FHFA Releases 2013 Performance and Accountability Report

FHFA Releases 2013 Performance and Accountability Report

WASHINGTON, D.C. – December 17, 2013 – (RealEstateRama) — Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco today released FHFA’s 2013 Performance and Accountability Report (PAR) detailing the Agency’s progress as regulator and conservator of Fannie Mae and Freddie Mac (the Enterprises) and regulator of the 12 Federal Home Loan Banks (FHLBs). The PAR discusses accomplishments, ongoing efforts to assist homeowners, challenges and continued efforts to meet FHFA’s strategic goals for FY 2013.

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For the fifth consecutive year, FHFA received an unmodified, or “clean,” audit opinion on its financial statements from the U.S. Government Accountability Office.

Key developments detailed in the PAR:

? Provided results and conclusions of 2012 examinations of Fannie Mae, Freddie Mac and the FHLBs in FHFA’s annual Report to Congress. In their fourth year of conservatorships, the Enterprises were both deemed “critical concerns,” but generated positive annual income for the first time since 2006. As of September 30, 2013, their cumulative draws under the Senior Preferred Stock Purchase Agreements with the U.S. Department of the Treasury totaled $187.5 billion and they have paid $146.6 billion in cash dividends to Treasury.

? Established Common Securitization Solutions (CSS), a joint venture between Fannie Mae and Freddie Mac that will manage the development of the common securitization platform and associated data and legal infrastructure and a significant goal in FHFA’s Strategic Plan for Enterprise Conservatorships.
? Achieved key FHFA 2013 Scorecard items, including Fannie Mae and Freddie Mac executing multiple risk-sharing transactions totaling more than $30 billion as a means for enticing the private sector to share single-family mortgage credit risk.

? Worked with Fannie Mae and Freddie Mac to complete more than 2.97 million foreclosure prevention actions and kicked off a national public awareness campaign to educate eligible homeowners about the Home Affordable Refinance Program (HARP) to increase refinances. As of August, nearly 2.9 million homeowners had refinanced through HARP since the program’s inception.

? Achieved third consecutive year of profitability for all 12 FHLBs in FY2013.

Link to Report

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

Contact:
Corinne Russell
(202) 649-3032

Stefanie Johnson
(202) 649-3030

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FHFA

The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008.  The Act created a world-class, empowered regulator with all of the authorities necessary to oversee vital components of our country’s secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.  In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD).

Contact:

1700 G Street, NW
4th Floor
Washington, DC 20552
Phone: (866) 796-5595

Corinne Russell
(202) 414-6921
Stefanie Mullin
(202) 414-6376

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