At the end of March, the Federal Housing Finance Agency (FHFA) released its 2016 Scorecard reporting the progress for Fannie Mae and Freddie Mac in 2016. FHFA’s Scorecards identify the key priorities to help strengthen the home-buying market and increase housing choices and affordability.
The FHFA regulates government-sponsored enterprises (GSEs) including Fannie Mae and Freddie Mac. These GSEs are part of the housing finance market, and aim to expand the availability of mortgages to low- and moderate- income families.
The Scorecard assesses the agencies on their work in the following areas, as set forth in FHFA’s 2014 Strategic Plan for the Conservatorship of Fannie Mae and Freddie Mac:
- “Maintain, in a safe and sound manner, foreclosure prevention activities and credit availability for new and refinanced mortgages to foster liquid, efficient, competitive and resilient national housing finance markets;
- Reduce taxpayer risk through increasing the role of private capital in the mortgage market; and
- Build a new single-family securitization infrastructure for use by the Enterprises and adaptable for use by other participants in the secondary market in the future.”
FHFA reports progress in each of these detailed areas. These efforts included addressing impediments to access to credit, enhancing borrower housing counseling, aligning post-crisis mitigation techniques, and increasing protections in borrowing.