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 Not Applicable Before 1990

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

Source: Fannie Mae

a Includes lender-originated mortgage-backed securities (MBS) issuances, cash purchases, and capitalized interest. Based on unpaid principal balances. Excludes mortgage loans and mortgage-backed securities traded but not yet settled. Excludes delinquent loans purchased from MBS trusts. b Not included in total mortgage purchases. Includes purchases of Fannie Mae MBS held for investment and mortgage-related securities traded but not yet settled. Based on unpaid principal balances. Includes activity from settlements of dollar rolls accounted for as purchases and sales of securities but 

does not include activity from settlements of dollar rolls accounted for as secured financings.
Appendix: Historical Data Tables

Report to Congress 2021 | 85 

TABLE 1A • FANNIE MAE MORTGAGE PURCHASES DETAIL BY TYPE OF LOAN 

Period

Purchases ($ in Millions)a

Single-Family Mortgages Multifamily Mortgages

Conventional FHA/VA/RDc

Total 

Single-Family 

Mortgages 

($)

Conventional 

($) 

FHA/RDc

($) 

Total 

Multifamily 

Mortgages 

($) 

Total 

Mortgage 

Purchases 

($)

FixedRateb

($) 

AdjustableRate 

($)

Seconds

($) 

Total

($) 

FixedRatec

($) 

AdjustableRate 

($)

Total

($) 

4Q21 283,230 1,613 0 284,843 23 88 111 284,954 20,666 0 20,666 305,620

3Q21 293,434 3,265 0 296,699 28 91 119 296,818 16,357 0 16,357 313,175

2Q21 371,577 1,922 0 373,499 28 91 119 373,618 10,875 0 10,875 384,493

1Q21 400,459 166 0 400,625 37 97 134 400,759 21,506 0 21,506 422,265

Annual Data

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

Source: Fannie Mae a Includes lender-originated mortgage-backed securities (MBS) issuances, cash purchases, and capitalized interest. Based on unpaid principal balances. Excludes mortgage loans and mortgage-backed securities traded but not yet settled. 

Excludes delinquent loans purchased from MBS trusts. b Includes balloon loans. Prior to 2012, includes energy loans. c RD refers to loans guaranteed by the U.S. Department of Agriculture Rural Development (RD) loan programs. FHA stands for Federal Housing Administration. VA stands for Department of Veterans Affairs.
86 | Federal Housing Finance Agency

TABLE 1B • FANNIE MAE PURCHASES OF MORTGAGE-RELATED SECURITIES – PART 1

Period

 Purchases ($ in Millions)a

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

Multifamily 

($)

Total 

Ginnie 

Mae 

($)

FixedRate 

($)

AdjustableRate 

($)

FixedRate 

($)

AdjustableRate 

($)

FixedRate 

($)

AdjustableRate 

($)

4Q21 115 2 3,952 4,069 4 0 0 4 79 0 0 79 0 0 4,152

3Q21 409 56 2,335 2,800 76 0 0 76 139 0 0 139 0 0 3,015

2Q21 200 283 1,540 2,023 7 0 0 7 172 0 0 172 0 0 2,202

1Q21 644 0 3,375 4,019 44 0 0 44 523 208 0 731 0 0 4,794

Annual Data

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 Available Before 2002

Not Available Before 2002Not Available Before 2002 180,582 Not Available Before 2002Not Available Before 2002Not Available Before 2002 20,072 Not Available Before 2002Not Available Before 2002Not Available 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 Includes purchases of Fannie Mae mortgage-backed securities held for investment. Based on unpaid principal balances. Includes mortgage-related securities traded but not yet settled. Includes activity from settlements of dollar rolls accounted for as purchases and sales of securities but does not include 

activity from settlements of dollar rolls accounted for as secured financings.
Appendix: Historical Data Tables

Report to Congress 2021 | 87 

TABLE 1B • FANNIE MAE PURCHASES OF MORTGAGE-RELATED 

SECURITIES – PART 2, PRIVATE-LABEL DETAIL

Period

Purchases ($ in Millions)a

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

($) 

4Q21 0 0 0 0 0 0 0 0 0

3Q21 0 0 0 0 0 0 0 0 0

2Q21 0 0 0 0 0 0 0 0 0

1Q21 0 0 0 0 0 0 0 0 0

Annual Data

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 Not Available Before 2002

Not Available Before 2002Not Available Before 2002Not Available Before 2002Not Available Before 2002Not Available Before 2002Not Available Before 2002Not Available Before 2002 3,513

2000 8,466

1999 16,511

1998 15,721

1997 4,188

1996 777

1995 752

Source: Fannie Mae a

 Based on unpaid principal balances. Includes mortgage loans and mortgage-related securities traded but not yet settled. Certain amounts previously reported for years before 2007 have changed as a result of reclassifying certain securities.
88 | Federal Housing Finance Agency

TABLE 2 • FANNIE MAE MBS ISSUANCES

Period

Business Activity ($ in Millions)

MBS Issuancesa

Single-Family MBS

($)

Multifamily MBS

($) 

Total MBS

($) 

Multiclass MBSb,c

($) 

4Q21 292,352 20,682 313,034 20,396

3Q21 303,123 16,357 319,480 15,565

2Q21 388,543 10,875 399,418 17,032

1Q21 403,729 21,506 425,235 22,067

Annual Data

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

 Lender-originated mortgage-backed securities (MBS) plus issuances from Fannie Mae’s investment portfolio. Based on unpaid principal balances. Excludes mortgage-related securities traded but not yet settled. b Beginning in 2006, includes grantor trusts, real estate mortgage investment conduits, and stripped MBS backed by Fannie Mae certificates. c Beginning with the introduction of single security in June 2019, includes the portion of Freddie Mac-issued securities that back Fannie Mae-issued multiclass MBS.
Appendix: Historical Data Tables

Report to Congress 2021 | 89 

TABLE 3 • FANNIE MAE EARNINGS

Period

Earnings ($ in Millions)

Net Interest Incomea,b

($) 

Unconsolidated 

Guarantee Incomea

($) 

Administrative Expenses

 ($) 

Credit-Related Expense/

(Income)c

($) 

Net Income (Loss) 

($) 

Return on Equityd

(%) 

4Q21 7,587 14 826 (912) 5,189 N/M

3Q21 6,972 13 745 (868) 4,842 N/M

2Q21 8,286 14 746 (2,547) 7,152 N/M

1Q21 6,742 16 748 (770) 4,993 N/M

Annual Data

2021 29,587 57 3,065 (5,097) 22,176 N/M 

2020 24,866 62 3,068 855 11,805 N/M

2019 20,962 69 3,023 3,496 14,160 N/M

2018 20,951 171 3,059 2,692 15,959 N/M

2017 20,733 96 2,737 (1,520) 2,463 N/M

2016 21,295 109 2,741 (1,511) 12,313 N/M

2015 21,409 128 3,050 834 10,954 N/M

2014 19,968 175 2,777 (3,822) 14,208 N/M

2013 22,404 205 2,545 (11,788) 83,963 N/M

2012 21,501 212 2,367 (1,106) 17,224 N/M

2011 19,281 227 2,370 27,498 (16,855) N/M

2010 16,409 202 2,597 26,614 (14,014) N/M

2009 14,510 7,211 2,207 73,536 (71,969) N/M

2008 8,782 7,621 1,979 29,809 (58,707) N/M

2007 4,581 5,071 2,669 5,012 (2,050) (8.3)

2006 6,752 4,250 3,076 783 4,059 11.3

2005 11,505 4,006 2,115 428 6,347 19.5

2004 18,081 3,784 1,656 363 4,967 16.6

2003 19,477 3,432 1,454 353 8,081 27.6

2002 18,426 2,516 1,156 273 3,914 15.2

2001 8,090 1,482 1,017 78 5,894 39.8

2000 5,674 1,351 905 94 4,448 25.6

1999 4,894 1,282 800 127 3,912 25.2

1998 4,110 1,229 708 261 3,418 25.2

1997 3,949 1,274 636 375 3,056 24.6

1996 3,592 1,196 560 409 2,725 24.1

1995 3,047 1,086 546 335 2,144 20.9

1994 2,823 1,083 525 378 2,132 24.3

1993 2,533 961 443 305 1,873 25.3

1992 2,058 834 381 320 1,623 26.5

1991 1,778 675 319 370 1,363 27.7

1990 1,593 536 286 310 1,173 33.7

1989 1,191 408 254 310 807 31.1

1988 837 328 218 365 507 25.2

1987 890 263 197 360 376 23.5

1986 384 175 175 306 105 9.5

1985 139 112 142 206 (7) (0.7)

1984 (90) 78 112 86 (71) (7.4)

1983 (9) 54 81 48 49 5.1 

1982 (464) 16 60 36 (192) (18.9)

1981 (429) 0 49 (28) (206) (17.2)

1980 21 Not Available Before 1981 44 19 14 0.9

1979 322 46 35 162 11.3

1978 294 39 36 209 16.5

1977 251 32 28 165 15.3

1976 203 30 25 127 13.8

1975 174 27 16 115 14.1

1974 142 23 17 107 14.7

1973 180 18 12 126 20.3

1972 138 13 5 96 18.8

1971 49 15 4 61 14.4

Source: Fannie Mae

N/A = not applicable N/M = not meaningful

a Adoption of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010, significantly changed presentation of these line items in the financial statements. Financial results for 2010 and later years are not directly comparable to 

previous years. Effective January 1, 2010, guaranty fee income associated with the securitization activities of consolidated trusts is reflected in net interest income. b Interest income net of interest expense. c

 Credit-related expense (income) includes provision (benefit) for loan losses and guaranty losses (collectively, credit losses) and foreclosed property expense (income). d Net income (loss) available to common stockholders divided by average outstanding common equity. 
90 | Federal Housing Finance Agency

TABLE 4 • FANNIE MAE BALANCE SHEET

End of 

Period

Balance Sheet ($ in Millions)

Total 

Assetsa,b

($) 

Total Mortgage 

Assetsa,c

($) 

Nonmortgage 

Investmentsd

($) 

Total Debt 

Outstandinga

($) 

Shareholders’ 

Equity 

(Deficit)a

($) 

Senior 

Preferred 

Stock 

($) 

Fair Value 

of Net 

Assetsa

($)

Mortgage Assets 

Held for Investment 

(Gross)e

($)

Indebtednessf

($)

4Q21 4,229,166 3,979,314 104,343 4,158,191 47,357 120,836 54,883 109,221 202,484

3Q21 4,209,209 3,915,886 119,822 4,142,469 42,173 120,836 41,737 110,910 236,115

2Q21 4,158,038 3,864,697 133,668 4,096,275 37,345 120,836 29,167 123,986 252,721

1Q21 4,070,103 3,756,592 160,611 4,013,980 30,225 120,836 16,749 157,247 275,070

Annual Data

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 (9,423) 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 (3,686) 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 (4,177) 345,103 389,496

2014 3,248,176 3,097,727 50,416 3,222,155 3,720 117,149 (16,754) 413,313 464,464

2013 3,270,108 3,122,719 55,281 3,234,523 9,591 117,149 (33,318) 490,701 534,211

2012 3,222,422 3,094,127 50,450 3,189,517 7,224 117,149 (66,451) 633,054 621,779

2011 3,211,484 3,072,709 95,848 3,189,872 (4,571) 112,578 (127,795) 708,414 742,293

2010 3,221,972 3,103,772 44,503 3,197,000 (2,517) 88,600 (120,212) 788,771 793,878

2009 869,141 745,271 57,782 774,554 (15,281) 60,900 (98,701) 769,252 785,775

2008 912,404 767,989 71,550 870,393 (15,314) 1,000 (105,150) Not Applicable Before 2009 Not Applicable Before 2009

2007 882,547 723,620 86,875 796,299 44,011 Not Applicable 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 Not Available Before 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

 Adoption of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010, significantly changed presentation of these line items in the financial statements. Financial results for 2010 and later years are not directly comparable to 

previous years. Adoption of this guidance resulted in the consolidation of the substantial majority of mortgage-backed securities (MBS) trusts and recognition of the underlying assets and debt of the trusts in the consolidated balance sheet. b Beginning in 1998, the guaranty liability for Fannie Mae MBS held for investment was classified as a liability. c

 Gross mortgage assets net of unamortized purchase premiums, discounts, cost-basis adjustments, fair-value adjustments on securities and loans. Beginning in 2002, amounts include fair-value adjustments on available-for-sale and trading securities, as well as impairments on available-for-sale 

securities. Excludes allowance for loan losses on loans held for investment. Amounts for 1999 through 2001 include certain loans held for investment previously classified as nonmortgage investments. d Data reflect unpaid principal balance net of unamortized purchase premiums, discounts, cost-basis adjustments, fair-value adjustments and impairments on available-for-sale and trading securities. Since 2005, advances to lenders have not been included. Amounts for periods before 2005 may include 

or consist of advances to lenders. e

 Amounts for 2010 and later meet the definition of mortgage assets in the Treasury Senior Preferred Stock Purchase Agreement for the purpose of determining the maximum amount of mortgage assets that may be held. The amount for 2009 includes consolidation of variable interest entities. The 2009 

amount would have been $772.5 billion excluding consolidation of variable interest entities. f

 As defined in the Treasury Senior Preferred Stock Purchase Agreement for 2009 and later years.
Appendix: Historical Data Tables

Report to Congress 2021 | 91 

TABLE 4A • FANNIE MAE TOTAL MBS OUTSTANDING DETAIL

End of 

Period

Single-Family Mortgages ($ in Millions)a,b

a,b Multifamily Mortgagesa

($ in Millions)a ($ in Millions)

Conventional FHA/VAc

Conventional

($) 

FHA/RDb

($) 

Total 

Multifamily

($) 

Total MBS 

Outstandinga

($)

Multiclass 

MBS 

Outstandingd

($)

Fixed-Rate

($) 

Adjustable-Rate 

($)

Seconds

($) 

Total

($)

FixedRate

($) 

AdjustableRate 

($)

Total

($)

4Q21 3,420,679 31,065 44 3,451,788 2,365 541 2,906 402,289 647 402,936 3,857,630 358,753

3Q21 3,373,192 32,003 48 3,405,243 2,492 601 3,093 395,671 681 396,352 3,804,688 363,491

2Q21 3,317,213 31,876 53 3,349,142 2,583 697 3,280 389,234 688 389,922 3,742,344 374,983

1Q21 3,215,395 34,381 59 3,249,835 2,470 791 3,261 383,923 708 384,631 3,637,727 388,764

Annual Data

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 Not Available

Before 1990 Not AvailableBefore 1990 Not AvailableBefore 1990 Not AvailableBefore 1990 Not AvailableBefore 1990 Not AvailableBefore 1990 Not AvailableBefore 1990 Not AvailableBefore 1990 Not AvailableBefore 1990 Not AvailableBefore 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 

before 1981

Source: Fannie Mae a

 Unpaid principal balance of Fannie Mae mortgage-backed securities (MBS) held by third-party investors. Includes guaranteed whole loan real estate mortgage investment conduits (REMICs) and private-label wraps not included in grantor trusts. The principal balance of resecuritized Fannie Mae MBS is 

included only once. b Beginning in Q3 2015, we reclassified certain Fannie Mae Single-Family securities from fixed-rate to adjustable-rate. c

 FHA stands for Federal Housing Administration. RD refers to loans guaranteed by the U.S. Department of Agriculture Rural Development (RD) loan programs. VA stands for Department of Veterans Affairs. d Beginning in 2005, consists of securities guaranteed by Fannie Mae and backed by Ginnie Mae collateral, grantor trusts, and REMICs, as well as stripped MBS backed by Fannie Mae certificates.
92 | Federal Housing Finance Agency

TABLE 5 • FANNIE MAE MORTGAGE ASSETS HELD FOR INVESTMENT DETAILa

End of Period

($ in Millions)

Whole Loansb,c

($) 

Fannie Mae Securitiesb,d

($)

Other Mortgage-Related Securitiesb,d,e

($) 

Mortgage Assets Held for 

Investment (Gross)f

($) 

4Q21 67,637 38,240 3,344 109,221

3Q21 80,260 27,036 3,614 110,910

2Q21 90,465 29,690 3,831 123,986

1Q21 114,158 39,072 4,017 157,247

Annual Data

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

 Beginning in 2010, excludes effect of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010. Amounts for 2010 have been revised from amounts previously reported to reflect this exclusion. b Unpaid principal balance. c

 Amounts for 2002 to 2009 include mortgage-related securities consolidated as loans at period end. For 1999 through 2001, includes certain loans held for investment classified as nonmortgage investments. d Amounts for 2002 to 2009 exclude mortgage-related securities consolidated as loans at period end. e

 Includes mortgage revenue bonds. f

 Amounts for 2010 and later meet the definition of mortgage assets in the Treasury Senior Preferred Stock Purchase Agreement for the purpose of determining the maximum amount of mortgage assets that may be held. Amounts prior to 2010 include consolidation of variable interest entities. Mortgage 

assets as defined under the Senior Preferred Stock Purchase Agreement for 2009 totaled $772.5 billion excluding consolidation of variable interest entities.
Appendix: Historical Data Tables

Report to Congress 2021 | 93 

TABLE 5A • FANNIE MAE MORTGAGE ASSETS HELD FOR INVESTMENT 

DETAIL – WHOLE LOANS

End of 

Period

Whole Loans ($ in Millions)a

Single-Family Multifamily

Total Whole Loans

($)

Conventional

Conventional

($) 

Total FHA/RDc

($)

Total

($) 

Fixed-Rateb

($)

Adjustable-Rate 

($)

Seconds

($) 

Total

($) 

Total FHA/VA/RDc

($) 

1Q21 89,252 11,424 52 100,728 11,959 1,387 84 1,471 114,158

2Q21 69,466 8,242 49 77,757 11,259 1,361 88 1,449 90,465

3Q21 60,931 7,133 36 68,100 10,772 1,307 81 1,388 80,260

4Q21 50,981 5,116 33 56,130 10,254 1,182 71 1,253 67,637

Annual Data

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 Not Available Before 1987 Not Available Before 1987 Not Available Before 1987 Not Available Before 1987 Not Available Before 1987 Not Available Before 1987 Not Available Before 1987 Not Available Before 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 a Unpaid principal balance. Beginning in 2010, excludes the effect of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010. Amounts for 2010 have been revised from amounts previously reported to reflect this exclusion. 

Amounts for 2002 to 2009 include mortgage-related securities consolidated as loans at period end. For 1999 through 2001, includes certain loans held for investment classified as nonmortgage investments. b Includes balloon loans. Prior to 2012, includes energy loans. c

 RD refers to loans guaranteed by the U.S. Department of Agriculture Rural Development (RD) loan programs. FHA stands for Federal Housing Administration. VA stands for Department of Veterans Affairs.
94 | 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 ($)b Other Securities

Single-Familyc

Multifamily

($)

Total Fannie 

Mae 

($) 

Freddie Mac Ginnie Mae

Total 

PrivateLabeld

($)

Total

Other 

Securitiesd

($)

Fixed-Rate 

($)

AdjustableRate

($)

Single-Family

Multifamily

($)

Total 

Freddie 

Mac 

($)

Single-Family

Multifamily

($)

Total 

Ginnie 

Mae 

($)

Fixed-Rate 

($) 

AdjustableRate 

($)

Fixed-Rate 

($) 

AdjustableRate

($)

4Q21 27,929 3,983 6,328 38,240 3 11 0 14 2 2,844 0 2,846 340 3,200

3Q21 18,480 4,358 4,198 27,036 3 13 0 16 70 3,007 0 3,077 357 3,450

2Q21 20,836 4,909 3,945 29,690 3 14 0 17 116 3,149 0 3,265 379 3,661

1Q21 29,103 4,753 5,216 39,072 77 15 0 92 44 3,269 0 3,313 424 3,829

Annual Data

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 Available

Before 2001 

Not Available

Before 2001

Not Available

Before 2001 351,066 Not AvailableBefore 2001

Not Available

Before 2001

Not Available

Before 2001 33,290 Not AvailableBefore 2001

Not Available

Before 2001

Not Available

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 Not Available

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 Available

Before 1988 1,036 1,036

1986 1,606 1,591 1,591

1985 435 Not Available

Before 1986

Not Available

Before 1986

1984 477

1983 Not Available 

Before 1984

Source: Fannie Mae a

 Unpaid principal balance. Amounts for 2002 to 2009 exclude mortgage-related securities consolidated as loans at period end. b Beginning in 2010, excludes effect of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010. Amounts for 2010 have been revised from amounts previously reported to reflect this exclusion. c

 Beginning in Q3 2015, we reclassified certain Fannie Mae Single-Family securities from fixed-rate to adjustable-rate. d Excludes mortgage revenue bonds.
Appendix: Historical Data Tables

Report to Congress 2021 | 95 

TABLE 5B • FANNIE MAE MORTGAGE ASSETS HELD FOR INVESTMENT 

DETAIL – PART 2, MORTGAGE-RELATED SECURITIES, PRIVATE-LABEL DETAIL

End of Period

Mortgage-Related Securities ($ in Millions)a

Private-Label

Single-Familyb

Multifamily

($)

Total 

PrivateLabel

($) 

Manufactured 

Housing

($)

Subprime Alt-A Other

Fixed-Rate

($) 

Adjustable-Rate 

($)

Fixed-Rate

($) 

Adjustable-Rate 

($)

Fixed-Rate

($) 

Adjustable-Rate 

($)

4Q21 0 0 138 1 2 5 194 0 340

3Q21 0 0 148 1 2 5 201 0 357

2Q21 0 0 158 1 2 4 214 0 379

1Q21 26 0 164 1 2 4 227 0 424

Annual Data

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 Not Available Before 2002

Not Available Before 2002 Not Available Before 2002 Not Available Before 2002Not Available Before 2002Not Available Before 2002 299 29,175

2000 Not Available Before 2001

Not Available Before 2001 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 a

 Unpaid principal balance. Beginning in 2010, excludes effect of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010. Amounts for 2010 have been revised from amounts previously reported to reflect this exclusion. b Beginning in Q3 2015, we reclassified certain Single-Family securities from fixed-rate to adjustable-rate.
96 | 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 Bondsa

($)

Total 

Mortgage-Related Securitiesa,b

($)

Unamortized Premiums, Discounts, 

Deferred Adjustments, and Fair-Value 

Adjustments 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 

Investment (Gross)e

($) 

4Q21 144 41,584 (172) 109,049 109,221 250,000

3Q21 164 30,650 (266) 110,643 110,910 250,000

2Q21 170 33,521 (456) 123,530 123,986 250,000

1Q21 188 43,089 (1,194) 156,053 157,247 250,000

Annual Data

2021 144 41,584 (172) 109,049 109,221 250,000

2020 214 43,171 375 163,025 162,650 250,000

2019 313 48,053 (2,284) 151,327 153,611 250,000

2018 431 52,478 (3,619) 175,534 179,153 250,000 

2017 665 53,418 (6,044) 224,739 230,783 288,400 

2016 1,278 52,285 (9,570) 262,784 272,354 339,300 

2015 3,105 91,511 (8,446) 336,657 345,103 399,200 

2014 4,556 127,703 (6,861) 406,452 413,313 422,700 

2013 6,319 176,037 (10,302) 480,399 490,701 552,500 

2012 8,486 261,346 (6,267) 626,787 633,054 650,000 

2011 10,899 310,143 (9,784) 698,630 708,414 729,000 

2010 12,525 361,697 (12,284) 776,487 788,771 810,000 

2009 14,453 352,709 (23,981) 745,271 769,252 900,000 

2008 15,447 362,703 (24,207) 767,989 Not Applicable Before 2009 Not Applicable Before 2009

2007 16,315 324,326 (4,283) 723,620

2006 16,924 345,887 (2,498) 726,434

2005 18,802 371,209 (1,086) 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 (2,104) 706,347

2000 15,227 457,617 (2,520) 607,731

1999 12,171 374,836 (964) 523,103

1998 9,685 258,736 919 415,434

1997 7,620 156,576 (86) 316,592

1996 6,665 119,161 (525) 286,527

1995 5,343 82,030 (643) 252,868

1994 3,403 51,148 (1,242) 220,815

1993 2,519 27,712 (692) 190,169

1992 2,816 23,522 (1,859) 156,260

1991 2,759 19,732 (2,304) 126,679

1990 2,530 14,831 (2,562) 114,066

1989 2,239 14,992 (2,740) 107,981

1988 1,804 10,793 (2,914) 100,099

1987 1,866 7,128 (3,081) 93,665

1986 469 Not Available Before 1987 (3,710) 94,123

1985 Not Available Before 1986 (4,040) 95,250

1984 (3,974) 84,695

1983 (3,009) 75,782

1982 (2,458) 69,842

1981 (1,783) 59,949

1980 (1,738) 55,878

1979 (1,320) 49,777

1978 (1,212) 42,103

1977 (1,125) 33,252

1976 (1,162) 31,775

1975 (1,096) 30,821

1974 (1,042) 28,665

1973 (870) 23,579

1972 (674) 19,650

1971 (629) 17,886

Source: Fannie Mae

N/A = not applicable

a Unpaid principal balance. b Beginning in 2010, excludes effect of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010. Amounts for 2010 have been revised from amounts previously reported to reflect this exclusion. c Includes unamortized premiums, discounts, deferred adjustments, and fair-value adjustments on securities and loans. Beginning in 2002, amounts include fair-value adjustments and impairments on mortgage-related securities and securities commitments classified as trading and available-for-sale. 

Excludes allowance for loan losses on loans held for investment and allowance for credit losses on Available for Sale Securities. d Amounts for 2010 and later meet the definition of mortgage assets in the Treasury Senior Preferred Stock Purchase Agreement for the purpose of determining the maximum amount of mortgage assets that may be held. The amount for 2009 includes consolidation of variable interest entities. The 2009 

amount would have been $772.5 billion excluding consolidation of variable interest entities. e

 Maximum allowable mortgage assets under the Treasury Senior Preferred Stock Purchase Agreement.
Appendix: Historical Data Tables

Report to Congress 2021 | 97 

TABLE 6 • FANNIE MAE FINANCIAL DERIVATIVES

End of 

Period

Financial Derivatives - Notional Amount Outstanding ($ in Millions)

Interest Rate Swapsa

($)

Interest Rate Caps, 

Floors, and Corridors

($)

Foreign Currency 

Contracts

($)

Over-the-Counter 

Futures, Options, 

and Forward Rate 

Agreementsb

($) 

Mandatory Mortgage 

Purchase & Sell 

Commitments

($)

Otherc

($) 

Total

($) 

4Q21 158,974 0 336 5,432 182,386 19,256 366,384

3Q21 185,973 0 334 5,710 239,310 18,260 449,587

2Q21 202,462 0 343 6,180 284,636 20,779 514,400

1Q21 212,867 0 479 10,232 455,483 24,489 703,550

Annual Data

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 Not Available Before 2003 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 Not Available 

Before 1992 50 1,050 10,200

1990 4,800 0 25 1,700 6,525

Source: Fannie Mae a Beginning in 2002, includes mortgage-backed securities options, swap credit enhancements, and forward-starting debt. Forward-starting debt is a commitment to issue debt at some future time (generally to fund a purchase or commitment that starts at the agreed future time). b Beginning in 2010, includes exchange-traded futures, if applicable. c

 Beginning in 2016, includes credit risk transfer transactions that we account for as derivatives.
98 | Federal Housing Finance Agency

TABLE 7 • FANNIE MAE NONMORTGAGE INVESTMENTS

End of 

Period

Nonmortgage Investments ($ in Millions)a

Federal Funds 

and Eurodollars 

($) 

Asset-Backed Securities

($)

Repurchase Agreementsb

($)

Commercial Paper and 

Corporate Debtc

($)

Otherd

($) 

Total 

($) 

4Q21 0 0 20,743 19 83,581 104,343

3Q21 0 0 27,610 20 92,192 119,822

2Q21 0 0 43,888 73 89,707 133,668

1Q21 0 0 54,937 73 105,601 160,611

Annual Data

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 Not Available Before 1982 Not Available Before 1982 Not Available Before 1982 Not Available Before 1982 Not Available Before 1982 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 a Data reflect unpaid principal balance net of unamortized purchase premiums, discounts and cost-basis adjustments, fair-value adjustments, and impairments on available-for-sale and trading securities. b Since 2005, advances to lenders have not been included in the data. Amounts for years before 2005 may include or consist of advances to lenders. Includes tri-party repurchase agreements. c Includes corporate bonds. d Includes Treasury and agency securities, Yankee Bonds, and domestic certificates of deposit.
Appendix: Historical Data Tables

Report to Congress 2021 | 99 

TABLE 8 • FANNIE MAE MORTGAGE ASSET QUALITY 

End of 

Period

Mortgage Asset Quality

Single-Family Serious 

Delinquency Ratea

(%)

Multifamily Serious 

Delinquency Rateb

(%)

Credit (Income) Losses 

as a Proportion of the 

Guarantee Book of Businessc, d 

(%)

Real Estate Owned 

as a Proportion of the 

Guarantee Book of Businessd

(%)

Credit-Enhanced Outstanding 

as a Proportion of the 

Guarantee Book of Businesse

(%)

4Q21 1.25% 0.42% (0.06)% 0.03% 41.17%

3Q21 1.62% 0.42% (0.03)% 0.03% 40.02%

2Q21 2.08% 0.53% (0.05)% 0.03% 41.61%

1Q21 2.58% 0.66% 0.01% 0.03% 44.60%

Annual Data

2021 1.25% 0.42% (0.06)% 0.03% 41.17%

2020 2.87 0.98 (0.03) 0.04 47.75 

2019 0.66 0.04 0.05 0.07 57.42

2018 0.76 0.06 0.07 0.08 51.0

2017 1.24 0.11 0.10 0.10 44.3

2016 1.20 0.05 0.12 0.15 37.2

2015 1.55 0.07 0.35 0.22 23.1

2014 1.89 0.05 0.20 0.35 20.9

2013 2.38 0.10 0.15 0.38 19.6

2012 3.29 0.24 0.48 0.35 18.8

2011 3.91 0.59 0.61 0.37 18.4

2010 4.48 0.71 0.77 0.53 19.1

2009 5.38 0.63 0.45 0.30 21.2

2008 2.42 0.30 0.23 0.23 23.9

2007 0.98 0.08 0.05 0.13 23.7

2006 0.65 0.08 0.02 0.09 22.3

2005 0.79 0.32 0.01 0.08 21.8

2004 0.63 0.11 0.01 0.07 20.5

2003 0.60 0.29 0.01 0.06 22.6

2002 0.57 0.08 0.01 0.05 26.8

2001 0.55 0.27 0.01 0.04 34.2

2000 0.45 0.07 0.01 0.05 40.4

1999 0.47 0.11 0.01 0.06 20.9

1998 0.56 0.23 0.03 0.08 17.5

1997 0.62 0.37 0.04 0.10 12.8

1996 0.58 0.68 0.05 0.11 10.5

1995 0.56 0.81 0.05 0.08 10.6

1994 0.47 1.21 0.06 0.10 10.2

1993 0.48 2.34 0.04 0.10 10.6

1992 0.53 2.65 0.04 0.09 15.6

1991 0.64 3.62 0.04 0.07 22.0

1990 0.58 1.70 0.06 0.09 25.9

1989 0.69 3.20 0.07 0.14 Not Available Before 1990

1988 0.88 6.60 0.11 0.15

1987 1.12 Not Available Before 1988 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 Not Available Before 1974 0.00 0.61

1972 0.02 0.98

1971 0.01 0.59

Source: Fannie Mae a

 Single-family loans are seriously delinquent when the loans are 90 days or more past due or in the foreclosure process. Rate is calculated using the number of conventional single-family loans owned and backing Fannie Mae mortgage-backed securities (MBS). Includes loans referred to foreclosure 

proceedings but not yet foreclosed. Prior to 1988, data included all seriously delinquent loans for which Fannie Mae had primary risk of loss. Beginning in 1998, data include all seriously delinquent conventional loans owned or backing Fannie Mae MBS with and without primary mortgage insurance or 

credit enhancement. Data prior to 1992 include loans and securities in relief or bankruptcy, even if the loans were less than 90 days delinquent, calculated based on number of loans. b Before 1998, data include multifamily loans for which Fannie Mae had primary risk of loss. Beginning in 1998, data include all multifamily loans and securities 60 days or more past due. Beginning in 2002, rate is calculated using the unpaid principal balance of multifamily loans owned by Fannie Mae 

or underlying Fannie Mae guaranteed securities as the denominator. For the period 1998 to 2001, the denominator also includes other credit enhancements Fannie Mae provides on multifamily mortgage assets and multifamily non-Fannie Mae mortgage-related securities held for investment. c Beginning in 2020, credit (income) losses consists of write-offs, recoveries, foreclosed property income (expense), write-offs on the redesignation of mortgage loans and gains on sales and other valuation adjustments. Before 2020 credit (income) losses consisted of charge-offs, net of recoveries and 

foreclosed property expense (income). Average balances used to calculate ratios subsequent to 1994. Quarterly data are annualized. Beginning in 2005, credit losses exclude the impact of fair-value losses of credit impaired loans acquired from MBS trusts. Beginning in 2008, credit losses also exclude the 

effect of HomeSaver Advance program fair-value losses. d Guaranty book of business refers to the sum of the unpaid principal balance of mortgage loans held as investments, Fannie Mae MBS held as investments, Fannie Mae MBS held by third parties, and other credit enhancements Fannie Mae provides on mortgage assets. It excludes non-Fannie Mae 

mortgage-related securities held for investment that Fannie Mae does not guarantee. Before 2005, the ratio was based on the mortgage credit book of business, which consists of the guaranty book of business plus non-Fannie Mae mortgage-related securities held as investments not guaranteed by 

Fannie Mae. e Beginning in 2000, the credit-enhanced category was expanded to include loans with primary mortgage insurance. Amounts for periods before 2000 reflect the proportion of assets held for investment with additional recourse from a third party to accept some or all of the expected losses on defaulted 

mortgages. Additionally, beginning in Q4 2016, the credit-enhanced category was expanded to include credit enhancements from Connecticut Avenue Securities (CAS) transactions.
100 | Federal Housing Finance Agency

TABLE 9 • FANNIE MAE CAPITAL

End of 

Period

Capital ($ in Millions)a

Minimum Capital Requirement Risk-Based Capital Requirement

Market 

Capitalizationh

($)

Core Capital/Total 

Assetsi

(%)

Core Capital/

Total Assets Plus 

Unconsolidated 

MBSi, j

(%)

Common Share 

Dividend Payout 

Ratek

(%)

Core 

Capitalb

($) 

Minimum Capital 

Requirementc

($) 

Minimum Capital 

Surplus (Deficit)d

($) 

Total 

Capitale

($) 

Risk-Based Capital 

Requirementf

($) 

Risk-Based Capital 

Surplus (Deficit)g

($) 

4Q21 (73,517) 26,810 (100,327) N/A N/A N/A 950 (1.74) (1.74) N/A

3Q21 (78,707) 27,820 (106,527) N/A N/A N/A 973 (1.87) (1.87) N/A

2Q21 (83,549) 27,953 (111,502) N/A N/A N/A 1,807 (2.01) (2.01) N/A

1Q21 (90,701) 28,835 (119,536) N/A N/A N/A 2,397 (2.23) (2.23) N/A

Annual Data

2021 (73,517) 26,810 (100,327) N/A N/A N/A 950 (1.74) (1.74) N/A

2020 (95,694) 28,603 (124,297) N/A N/A N/A 2,768 (2.40) (2.40) N/A

2019 (106,360) 22,392 (128,752) N/A N/A N/A $3,613 (3.03) (3.03) N/A

2018 (114,919) 22,216 (137,135) N/A N/A N/A 1,228 (3.36) (3.36) N/A

2017 (121,389) 23,007 (144,396) N/A N/A N/A 3,069 (3.63) (3.62) N/A

2016 (111,836) 24,351 (136,187) N/A N/A N/A 4,517 (3.40) (3.39) N/A

2015 (114,526) 25,144 (139,670) N/A N/A N/A 1,899 (3.55) (3.54) N/A

2014 (115,202) 27,044 (142,246) N/A N/A N/A 2,380 (3.55) (3.53) N/A

2013 (108,811) 28,472 (137,283) N/A N/A N/A 3,486 (3.33) (3.31) N/A

2012 (110,350) 30,862 (141,212) N/A N/A N/A 295 (3.42) (3.41) N/A

2011 (115,967) 32,463 (148,430) N/A N/A N/A 233 (3.61) (3.59) N/A

2010 (89,516) 33,676 (123,192) N/A N/A N/A 336 (2.78) (2.76) N/A

2009 (74,540) 33,057 (107,597) N/A N/A N/A 1,314 (8.58) (2.26) N/A

2008 (8,641) 33,552 (42,193) N/A N/A N/A 825 (0.95) (0.27) N/M

2007 45,373 31,927 13,446 48,658 24,700 23,958 38,946 5.14 1.51 N/M

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 (4,863) 27,487 27,221 266 72,838 2.64 1.16 20.8

2002 20,431 27,688 (7,257) 20,831 17,434 3,397 63,612 2.26 1.05 34.5

2001 25,182 24,182 1,000 25,976 Not Applicable Before 2002 Not Applicable Before 2002 79,281 3.15 1.51 23.0

2000 20,827 20,293 533 21,634 86,643 3.08 1.51 26.0

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 Not Applicable 

Before 1993

Not Applicable 

Before 1993

Not Applicable 

Before 1993

Not Applicable 

Before 1993 20,874 Not ApplicableBefore 1993 

Not Applicable

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 8.0

1985 1,904 30.1

1984 1,012 N/A 

1983 1,514 13.9

1982 1,603 N/A

1981 502 N/A

1980 702 464.2

1979 Not Available 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

Sources: Fannie Mae and FHFA

N/A = not applicable N/M = not meaningful

a On October 9, 2008, the Federal Housing Finance Agency (FHFA) suspended capital classifications of Fannie Mae. As of the fourth quarter of 2008, neither the existing statutory nor the FHFA-directed regulatory capital requirements were binding and will not be binding during conservatorship. b The sum of the stated value of outstanding common stock (common stock less treasury stock), the stated value of outstanding noncumulative perpetual preferred stock, paid-in capital, and retained earnings (accumulated deficit). Core capital excludes accumulated other comprehensive income (loss) 

and senior preferred stock.

c Beginning in the third quarter of 2005, FHFA required Fannie Mae to maintain an additional 30 percent capital in excess of the statutory minimum capital requirement. The regulator reduced the requirement to 20 percent as of the first quarter of 2008 and to 15 percent as of the second quarter of 2008. 

The minimum capital requirement and minimum capital surplus numbers stated in this table do not reflect these additional capital requirements. d Minimum capital surplus is the difference between core capital and minimum capital requirement. e Total capital is core capital plus the total allowance for loan losses and guaranty liability for mortgage-backed securities (MBS), less any specific loss allowances. f Risk-based capital requirement is the amount of total capital an Enterprise must hold to absorb projected losses flowing from future adverse interest rate and credit risk conditions and is specified by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. For 2004 through 2006, the 

requirements were calculated based on originally reported, not restated or revised, financial results. g The difference between total capital and the risk-based capital requirement. For 2004 through 2006, the difference reflects restated and revised total capital, rather than total capital originally reported by Fannie Mae and used by FHFA to set capital classifications. FHFA is not reporting on risk-based 

capital levels during conservatorship. h Stock price at the end of the period multiplied by the number of outstanding common shares. i Adoption of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010, significantly changed presentation of this item in the financial statements. Financial results for 2010 and beyond are not directly comparable to previous years. j

 Unconsolidated MBS are those held by third parties. k Common dividends declared during the period divided by net income available to common stockholders for the period. As a result of conservatorship status and the terms of the Senior Preferred Stock Purchase Agreement with Treasury, no amounts are available to distribute as dividends to common or 

preferred stockholders (other than to Treasury as holder of the Senior Preferred Stock).
Appendix: Historical Data Tables

Report to Congress 2021 | 101 

TABLE 10 • FREDDIE MAC MORTGAGE PURCHASES

Period

Business Activity ($ in Millions)

Purchasesa

Single-Family ($) Multifamily ($) Total Mortgagesb ($) Mortgage-Related Securitiesc,d ($)

4Q21 270,857 25,316 296,173 81,178

3Q21 298,439 17,718 316,157 81,621

2Q21 288,467 13,052 301,519 62,963

1Q21 361,816 13,913 375,729 57,978

Annual Data

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 Not Available Before 1994

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 Not Available Before 1985 Not Available Before 1985 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 a

 Based on unpaid principal balances. Excludes mortgage loans and mortgage-related securities traded but not yet settled. b Consists of loans purchased from lenders, as well as those loans covered under other mortgage-related guarantees. c

 Not included in total mortgages. From 2002-through the current period, amounts include non-Freddie Mac mortgage-related securities as well as repurchased Freddie Mac mortgage-backed securities (MBS) held for investment. Before 2002, amounts exclude Freddie Mac real estate mortgage 

investment conduits and other structured securities backed by Ginnie Mae MBS. Amounts in 2010 through the current period, include purchases of Freddie Mac MBS, most accounted for as debt extinguishments under Generally Accepted Accounting Principles rather than as investment in securities. d Freddie Mac mortgage-related securities include mortgage-related securities issued or guaranteed by Freddie Mac. In prior periods, certain of these securities that were issued by third-party trusts but guaranteed by Freddie Mac were classified as non-agency mortgage-related securities. The “total 

private-label” data for 2009 and later periods have been revised to conform to the current period presentation.
102 | Federal Housing Finance Agency

TABLE 10A • FREDDIE MAC MORTGAGE PURCHASES DETAIL BY TYPE OF LOAN

Period

Purchases ($ in Millions)a

Single-Family Mortgages Multifamily Mortgages

Total 

Mortgage 

Purchases

($)

Conventional FHA/VAd Total 

Single-Family 

Mortgages

($)

Conventional

($)

FHA/RD

($) 

Total 

Multi-family 

Mortgages

($)

Fixed-Rateb

($) 

Adjustable-Ratec

($)

Seconds

 ($) 

Total

($) 

Fixed-Rate

($) 

Adjustable-Rate 

($)

Total

($) 

4Q21 269,465 1,346 0 270,811 46 0 46 270,857 25,316 0 25,316 296,173

3Q21 295,990 2,384 0 298,374 65 0 65 298,439 17,718 0 17,718 316,157

2Q21 286,990 1,391 0 288,381 86 0 86 288,467 13,052 0 13,052 301,519

1Q21 361,640 108 0 361,748 68 0 68 361,816 13,913 0 13,913 375,729

Annual Data

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 a Based on unpaid principal balances. Excludes mortgage loans and mortgage-related securities traded but not yet settled. Activity includes issuances of other mortgage-related guarantees for loans held by third parties. b From 2002 through the current period, includes loans guaranteed by U.S. Department of Agriculture Rural Development (RD) loan programs. c From 2001 to 2012, includes balloon/reset mortgages. Freddie Mac discontinued purchase of balloon/reset mortgages on January 1, 2013. d FHA stands for Federal Housing Administration. VA stands for Department of Veterans Affairs.
Appendix: Historical Data Tables

Report to Congress 2021 | 103 

TABLE 10B • FREDDIE MAC PURCHASES OF MORTGAGE-RELATED 

SECURITIES – PART 1

Period

Purchases ($ in Millions)a

Freddie Mac Securitiesb Other Securities

Mortgage

Revenue 

Bonds

($)

Total 

MortgageRelated 

Securitiesc

($)

Single-Family

Multifamily 

($)

Total 

Freddie 

Mac 

($)

Fannie Mae Ginnie Maec

Total PrivateLabeld

($)

Single-Family

Multifamily 

($)

Total 

Fannie 

Mae 

($)

Single-Family

Multifamily 

($)

Total 

Ginnie 

Mae 

($)

Fixed-Rate 

($)

AdjustableRate 

($)

Fixed-Rate 

($)

AdjustableRate 

($)

Fixed-Rate 

($)

AdjustableRate 

($)

4Q21 77,976 514 0 78,490 2,663 25 0 2,688 0 0 0 0 0 0 81,178

3Q21 78,646 1,224 0 79,870 1,716 35 0 1,751 0 0 0 0 0 0 81,621

2Q21 60,595 808 0 61,403 1,560 0 0 1,560 0 0 0 0 0 0 62,963

1Q21 53,274 1 9 53,284 4,694 0 0 4,694 0 0 0 0 0 0 57,978

Annual Data

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 Available 

Before 2004

Not Available 

Before 2004

Not Available 

Before 2004 266,989 Not Available Before 2004

Not Available 

Before 2004

Not Available 

Before 2004 47,806 Not Available Before 2004

Not Available 

Before 2004

Not Available 

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 Available 

Before 1997

Not Available 

Before 1997

Not Available Before 1997Not Available 

Before 1997 36,824

1995 32,534 39,292

1994 19,817 19,817

Source: Freddie Mac a Based on unpaid principal balances. Excludes mortgage loans and mortgage-related securities traded but not yet settled. b Amounts for 2010 and later include purchases of Freddie Mac mortgage-backed securities (MBS), many accounted for as debt extinguishments under Generally Accepted Accounting Principles rather than as investment in securities. Amounts for 2012 and later primarily consists of third party purchases. c Before 2002, amounts exclude real estate mortgage investment conduits and other structured securities backed by Ginnie Mae MBS. d Freddie Mac mortgage-related securities include mortgage-related securities issued or guaranteed by Freddie Mac. In prior periods, certain of these securities that were issued by third-party trusts but guaranteed by Freddie Mac were classified as non-agency mortgage-related securities. 2009 and later 

periods have been revised to conform to the current period presentation.
104 | Federal Housing Finance Agency

TABLE 10B • FREDDIE MAC PURCHASES OF MORTGAGE-RELATED 

SECURITIES – PART 2, PRIVATE-LABEL DETAIL

Period

Purchases ($ in Millions)a

Private-Label

Single-Family 

Multifamilyd

($)

Total Private-Label 

($)

 Manufactured 

Housing 

($)

Subprime Alt-Ab Otherc

Fixed-Rate

 ($) 

Adjustable-Rate 

($) 

Fixed-Rate

($) 

Adjustable-Rate 

($) 

Fixed-Rate

($) 

Adjustable-Rate 

($) 

4Q21 0 0 0 0 0 0 0 0 0

3Q21 0 0 0 0 0 0 0 0 0

2Q21 0 0 0 0 0 0 0 0 0

1Q21 0 0 0 0 0 0 0 0 0

Annual Data

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 Not Available 

Before 2006

Not Available 

Before 2006

Not Available 

Before 2006

Not Available 

Before 2006 2,191 162,931 14,840 179,962

2004 0 1,379 108,825 10,878 121,082

2003 0 Not Available 

Before 2004

Not Available 

Before 2004

Not Available

Before 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 a Based on unpaid principal balances. Excludes mortgage loans and mortgage-related securities traded but not yet settled. b Includes Alt-A and option ARM private-label mortgage-related securities purchased for other securitization products. ARM stands for adjustable-rate mortgage. c Freddie Mac mortgage-related securities include mortgage-related securities issued or guaranteed by Freddie Mac. In prior periods, certain of these securities that were issued by third-party trusts but guaranteed by Freddie Mac were classified as non-agency mortgage-related securities. 2016 and later 

periods have been revised to conform to the current period presentation. d Freddie Mac mortgage-related securities include mortgage-related securities issued or guaranteed by Freddie Mac. In prior periods, certain of these securities that were issued by third-party trusts but guaranteed by Freddie Mac were classified as non-agency mortgage-related securities. 2009 and later 

periods have been revised to conform to the current period presentation.
Appendix: Historical Data Tables

Report to Congress 2021 | 105 

TABLE 11 • FREDDIE MAC MBS ISSUANCES

Period

Business Activity ($ in Millions)

MBS Issuancesa

Single-Family MBSb

($)

Multifamily MBS

($) 

Total MBSb

($) 

Multiclass MBSc

($) 

4Q21 271,428 19,571 290,999 42,948

3Q21 303,199 14,909 318,108 66,531

2Q21 329,118 18,044 347,162 88,064

1Q21 348,944 21,087 370,031 79,320

Annual Data

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 Not Available Before 1985 Not Available Before 1985 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 a

 Based on unpaid principal balances. Excludes mortgage loans, mortgage-related securities traded but not yet settled and unguaranteed subordinated whole loan securities. Includes issuance of other mortgage-related guarantees for mortgages not in the form of a security. b Includes mortgage-backed securities (MBS), real estate mortgage investment conduits (REMICs), other structured securities, and other securitization products. From 2002 through the current period, includes Freddie Mac REMICs and other structured securities backed by Ginnie Mae MBS. Before 2002, 

excludes Freddie Mac REMICs and other structured securities backed by Ginnie Mae MBS. Amounts are not included in total MBS issuances if the activity represents a resecuritization of Freddie Mac MBS. c

 Includes activity related to multiclass securities, primarily REMICs, but excludes resecuritizations of MBS into single-class securities. Amounts are not included in total MBS issuances if the activity represents a resecuritization of Freddie Mac MBS.
106 | Federal Housing Finance Agency

TABLE 12 • FREDDIE MAC EARNINGS

Period

Earnings ($ in Millions)

Net Interest Incomea

($) 

Unconsolidated 

Guarantee Incomea

($) 

Administrative Expenses

($) 

Credit-Related (Benefit)

Expensesb,c

 ($) 

Net Income (Loss) 

($) 

Return on Equityd

(%) 

4Q21 4,756 182 (734) 604 2,744 N/M

3Q21 4,418 246 (627) 194 2,919 N/M

2Q21 4,767 356 (651) (171) 3,679 N/M

1Q21 3,639 248 (639) 404 2,767 N/M

Annual Data

2021 17,580 1,032 (2,651) 1,031 12,109 N/M

2020 12,771 1,442 2,535 2,336 7,326 N/M

2019 11,848 1,089 2,564 191 7,214 N/M

2018 12,021 866 2,293 (150) 9,235 N/M

2017 14,164 662 2,106 105 5,625 N/M

2016 14,379 513 2,005 (516) 7,815 N/M

2015 14,946 369 1,927 (2,327) 6,376 N/M

2014 14,263 329 1,881 254 7,690 N/M

2013 16,468 271 1,805 (2,605) 48,668 N/M

2012 17,611 201 1,561 1,949 10,982 N/M

2011 18,397 170 1,506 11,287 (5,266) N/M

2010 16,856 143 1,597 17,891 (14,025) N/M

2009 17,073 3,033 1,685 29,837 (21,553) N/M

2008 6,796 3,370 1,505 17,529 (50,119) N/M

2007 3,099 2,635 1,674 3,060 (3,094) (21.0)

2006 3,412 2,393 1,641 356 2,327 9.8 

2005 4,627 2,076 1,535 347 2,113 8.1 

2004 9,137 1,382 1,550 140 2,937 9.4 

2003 9,498 1,653 1,181 2 4,816 17.7 

2002 9,525 1,527 1,406 126 10,090 47.2 

2001 7,448 1,381 1,024 39 3,158 20.2 

2000 3,758 1,243 825 75 3,666 39.0 

1999 2,926 1,019 655 159 2,223 25.5 

1998 2,215 1,019 578 342 1,700 22.6 

1997 1,847 1,082 495 529 1,395 23.1 

1996 1,705 1,086 440 608 1,243 22.6 

1995 1,396 1,087 395 541 1,091 22.1 

1994 1,112 1,108 379 425 983 23.3 

1993 772 1,009 361 524 786 22.3 

1992 695 936 329 457 622 21.2 

1991 683 792 287 419 555 23.6 

1990 619 654 243 474 414 20.4 

1989 517 572 217 278 437 25.0 

1988 492 465 194 219 381 27.5 

1987 319 472 150 175 301 28.2 

1986 299 301 110 120 247 28.5 

1985 312 188 81 79 208 30.0 

1984 213 158 71 54 144 52.0 

1983 125 132 53 46 86 44.5 

1982 30 77 37 26 60 21.9 

1981 34 36 30 16 31 13.1 

1980 54 23 26 23 34 14.7 

1979 55 18 19 20 36 16.2 

1978 37 14 14 13 25 13.4 

1977 31 9 12 8 21 12.4 

1976 18 3 10 (1) 14 9.5 

1975 31 3 10 11 16 11.6 

1974 42 2 8 33 5 4.0 

1973 31 2 7 15 12 9.9 

1972 10 1 5 4 4 3.5 

1971 10 1 Not Available Before 1972 Not Available Before 1972 6 5.5 

Source: Freddie Mac

N/M = not meaningful

a Adoption of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010, significantly changed presentation of these items in the financial statements. Consequently, financial results for 2010 and later are not directly comparable to 

previous years. Effective January 1, 2010, guarantee fee income associated with the securitization activities of consolidated trusts is reflected in net interest income. b 2018 and 2019 have been revised to conform to current period presentation. c For years 2018 through the current period, defined as provision/benefit for credit losses, credit enhancement expense, benefit for (decrease in) credit enhancement recoveries, and real-estate owned operations income/expense. For years 2002 through 2017, defined as provision/benefit for credit losses 

and real-estate owned operations income/expense. For years 2000 and 2001, includes only provision for credit losses. d Ratio computed as annualized net income (loss) available to common stockholders divided by the simple average of beginning and ending common stockholders’ equity (deficit).
Appendix: Historical Data Tables

Report to Congress 2021 | 107 

TABLE 13 • FREDDIE MAC BALANCE SHEET

End of 

Period

Balance Sheet ($ in Millions)a

Total Assets

($) 

Total 

Mortgage Assetsb

($) 

Nonmortgage 

Investments 

($) 

Total 

Debt Outstanding

 ($) 

Stockholders’ Equity 

($) 

Senior Preferred 

Stock

 ($) 

Fair-Value 

of Net Assets

($) 

Mortgage Assets 

Held for Investment

(Gross)c

($)

Indebtednessd

($) 

4Q21 3,025,586 2,873,299 112,169 2,980,185 28,033 72,648 Not Available 111,011 181,661 

3Q21 2,937,984 2,764,063 127,611 2,895,426 25,311 72,648 Not Available 113,773 197,563 

2Q21 2,842,142 2,639,145 155,190 2,802,755 22,402 72,648 Not Available 113,235 230,645 

1Q21 2,741,874 2,543,827 55,933 2,704,270 18,791 72,648 Not Available 174,456 262,658 

Annual Data

2021 3,025,586 2,873,299 112,169 2,980,185 28,033 72,648 Not Available 111,011 181,661 

2020 2,627,415 2,422,493 139,208 2,592,546 16,413 72,648 Not Available 182,184 286,541 

2019 2,203,623 2,073,090 98,327 2,179,528 9,122 72,648 Not Available 212,673 283,157 

2018 2,063,060 1,983,053 55,751 2,044,950 4,477 72,648 Not Available 218,080 255,700 

2017 2,049,776 1,941,680 79,991 2,034,630 (312) 72,336 Not Available 253,455 316,729 

2016 2,023,376 1,906,843 72,685 2,002,004 5,075 72,336 Not Available 298,426 356,743 

2015 1,985,892 1,866,588 80,795 1,970,269 2,940 72,336 Not Available 346,911 418,021 

2014 1,945,360 1,852,646 58,585 1,929,363 2,651 72,336 (30,400) 408,414 454,029 

2013 1,965,831 1,855,095 69,019 1,940,521 12,835 72,336 (41,200) 461,024 511,345 

2012 1,989,557 1,912,929 58,076 1,966,743 8,827 72,336 (58,300) 557,544 552,472 

2011 2,147,216 2,062,713 39,342 2,131,983 (146) 72,171 (78,400) 653,313 674,314 

2010 2,261,780 2,149,586 74,420 2,242,588 (401) 64,200 (58,600) 696,874 728,217 

2009 841,784 716,974 26,271 780,604 4,278 51,700 (62,500) 755,272 805,073 

2008 850,963 748,747 18,944 843,021 (30,731) 14,800 (95,600) 804,762 Not Applicable Before 2009

2007 794,368 710,042 41,663 738,557 26,724 Not Applicable 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 Not Available Before 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 Not Available Before 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 a Adoption of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010, significantly changed the presentation of these items in the financial statements. Consequently, financial results for 2010 and later are not directly comparable 

to previous years. b Excludes allowance for loan losses. c Amounts for 2009 and later meet the definition of mortgage assets in the Treasury Senior Preferred Stock Purchase Agreement for the purpose of determining the maximum amount of mortgage assets that may be held. d As defined in the Treasury Senior Preferred Stock Purchase Agreement for 2009 and later years.
108 | Federal Housing Finance Agency

TABLE 13A • FREDDIE MAC TOTAL MBS OUTSTANDING DETAILa,g

End of 

Period

Single-Family Mortgages 

($ in Millions)

Multifamily Mortgages 

($ in Millions) ($ in Millions)

Conventional Total 

FHA/VAd

($)

Conventional

($) 

FHA/RD

($) 

Multifamily 

Mortgages

($) 

Total MBS 

Outstandinge

($)

Multiclass MBS 

Outstandingf

($)

Fixed-Rateb

($) 

Adjustable-Ratec

($)

Secondsd

($) 

Total

($)

4Q21 2,718,977 23,292 0 2,742,269 1,179 345,374 0 345,374 3,088,822 585,275 

3Q21 2,614,110 22,771 0 2,636,881 1,244 338,705 0 338,705 2,976,830 590,884 

2Q21 2,493,994 22,519 0 2,516,513 1,265 333,608 0 333,608 2,851,386 598,011 

1Q21 2,360,943 23,866 0 2,384,809 1,338 322,619 0 322,619 2,708,766 600,764 

Annual Data

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 Not Available 

Before 1999

Not Available 

Before 1999

Not Available 

Before 1999

Not Available 

Before 1999

Not Available 

Before 1999

Not Available 

Before 1999

Not Available 

Before 1999

Not Available 

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 a Based on unpaid principal balances of mortgage guarantees held by third parties. Excludes mortgage-backed securities (MBS) held for investment by Freddie Mac and unguaranteed subordinated whole loan securities. b Includes U.S. Department of Agriculture Rural Development (RD) loan programs. c From 2001 to the current period, includes MBS with underlying mortgages classified as balloon/reset loans. Freddie Mac discontinued purchase of balloon/reset mortgages on January 1, 2013. d From 2002 to the current period, includes resecuritizations of non-Freddie Mac securities. e Excludes mortgage loans and mortgage-related securities traded but not yet settled. From 2002 to the current period, amounts include real estate mortgage investment conduits and other structured securities, other guarantee transactions, and other guarantee commitments of mortgage loans and 

MBS held by third parties. f Amounts are included in total MBS outstanding column. g Freddie Mac mortgage-related securities include mortgage-related securities issued or guaranteed by Freddie Mac. In prior periods, certain of these securities that were issued by third-party trusts but guaranteed by Freddie Mac were classified as non-agency mortgage-related securities. 2017 and later 

periods have been revised to conform to the current period presentation.
Appendix: Historical Data Tables

Report to Congress 2021 | 109 

TABLE 14 • FREDDIE MAC MORTGAGE ASSETS HELD FOR INVESTMENT DETAIL

End of 

Period

($ in Millions)

Whole Loansa

($) 

Freddie Mac Securitiesa

($)

Other

Mortgage-Related Securitiesa

 ($) 

Mortgage Assets Held for 

Investment (Gross)b, c

($) 

4Q21 64,553 42,755 46,458 153,766

3Q21 62,440 48,642 51,333 162,415

2Q21 66,123 44,407 47,112 157,642

1Q21 114,451 54,255 60,005 228,711

Annual Data

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 Not Available Before 1998 164,421

1996 46,504 81,195 137,755

1995 43,753 56,006 107,424

1994 Not Available Before 1995 30,670 73,171

1993 15,877 55,938

1992 6,394 33,629

1991 Not Available Before 1992 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 a Based on unpaid principal balances. Excludes mortgage loans and mortgage-related securities traded but not yet settled. b Excludes allowance for loan losses. c Amounts for 2009 and later meet the definition of mortgage assets in the Treasury Senior Preferred Stock Purchase Agreement for the purpose of determining the maximum amount of mortgage assets that may be held.
110 | Federal Housing Finance Agency

TABLE 14A • FREDDIE MAC MORTGAGE ASSETS HELD FOR INVESTMENT 

DETAIL – WHOLE LOANS

End of 

Period

Whole Loans ($ in Millions)a

Single-Family Multifamily

Total 

Whole

Loans

($)

Conventional

Total 

FHA/VAc

($)

Conventional

($) 

FHA/RD

($)

Total

($) 

Fixed-Rateb

($) 

Adjustable-Rate 

($)

Seconds

($) 

Total

($) 

4Q21 40,989 276 0 41,265 516 22,770 2 22,772 64,553 

3Q21 42,611 361 0 42,972 476 18,990 2 18,992 62,440 

2Q21 47,749 407 0 48,156 480 17,485 2 17,487 66,123 

1Q21 88,856 685 0 89,541 505 24,403 2 24,405 114,451 

Annual Data

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 Not Available

Before 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 Not Available

Before 1997 

Not Available

Before 1997 

Not Available

Before 1997 

Not Available

Before 1997 

Not Available

Before 1997 4,746 4,746 46,504

1995 3,852 3,852 43,753

Source: Freddie Mac a Based on unpaid principal balances of mortgage loans. Excludes mortgage loans traded but not yet settled. b From 2001 to the current period, includes U.S. Department of Agriculture Rural Development (RD) loan programs. c

 FHA stands for Federal Housing Administration. VA stands for Department of Veterans Affairs.
Appendix: Historical Data Tables

Report to Congress 2021 | 111 

TABLE 14B • FREDDIE MAC MORTGAGE ASSETS HELD FOR INVESTMENT 

DETAIL – PART 1, MORTGAGE-RELATED SECURITIES

End of 

Period

Mortgage-Related Securities ($ in Millions)a

Freddie Mac Securitiesb,c,d Other Securitiesc

Single-Family

Multi-family

($)

Total Freddie 

Mac 

($) 

Fannie Maee Ginnie Mae

Total PrivateLabel

($) 

Total

Other 

Securities

($)

FixedRate

($)

AdjustableRate 

($)

Single-Family

Multi-family

($)

Total Fannie 

Mae 

($)

Single-Family

Multi-family

($)

Total Ginnie 

Mae 

($)

FixedRate 

($) 

AdjustableRate 

($)

FixedRate 

($) 

AdjustableRate

($)

 4Q21 37,165 2,577 3,013 42,755 2,542 15 0 2,557 0 1 11 12 1,038 3,607 

 3Q21 41,494 4,006 3,142 48,642 1,368 51 0 1,419 0 1 11 12 1,148 2,579 

 2Q21 36,196 4,756 3,455 44,407 1,349 17 0 1,366 0 2 11 13 1,199 2,578 

 1Q21 45,284 5,472 3,499 54,255 4,331 26 0 4,357 0 2 11 13 1,241 5,611 

Annual Data

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 AvailableBefore 2004

Not Available

Before 2004

Not Available

Before 2004 74,529 Not AvailableBefore 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 AvailableBefore 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 a Based on unpaid principal balances. b From 2001 to the current period, includes real estate mortgage investment conduits and other structured securities backed by Ginnie Mae mortgage-backed securities. c Freddie Mac mortgage-related securities include mortgage-related securities issued or guaranteed by Freddie Mac. In prior periods, certain of these securities that were issued by third-party trusts but guaranteed by Freddie Mac were classified as non-agency mortgage-related securities. 2017 and later 

periods have been revised to conform to the current period presentation. d From 3Q 2019 to the current periods, amounts include the Fannie Mae-backed portion of partially-owned Freddie Mac issued commingled securities. e From 2Q 2019 to the current periods, amounts include the Fannie Mae-backed portion of 100%-owned Freddie Mac-issued commingled securities.
112 | Federal Housing Finance Agency

TABLE 14B • FREDDIE MAC MORTGAGE ASSETS HELD FOR INVESTMENT 

DETAIL – PART 2, MORTGAGE-RELATED SECURITIES, PRIVATE-LABEL DETAIL

End of 

Period

Mortgage-Related Securities ($ in Millions)a,d

Private-Label

Single-Family

Multifamily

($)

Total Private-Label

($) 

Manufactured 

Housing

($)

Subprime Alt-Ab Otherc

Fixed-Rate

($) 

AdjustableRate 

($)

Fixed-Rate

($) 

AdjustableRate 

($)

Fixed-Rate

($) 

AdjustableRate 

($)

 4Q21 254 1 696 13 12 0 62 0 1,038 

 3Q21 263 1 725 29 66 0 64 0 1,148 

 2Q21 273 1 760 30 67 0 68 0 1,199 

 1Q21 282 2 786 32 69 0 70 0 1,241 

Annual Data

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 Not Available

Before 2006

Not Available

Before 2006

Not Available

Before 2006

Not Available

Before 2006 4,749 181,678 43,487 231,594

2004 1,816 8,243 115,168 41,184 166,411

2003 2,085 Not Available

Before 2004

Not Available

Before 2004

Not Available

Before 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 a Based on unpaid principal balances. b Includes nonagency mortgage-related securities backed by home equity lines of credit. c Consists of nonagency mortgage-related securities backed by option ARM loans. Before 2006, includes securities principally backed by subprime and Alt-A mortgage loans. ARM stands for adjustable-rate mortgage. d Freddie Mac mortgage-related securities include mortgage-related securities issued or guaranteed by Freddie Mac. In prior periods, certain of these securities that were issued by third-party trusts but guaranteed by Freddie Mac were classified as non-agency mortgage-related securities. 2017 and later 

periods have been revised to conform to the current period presentation.
Appendix: Historical Data Tables

Report to Congress 2021 | 113 

TABLE 14B • FREDDIE MAC MORTGAGE ASSETS HELD FOR INVESTMENT 

DETAIL – PART 3, MORTGAGE-RELATED SECURITIES

End of 

Period

Mortgage-Related Securities ($ in Millions) ($ in Millions)

Mortgage Revenue 

Bondsa

($)

Total 

Mortgage-Related Securitiesa

($) 

Unamortized Premiums, 

Discounts, Deferred Fees, Plus 

Unrealized Gains/Losses on 

Available-for-Sale Securitiesb

($) 

Mortgage Assets 

Held for Investment

(Net)c

($) 

Mortgage Assets 

Held for Investment

(Gross)d

 ($) 

Limit on Mortgage 

Assets Held

for Investment

(Gross)e

 ($) 

4Q21 98 46,458 N/A N/A 111,011 250,000

3Q21 112 51,333 N/A N/A 113,773 250,000 

2Q21 126 47,112 N/A N/A 113,235 250,000 

1Q21 139 60,005 N/A N/A 174,456 250,000 

Annual Data

2021 98 46,458 N/A N/A 111,011 250,000 

2020 140 71,434 N/A N/A 182,184 250,000 

2019 174 129,021 N/A N/A 212,673 250,000 

2018 236 126,462 N/A N/A 218,080 250,000 

2017 352 146,284 N/A N/A 253,455 288,408 

2016 657 170,877 N/A N/A 298,426 339,304

2015 1,188 201,247 N/A N/A 346,911 399,181

2014 2,169 243,942 N/A N/A 408,414 469,625

2013 3,538 279,716 N/A N/A 461,024 552,500

2012 5,656 336,231 N/A N/A 557,544 650,000

2011 7,793 399,343 N/A N/A 653,313 729,000

2010 9,877 462,128 N/A N/A 696,874 810,000

2009 11,854 616,456 (38,298) 716,974 755,272 900,000

2008 12,869 693,286 (56,015) 748,747 804,762 Not Applicable Before 2009

2007 14,935 638,655 (10,771) 710,042 720,813

2006 13,834 638,112 (3,957) 700,002 703,959

2005 11,321 648,865 (843) 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 (242) 385,451 385,693

1999 5,690 267,767 (1,529) 322,914 324,443

1998 4,640 197,925 661 255,670 255,009

1997 3,031 Not Available Before 1998 122 164,543 164,421

1996 1,787 71 137,826 137,755

1995 Not Available Before 1996 282 107,706 107,424

1994 Not Available Before 1995and after 2009 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 

N/A = not available 

a

 Based on unpaid principal balances. b Includes premiums, discounts, deferred fees, impairments of unpaid principal balances, and other basis adjustments on mortgage loans and mortgage-related securities plus unrealized gains or losses on available-for-sale mortgage-related securities. Amounts prior to 2006 include mortgage-backed 

securities residuals at fair value. c

 Excludes allowance for loan losses. d Amounts for 2009 and later meet the definition of mortgage assets in the Treasury Senior Preferred Stock Purchase Agreement for the purpose of determining the maximum amount of mortgage assets that may be held. e

 Maximum allowable mortgage assets under the Treasury Senior Preferred Stock Purchase Agreement.
114 | Federal Housing Finance Agency

TABLE 15 • FREDDIE MAC FINANCIAL DERIVATIVES

End of Period

Financial Derivatives – Notional Amount Outstanding ($ in Millions)

Interest Rate 

Swapsa

($)

Interest Rate 

Caps, Floors, and 

Corridors

($)

Foreign Currency 

Contracts

($)

Over-the-Counter 

Futures, Options, 

and Forward Rate 

Agreements

($) 

Treasury-Based 

Contractsb

($) 

Exchange-Traded 

Futures, Options and 

Other Derivatives 

($) 

Credit Derivativesc

($) 

Commitmentsd

($)

Othere

($) 

Total

($) 

4Q21 716,212 29,000 0 140,066 18,192 112,004 0 83,656 37,686 1,136,816 

3Q21 756,782 29,000 0 154,512 13,485 81,110 0 126,709 38,155 1,199,753 

2Q21 800,389 29,000 0 180,659 9,538 223,075 0 121,435 38,238 1,402,334 

1Q21 773,096 29,000 0 184,340 12,249 205,129 0 265,242 39,703 1,508,759 

Annual Data

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 N/A N/A 35,839 474,535

1999 126,580 19,936 1,097 172,750 8,894 94,987 Not Applicable Before 2000

Not Applicable 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

N/A = not available

a Amounts for 2010 through the current period include exchange-settled interest rate swaps. b Amounts for years 2002 through the current period include exchange-traded. c Includes prepayment management agreement and swap guarantee derivatives. Beginning 4Q 2019, certain derivatives related to our credit risk transfer transactions were reclassified to other. d Commitments include commitments to purchase and sell investments in securities and mortgage loans and commitments to purchase and extinguish or issue debt securities of consolidated trusts. Years before 2004 include commitments to purchase and sell various debt securities. e Beginning in 1Q 2020, includes certain derivatives previously reported as credit derivatives.
Appendix: Historical Data Tables

Report to Congress 2021 | 115 

TABLE 16 • FREDDIE MAC NONMORTGAGE INVESTMENTS

End of 

Period

Nonmortgage Investments ($ in Millions)a

Federal Funds and 

Eurodollars 

($) 

Asset-Backed Securities

($)

Repurchase Agreements

($)

Commercial Paper 

and Corporate Debt 

($) 

Otherb

($) 

Total 

($) 

 4Q21 0 0 71,203 0 40,966 112,169 

 3Q21 0 0 85,315 0 42,296 127,611 

 2Q21 0 0 113,697 0 41,493 155,190 

 1Q21 0 0 15,140 0 40,793 55,933 

Annual Data

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 a Adoption of accounting guidance related to transfers of financial assets and consolidation of variable interest entities, effective January 1, 2010, changed presentation of nonmortgage investments. Values for 2010 and later are not directly comparable to previous years. b Beginning in 2017, amounts include certain secured lending activity. From 2009 through current period, amounts include Treasury bills and Treasury notes. For 2004 through 2006, amounts include obligations of states and municipalities classified as available-for-sale securities. For 2003 and previous 

years, amounts include nonmortgage-related securities classified as trading, debt securities issued by the U.S. Treasury and other federal agencies, obligations of states and municipalities, and preferred stock. 
116 | Federal Housing Finance Agency

TABLE 17 • FREDDIE MAC MORTGAGE ASSET QUALITY

End of 

Period

Mortgage Asset Quality

Single-Family 

Delinquency Ratea

(%)

Multifamily 

Delinquency Rateb

(%)

Credit Losses/

Mortgage Portfolioc

(%)

REO/Mortgage 

Portfoliod

(%)

Credit-Enhancede/

Mortgage Portfoliod

(%)

4Q21 1.12 0.08 0.01 0.01 58.0 

3Q21 1.46 0.12 0.00 0.01 56.0 

2Q21 1.86 0.15 0.00 0.01 55.0 

1Q21 2.34 0.17 0.00 0.01 57.0 

Annual Data

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 Not Available Before 1993

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 Not Available Before 1987 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 Not Available Before 1982 0.07

1980 0.44 0.04

1979 0.31 0.02

1978 0.21 0.02

1977 Not Available Before 1978 0.03

1976 0.04

1975 0.03

1974 0.02

Source: Freddie Mac a Based on the number of mortgages 90 days or more delinquent or in foreclosure. Rates are based on loans in the single-family mortgage portfolio (previously the single-family credit guarantee portfolio), which includes securitized mortgage loans, unsecuritized mortgage loans, and other 

mortgage-related guarantees. Rates for years 2005 and 2007 exclude other guarantee transactions. b Based on the unpaid principal balance of loans, 60 days or more delinquent or in foreclosure and include other guarantee transactions. c Credit losses equal to real estate owned operations expense (income) plus net charge-offs and exclude other market-based valuation losses. Beginning in 2021, calculated as credit losses divided by the average balance of the mortgage portfolio. Prior to 2020, calculated as credit losses divided by 

mortgage loans in the total mortgage portfolio, excluding non-Freddie Mac MBS and the portion of REMICs and other structured securities backed by Ginnie Mae MBS. d Beginning in 2021, calculated based on the mortgage portfolio. Prior to 2021, calculated based on the balance of mortgage loans in the total mortgage portfolio excluding non-Freddie Mac MBS and the portion of REMICS and other structured securities backed by Ginnie Mae certificates. Since 2004, 

the credit enhanced percentage of our total mortgage portfolio has been rounded to the nearest whole percent. e Includes loans with a portion of the primary default risk retained by the lender or a third party who pledged collateral or agreed to accept losses on loans that default. In many cases, the lender’s or third party’s risk is limited to a specific level of losses at the time the credit enhancement becomes 

effective. Also includes credit enhancement coverage, such as through STACR debt notes or other risk transfer transactions that were completed by the end of each period. 
Appendix: Historical Data Tables

Report to Congress 2021 | 117 

TABLE 18 • FREDDIE MAC CAPITALa

End of 

Period

Capital ($ in Millions)

Minimum Capital Requirement Risk-Based Capital Requirement

Market 

Capitalizationg

($)

Core Capital/

Total Assetsh

(%)

Core Capital/

Total Assets plus 

Unconsolidated MBSi

(%)

Common Share 

Dividend Payout 

Ratej

(%)

Core Capitalb

($) 

Minimum Capital 

Requirementc

($) 

Regulatory Capital 

Surplus (Deficit)c

($)

Total Capitald

($) 

Risk-Based Capital 

Requiremente

($) 

Risk-Based 

Capital Surplus 

(Deficit)f

($) 

4Q21 (44,769) 24,302 (69,071) N/A N/A N/A 540 (1.48) (1.33) N/A 

3Q21 (47,513) 23,841 (71,354) N/A N/A N/A 533 (1.62) (1.45) N/A 

2Q21 (50,432) 23,549 (73,981) N/A N/A N/A 936 (1.77) (1.59) N/A 

1Q21 (54,111) 23,068 (77,179) N/A N/A N/A 1,333 (1.97) (1.77) N/A 

Annual Data

2021 (44,769) 24,302 (69,071) N/A N/A N/A 540 (1.48) (1.33) N/A 

2020 (56,878) 22,694 (79,572) N/A N/A N/A 1,515 (2.16) (1.94) N/A 

2019 (63,964) 19,123 (83,087) N/A N/A N/A 1,950 (2.90) (2.60) N/A 

2018 (68,036) 17,553 (85,589) N/A N/A N/A 689 (3.30) (2.99) N/A 

2017 (73,037) 18,431 (91,468) N/A N/A N/A 1,638 (3.56) (3.30) N/A 

2016 (67,717) 18,933 (86,650) N/A N/A N/A 2,431 (3.35) (3.18) N/A 

2015 (70,549) 19,687 (90,236) N/A N/A N/A 1,053 (3.55) (3.42) N/A 

2014 (71,415) 20,090 (91,505) N/A N/A N/A 1,339 (3.67) (3.54) N/A 

2013 (59,495) 21,404 (80,899) N/A N/A N/A 1,885 (3.03) (2.94) N/A 

2012 (60,571) 22,063 (82,634) N/A N/A N/A 169 (3.04) (3.02) N/A

2011 (64,322) 24,405 (88,727) N/A N/A N/A 136 (3.00) (3.03) N/A

2010 (52,570) 25,987 (78,557) N/A N/A N/A 195 (2.32) (2.37) N/A

2009 (23,774) 28,352 (52,126) N/A N/A N/A 953 (2.82) (1.02) N/A

2008 (13,174) 28,200 (41,374) N/A N/A N/A 473 (1.55) (0.58) N/M

2007 37,867 26,473 11,394 40,929 14,102 26,827 22,018 4.77 1.74 N/M 

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 Not Applicable 

Before 2002

Not Applicable 

Before 2002

Not Applicable 

Before 2002 45,473 3.15 1.56 18.9 

2000 14,380 14,178 202 47,702 3.13 1.39 20.0 

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 1.10 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 Not Applicable 

Before 1993

Not Applicable 

Before 1993

Not Applicable 

Before 1993 8,721 Not Applicable Before 1993

Not Applicable 

Before 1993 23.1 

1991 8,247 21.6 

1990 2,925 23.2 

1989 4,024 24.3 

Sources: Freddie Mac and FHFA

N/A = not applicable N/M = not meaningful

a On October 9, 2008, the Federal Housing Finance Agency (FHFA) suspended capital classifications of Freddie Mac. As of the fourth quarter of 2008, neither the existing statutory nor the FHFA-directed regulatory capital requirements were binding and will not be binding during conservatorship. b The sum of the stated value of outstanding common stock (common stock less treasury stock), the stated value of outstanding noncumulative perpetual preferred stock, paid-in capital, and retained earnings (accumulated deficit). Core capital excludes accumulated other comprehensive income (loss) 

and senior preferred stock. c Beginning in the fourth quarter of 2003, FHFA directed Freddie Mac to maintain an additional 30 percent capital in excess of the statutory minimum capital requirement. On March 19, 2008, FHFA announced a reduction in the mandatory target capital surplus from 30 percent to 20 percent above the statutory 

minimum capital requirements. The minimum capital requirement and minimum capital surplus (deficit) numbers stated in this table do not reflect the additional capital requirement. Minimum capital surplus (deficit) is the difference between core capital and the minimum capital requirement. d Total capital includes core capital and general reserves for mortgage and foreclosure losses. e The risk-based capital requirement is the amount of total capital an Enterprise must hold to absorb projected losses flowing from future adverse interest rate and credit risk conditions and is specified by the Federal Housing Enterprise Financial Safety and Soundness Act of 1992. f The difference between total capital and risk-based capital requirement. g Stock price at the end of the period multiplied by the number of outstanding common shares. h Adoption of the changes in the accounting guidance related to transfers of financial assets and consolidation of variable interest entities changed presentation of total assets on the balance sheet. Financial results for 2010 and later are not directly comparable to years before 2010. i Includes unconsolidated MBS held by third parties. Before 2010, Freddie Mac MBS held by third parties were not consolidated. j Common dividends paid as a percentage of net income available to common stockholders. As a result of conservatorship and the Senior Preferred Stock Purchase Agreement with Treasury, no amounts are available to distribute as dividends to common or preferred stockholders (other than Treasury as 

the holder of the Senior Preferred Stock).
118 | Federal Housing Finance Agency

TABLE 19 • FEDERAL HOME LOAN BANKS COMBINED STATEMENT OF INCOME

End of 

Period

($ in Millions)

Net Interest 

Income

($) 

 Operating 

Expenses

($) 

Affordable Housing Program 

Assessment

($) 

REFCORP

Assessment 1, 2

 ($) 

Net

Income

($) 

4Q21 895 326 50 0 435

3Q21 894 288 48 0 427

2Q21 927 294 46 0 408

1Q21 1,031 299 57 0 501

Annual Data

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 1085 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 Not Applicable

Before 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: Federal Home Loan Bank System Office of Finance3

1 Before 2000, the Federal Home Loan Banks charged a $300 million annual capital distribution to the Resolution Funding Corporation (REFCORP) directly to retained earnings. 2 The Federal Home Loan Banks made their final payment satisfying the REFCORP obligation on July 15, 2011 based on income earned in the second quarter of 2011. 3 Financial data is from the FHLBanks’ Office of Finance annual Combined Financial Report for each year listed. Data may not reflect subsequent adjustments or restatements. 

Quarterly values are from quarterly Combined Financial Reports.
Appendix: Historical Data Tables

Report to Congress 2021 | 119 

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 

Obligations

($) 

GAAP Capital 

Stock

($) 

Retained Earnings

($) 

Regulatory

Capital

($)

Regulatory Capital/

Total Assets

(%)

4Q21 723,238 351,278 55,497 120,877 651,921 25,065 22,760 48,223 6.67

3Q21 712,089 350,041 56,101 121,726 641,838 24,814 22,568 47,773 6.71

2Q21 738,171 370,352 56,541 124,255 667,517 25,806 22,387 48,807 6.61

1Q21 770,613 399,074 59,413 125,265 696,921 26,669 22,232 49,568 6.43

Annual Data

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 Not Available

Before 1992 108,149 10,200 495 Not AvailableBefore 1992

Not Available

Before 1992

1990 165,742 117,103 0 118,437 11,104 521

Source: Federal Home Loan Bank System Office of Finance1

1 Financial data is from the FHLBanks’ Office of Finance annual Combined Financial Report for each year listed. Data may not reflect subsequent adjustments or restatements. 

Quarterly items are from quarterly Combined Financial Reports.
120 | Federal Housing Finance Agency

TABLE 21 • FEDERAL HOME LOAN BANKS NET INCOME

End of 

Period

($ in Millions)

Atlanta Boston Chicago Cincinnati Dallas Des Moines Indianapolis New York Pittsburgh San Francisco Seattle Topeka

Combining 

Adjustment

System 

Total

4Q21 7 25 88 17 47 46 27 53 14 67 – 47 (3) 435 

3Q21 27 17 77 6 41 47 20 66 22 71 – 37 (4) 427 

2Q21 56 6 78 0 28 47 17 75 12 55 – 33 1 408 

1Q21 43 21 32 19 48 66 30 72 38 94 – 44 (6) 501 

Annual Data

2021 133 69 275 42 164 206 94 266 86 287 – 161 (12) 1,771 

2020 255 120 374 276 198 362 88 442 210 335 – 118 13 2,791 

2019 367 191 300 276 227 384 142 473 317 327 – 185 1 3,190 

2018 416 217 303 339 199 460 195 560 347 360 – 170 (4) 3,562 

2017 349 190 317 314 150 518 156 479 340 376 – 197 (10) 3,376 

2016 278 173 327 268 79 649 113 401 260 712 – 162 (14) 3,408

2015 301 289 349 249 67 131 121 415 257 638 (32) 93 (22) 2,856

2014 271 150 392 244 49 121 117 315 256 205 60 106 (41) 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 (8) 1,593

2010 278 107 366 164 105 133 111 276 8 399 21 34 79 2,081

2009 283 (187) (65) 268 148 146 120 571 (37) 515 (162) 237 18 1,855

2008 254 (116) (119) 236 79 127 184 259 19 461 (199) 28 (7) 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 (27) 1,994

2003 207 92 437 171 113 135 134 46 69 323 144 88 (74) 1,885

2002 267 76 205 178 (50) 46 81 234 (27) 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 (30) 1,778

1997 192 103 99 135 87 110 98 144 110 249 129 65 (29) 1,492

1996 165 96 92 116 95 111 80 131 97 219 118 58 (48) 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 (16) 1,024

1993 114 57 49 33 39 50 53 117 62 163 122 35 (12) 884

1992 124 52 51 41 26 47 59 141 58 131 93 33 (5) 850

1991 158 88 58 51 38 46 64 156 57 316 58 64 7 1,159

Source: Federal Home Loan Bank System Office of Finance1

1 Financial data is from the FHLBanks’ Office of Finance annual Combined Financial Report for each year listed. Data may not reflect subsequent adjustments or restatements.
Appendix: Historical Data Tables

Report to Congress 2021 | 121 

TABLE 22 • FEDERAL HOME LOAN BANKS ADVANCES OUTSTANDING

End of 

Period

($ in Millions) 

Atlanta Boston Chicago Cincinnati Dallas Des Moines Indianapolis New York Pittsburgh San Francisco Seattle Topeka System Total

4Q21 45,415 12,340 48,049 23,055 24,637 44,111 27,498 71,536 14,124 17,027 – 23,484 351,278

3Q21 43,779 14,057 46,042 22,793 24,776 44,076 26,958 70,548 12,987 22,613 – 21,411 350,041

2Q21 47,075 15,177 46,270 23,587 24,922 45,560 27,633 79,985 14,955 24,194 – 20,996 370,352

1Q21 49,463 16,798 46,975 24,365 25,621 47,514 29,784 90,072 19,272 28,140 – 21,068 399,074

Annual Data

2021 45,415 12,340 48,049 23,055 24,637 44,111 27,498 71,536 14,124 17,027 – 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 – 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 – 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 – 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 – 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 – 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 – 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: Federal Home Loan Bank System Office of Finance1

1 Financial data is from the FHLBanks’ Office of Finance annual Combined Financial Report for each year listed. Data may not reflect subsequent adjustments or restatements. 

Quarterly items are from quarterly Combined Financial Reports.
122 | Federal Housing Finance Agency

TABLE 23 • FEDERAL HOME LOAN BANKS REGULATORY CAPITAL

End of 

Period

($ in Millions)

Atlanta Boston Chicago Cincinnati Dallas Des Moines Indianapolis New York Pittsburgh San Francisco Seattle Topeka

Combining 

Adjustment1

System 

Total

4Q21 4,612 2,516 6,656 3,804 3,758 5,783 3,473 6,434 2,648 5,896 – 2,643 0 48,223

3Q21 4,576 2,570 6,410 3,730 3,676 5,796 3,450 6,379 2,622 6,059 – 2,501 4 47,773

2Q21 4,688 2,604 6,394 4,029 3,577 5,847 3,623 6,793 2,652 6,037 – 2,555 8 48,807

1Q21 4,754 2,702 6,363 4,072 3,467 5,948 3,600 7,228 2,824 5,983 – 2,244 383 49,568

Annual Data

2021 4,612 2,516 6,656 3,804 3,758 5,783 3,473 6,434 2,648 5,896 – 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 – 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 – 2,769 -49 56,461

2018 7,597 3,956 5,547 5,366 3,643 7,719 3,178 7,766 5,327 6,522 – 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 – 2,486 3 57,027

2015 6,956 3,507 4,688 5,232 2,311 5,812 2,377 6,875 4,427 5,369 – 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 -15 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 -33 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 -26 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 -44 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 -71 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 -101 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 -74 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 -24 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: Federal Home Loan Bank System Office of Finance2

1 Combining adjustment for Federal Home Loan Bank System retained earnings reported by the Office of Finance. 2 Financial data is from the FHLBanks’ Office of Finance annual Combined Financial Report for each year listed. Data may not reflect subsequent adjustments or restatements. 

Quarterly items are from quarterly Combined Financial Reports.
Appendix: Historical Data Tables

Report to Congress 2021 | 123 

TABLE 24 • LOAN LIMITS VALUES

Period Single-Family Conforming Loan Limits Valuesa

One Unit Two Units Three Units Four Units

2022b 647,200-970,800 828,700-1,243,050 1,001,650-1,502,475 1,244,850-1,867,275

2021b 548,250-822,375 702,000-1,053,000 848,500-1,272,750 1,054,500-1,581,750

2020b 510,400-765,600 653,550-980,325 789,950-1,184,925 981,700-1,472,550

2019b 484,350-726,525 620,200-930,300 749,650-1,124,475 931,600-1,397,400

2018b 453,100-679,650 580,150-870,225 701,250-1,051,875 871,450-1,307,175

2017b 424,100-636,150 543,000-814,500 656,350-984,525 815,650-1,223,475

2016b 417,000-625,500 533,850-800,775 645,300-967,950 801,950-1,202,925

2015b 417,000-625,500 533,850-800,775 645,300-967,950 801,950-1,202,925

2014b 417,000-625,500 533,850-800,775 645,300-967,950 801,950-1,202,925

2013b 417,000-625,500 533,850-800,775 645,300-967,950 801,950-1,202,925

2012b 417,000-625,500 533,850-800,775 645,300-967,950 801,950-1,202,925

2011c 417,000-729,750 533,850-934,200 645,300-1,129,250 801,950-1,403,400

2010d 417,000-729,750 533,850-934,200 645,300-1,129,250 801,950-1,403,400

2009e 417,000-729,750 533,850-934,200 645,300-1,129,250 801,950-1,403,400

2008f 417,000-729,750 533,850-934,200 645,300-1,129,250 801,950-1,403,400

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: Department of Housing and Urban Development (HUD), Federal Housing Finance Agency, Freddie Mac a

 Conforming loan limits values are 50 percent higher in Alaska, Hawaii, Guam, and the U.S. Virgin Islands. b Maximum loan limits values for loans acquired between 2012 and 2021 were determined based on the formula established in the Housing and 

Economic Recovery Act of 2008. c

 Public Law 111-242 set maximum loan limits for mortgages originated through September 30, 2011 at the higher of the limits established by the 

Economic Stimulus Act of 2008 or those determined under a formula prescribed by the Housing and Economic Recovery Act of 2008. Loans originated 

after September 30 were subject to the Housing and Economic Recovery Act limits values, which had a ceiling of $625,500 in the contiguous U.S.

d Public Law 111-242 set maximum loan limits values for mortgages originated in 2010 at the higher of the limits established by the Economic 

Stimulus Act of 2008 or those determined under a formula prescribed by the Housing and Economic Recovery Act of 2008. For all areas, the 

resulting 2010 limits were the same as those in effect for 2009.

e Loan limits values for mortgages originated in 2009 were initially set under provisions of the Housing and Economic Recovery Act of 2008, which 

allowed for high-cost area limits of up to $625,500. In February 2009, however, the American Recovery and Reinvestment Act of 2009 restored the 

$729,750 maximum loan limit for mortgages originated in 2009.

f The Economic Stimulus Act of 2008 allowed Fannie Mae and Freddie Mac to raise the conforming loan limits values in certain high-cost areas to a 

maximum of $729,750 for one-unit homes in the continental United States. Higher limits applied to two-, three-, and four-unit homes. Alaska, Hawaii, 

Guam, and the Virgin Islands have higher maximum limits. The limits applied to loans originated between July 1, 2007, and December 31, 2008.

Period

FHA Single-Family Insurable Limits

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

2022a 420,680 970,800 538,650 1,243,050 651,050 1,502,475 809,150 1,867,275

2021a 356,362 822,375 456,275 1,053,000 551,500 1,272,750 685,400 1,581,750

2020a 331,760 765,600 424,800 980,325 513,450 1,184,925 638,100 1,472,550

2019a 314,827 726,525 403,125 930,300 487,250 1,124,475 605,525 1,397,400

2018a 294,515 679,650 377,075 870,225 455,800 1,051,875 566,425 1,307,175

2017a 275,665 636,150 352,950 814,500 426,625 984,525 530,150 1,223,475

2016a 271,050 625,500 347,000 800,775 419,425 967,950 521,250 1,202,925

2015a 271,050 625,500 347,000 800,775 419,425 967,950 521,250 1,202,925

2014a 271,050 625,500 347,000 800,775 419,425 967,950 521,250 1,202,925

2013b 271,050 729,750 347,000 934,200 419,425 1,129,250 521,250 1,403,400

2012b 271,050 729,750 347,000 934,200 419,400 1,129,250 521,250 1,403,400

2011b 271,050 729,750 347,000 934,200 419,400 1,129,250 521,250 1,403,400

2010c 271,050 729,750 347,000 934,200 419,400 1,129,250 521,250 1,403,400

2009d 271,050 729,750 347,000 934,200 419,400 1,129,250 521,250 1,403,400

2008e 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: Federal Housing Administration a

 HUD loan limit authority given by Congress in the Economic Stimulus Action of 2008 and extended by the Consolidated and Further Continuing 

Appropriations Act of 2012 (P.L. 112-55) expired at the end of December 2013. The Federal Housing Administration single-family loans limits for 

2014 were established using the permanent authority under section 203(b)(2) of the National Housing Act, as amended by the Housing Economic 

Recovery Act of 2008. This shift in legal authority resulted in changes in loan limits for 2014 and beyond. b Public Law 111-242 set the maximum loan limits for mortgages with credit approvals issued in Fiscal Year 2011 (October 1, 2010 - September 

30, 2011) at the higher of the limits established by the Economic Stimulus Act of 2008 and those determined under a formula prescribed by 

the Housing and Economic Recovery Act of 2008. The maximum limit for loans with case numbers assigned between November 18, 2011 and 

December 31, 2013 were set pursuant to Public Law 112-55 at the higher of the limits established by the Economic Stimulus Act of 2008 and those 

determined under a formula prescribed by the Housing and Economic Recovery Act of 2008.

c

 Public Law 111-88 set maximum loan limits for mortgages with credit approvals issued in 2010 at the higher of the limits established by the 

Economic Stimulus Act of 2008 or those determined under a formula prescribed by the Housing and Economic Recovery Act of 2008. For all areas, 

the resulting 2010 limits were the same as those in effect for 2009. d Loan limits for mortgages with credit approvals issued in 2009 were initially set under provisions of the Housing and Economic Recovery Act of 

2008, which allowed for high-cost area limits of up to $625,500. In February 2009, however, the American Recovery and Reinvestment Act of 2009 

restored the $729,750 maximum loan limit for mortgages with credit approvals issued in 2009. e

 The Economic Stimulus Act of 2008 allowed the Federal Housing Administration to increase the single-family insurable limits to a maximum of 

$729,750 for one-unit homes in the continental United States. Higher limits applied to two-, three-, and four-unit homes. Alaska, Hawaii, Guam, 

and the Virgin Islands have higher maximum limits. The limits applied to loans with credit approvals issued between July 1, 2007, and 

December 31, 2008.
124 | Federal Housing Finance Agency

TABLE 25 • MORTGAGE INTEREST RATES

Period

Average Commitment Rates on Loans Effective Rates on Closed Loans

Conventional Conventional

30-Year Fixed-Rate

(%) 

One-Year Adjustable-Rate

 (%) 

Fixed-Rate

(%) 

Adjustable-Rate

(%) 

4Q21 3.1 2.8 Discontinued** N/A

3Q21 3.0 2.8 Discontinued** N/A

2Q21 3.0 2.8 Discontinued** N/A

1Q21 3.2 2.8 Discontinued** N/A

Annual Data

2021 3.1 2.8 Discontinued** N/A

2020 2.7 2.8 Discontinued** N/A

2019 3.7 3.1 Discontinued** N/A

2018 4.6 3.5 4.7 N/A

2017 4.0 2.9 4.1 N/A

2016 4.3 2.8 4.0 N/A

2015 4.0 2.7 4.0 N/A

2014 3.8 2.4 4.3 N/A

2013 4.5 2.6 4.1 N/A

2012 3.4 2.6 4.7 N/A

2011 4.0 2.8 4.8 N/A

2010 4.9 3.3 4.9 N/A

2009 5.1 4.3 5.2 N/A

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 Not Available Before 1984 13.0 12.3

1982 13.6 Not Available Before 1983 Not Available Before 1983

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 Not Available Before 1972

Sources: Freddie Mac for average commitment rates; Federal Housing Finance Agency for effective rates

N/A = not available

*Data at end of period as reported by Bloomberg

Discontinued**: FHFA's Monthly Interest Rate Survey was discontinued following the May 2019 release. See the Research and Publication section for more.
Appendix: Historical Data Tables

Report to Congress 2021 | 125 

TABLE 26 • HOUSING MARKET ACTIVITYa

Period

Housing Starts

(units in thousands)

Home Sales

(units in thousands)

One- to Four-Unit 

Housing Starts

Multifamily Housing 

Starts

Total Housing 

Starts

Sales of New Oneto Four-Unit HomesSales of Existing Oneto Four-Unit Homes

4Q21 1,187 521 1,708 839 6,090

3Q21 1,098 452 1,550 725 6,180

2Q21 1,172 485 1,657 683 5,970

1Q21 1,277 448 1,725 873 6,040

Annual Data

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 Not Available

1997 1,211 355 1,566 793 Before 1999

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: U.S. Census Bureau for housing starts and sales of new one- to four-unit properties; National Association of Realtors for sales of existing one- to four-unit properties.

N/A = not available

Seasonally adjusted annual rates. 

a

 Components may not add to totals due to rounding.

**Data at end of period as reported by Bloomberg. Historical values in this table are subject to revision and therefore may not match values for the same period in previous Annual Reports to Congress.
126 | Federal Housing Finance Agency

TABLE 27 • WEIGHTED REPEAT SALES HOUSE PRICE INDEX (ANNUAL DATA)a

Period USA New England Mid-Atlantic South Atlantic East North 

Central

West North 

Central

East South 

Central

West South 

Central Mountain Pacific

4Q21 3.33 2.46 2.52 4.21 2.63 2.44 4.23 3.54 3.50 3.52 

3Q21 4.22 3.51 2.84 5.53 3.09 2.88 4.82 4.66 5.71 4.13 

2Q21 5.05 5.29 4.41 5.11 4.20 4.38 5.37 4.68 6.96 5.83 

1Q21 3.90 3.98 3.37 4.00 3.34 3.30 3.34 3.86 5.20 4.68 

Annual Data 

2021 17.54 16.11 13.80 20.21 13.92 13.64 18.96 17.82 23.10 19.42 

2020 11.13 12.80 11.23 11.20 11.06 9.94 10.99 8.98 13.57 11.89 

2019 5.40 4.66 4.86 5.94 5.40 5.10 5.71 4.58 7.14 5.01 

2018 5.63 4.84 4.67 6.04 5.83 5.69 5.85 4.30 8.04 5.49 

2017 6.21 5.36 4.76 6.08 5.62 5.07 5.42 6.08 8.53 8.31 

2016 5.92 4.53 4.02 6.64 5.55 5.05 5.07 5.26 7.88 7.61 

2015 5.44 3.67 2.43 6.35 4.04 4.33 4.49 5.88 7.84 8.05 

2014 4.62 2.52 1.86 4.93 4.09 3.98 3.24 5.57 5.73 7.21 

2013 6.80 3.06 2.65 7.18 5.56 3.99 3.11 5.35 10.55 15.05 

2012 4.85 0.41 1.22 4.77 2.72 3.72 2.51 4.74 11.76 10.10 

2011 (2.52) (2.19) (3.82) (2.52) (2.67) (1.31) (1.30) 0.76 (3.73) (4.94)

2010 (3.99) (2.26) (1.78) (5.45) (3.09) (3.37) (4.10) (2.27) (7.40) (5.14)

2009 (2.54) (2.04) (1.96) (4.09) (2.26) (0.52) (1.29) 0.82 (7.38) (3.40)

2008 (10.12) (6.70) (5.31) (14.22) (7.96) (4.62) (3.90) (2.00) (13.96) (21.82)

2007 (2.71) (2.57) (0.05) (3.66) (3.57) (0.78) 1.73 3.19 (3.53) (10.06)

2006 2.85 (1.97) 2.32 4.70 (0.15) 1.98 5.90 6.15 6.78 0.26 

2005 10.23 6.34 9.98 14.88 3.39 4.87 7.47 6.78 17.81 18.15 

2004 10.18 10.53 12.23 12.88 4.26 5.48 5.19 4.39 12.84 21.86 

2003 7.83 10.68 10.96 8.54 4.63 5.58 4.06 3.14 6.81 15.58 

2002 7.63 13.42 11.63 8.11 4.45 5.56 3.33 3.67 5.50 13.97 

2001 6.72 11.94 9.39 7.33 4.76 6.13 3.25 3.98 5.35 9.66 

2000 6.94 12.58 8.33 6.38 5.15 6.38 2.77 5.54 5.45 11.31 

1999 6.15 9.96 6.81 5.73 5.11 5.51 3.85 5.38 5.60 8.64 

1998 5.68 7.91 4.87 4.50 4.87 6.51 4.72 5.58 4.65 8.78 

1997 3.30 4.41 2.02 3.19 3.39 3.59 2.84 3.08 3.14 4.31 

1996 2.77 2.52 0.86 2.78 4.43 3.99 3.87 2.30 3.81 1.00 

1995 2.73 1.05 0.15 2.57 4.94 4.80 4.79 2.97 4.92 (0.51)

1994 2.87 0.38 (0.76) 3.46 4.88 4.34 5.19 3.19 8.55 (1.13)

1993 2.77 (1.86) 0.04 2.36 4.71 6.20 4.70 4.62 9.54 (2.49)

1992 2.70 (0.45) 1.75 2.11 4.65 4.21 3.99 3.69 6.72 (1.10)

1991 3.12 (2.24) 1.54 3.01 4.72 3.78 4.02 3.96 5.64 1.90 

1990 1.22 (7.18) (2.48) 0.40 3.80 1.11 0.47 0.65 2.42 5.70 

1989 5.61 0.79 2.50 4.42 5.96 3.29 2.77 2.57 2.57 18.32 

1988 5.62 4.21 6.67 5.76 6.43 2.55 2.31 (1.75) 0.86 16.35 

1987 5.45 15.09 16.00 5.81 7.64 2.46 3.38 (8.23) (2.75) 8.63 

1986 7.29 21.09 17.59 6.64 7.21 3.78 5.46 (0.01) 2.42 6.44 

1985 5.72 22.44 13.56 5.11 4.82 3.66 5.56 (1.67) 2.31 4.73 

1984 4.68 14.97 11.12 4.48 2.85 3.83 4.18 0.12 2.69 4.00 

1983 5.30 13.67 11.88 5.83 4.71 4.23 4.27 4.07 (0.72) 1.64 

1982 3.93 7.27 6.51 4.90 (2.71) 1.94 7.90 6.76 6.05 3.36 

1981 2.77 6.53 1.59 2.69 1.75 0.49 (2.96) 6.38 6.17 3.88 

1980 6.47 5.43 8.82 9.61 1.04 3.84 5.16 7.87 6.15 10.06 

1979 12.31 13.95 15.84 11.78 7.82 10.46 8.00 14.74 14.48 16.28 

1978 13.35 17.70 4.77 10.17 15.33 13.59 11.49 16.66 17.75 17.02 

1977 14.76 8.22 12.66 10.07 15.00 15.76 10.66 14.59 16.58 25.49 

1976 8.05 9.82 (1.59) 4.39 7.20 7.79 6.24 9.26 13.11 20.46 

Source: Federal Housing Finance Agency a Percentage changes based on FHFA's purchase-only index for 1992 through 2020 and all-transactions index for prior years. Annual data are measured based on fourth quarter to fourth quarter percentage change. Quarterly data for 2019 reflect 

changes over the previous four quarters. Because quarterly index estimates are subject to revision, the historical values in this table may not exactly match values for the same period in previous Annual Reports to Congress. 

Regional Divisions

 New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont

 Mid-Atlantic: New Jersey, New York, Pennsylvania

 South Atlantic: Washington, D.C., Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, West Virginia

 East North Central: Illinois, Indiana, Michigan, Ohio, Wisconsin

 West North Central: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota

 East South Central: Alabama, Kentucky, Mississippi, Tennessee

 West South Central: Arkansas, Louisiana, Oklahoma, Texas

 Mountain: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming

 Pacific: Alaska, California, Hawaii, Oregon, Washington
Report to Congress 2021 | 127 

Notes

Report to Congress 2021 | 127 

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128 | Federal Housing Finance Agency

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Federal Housing Finance Agency

4 0 0 7 t h S t r e e t S W, W a s h i n g t o n , D . C . 2 0 2 1 9 

202-649-3800 | www.FHFA.gov