Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FHFA To Congress: Fannie, Freddie Were 'Critical Concerns' In 2012
WASHINGTON (6/14/13)--In its fifth annual report to the U.S. Congress, which detailed the agency's 2012 examinations of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency said it continued to deem the GSEs as "critical concerns," but noted both generated positive annual income for the first time since 2006.

The report also covers the FHFA's examinations of the 12 Federal Home Loan Banks (FHLB) and the FHLBs' joint Office of Finance.

In a release the FHFA highlighted the following points from the annual report:

  • Combined, Fannie and Freddie guaranteed $1.3 trillion in new mortgages, representing 77% of all mortgages originated in 2012;
  • Since the first quarter of the conservatorship, which was put in place in September 2008, Fannie Mae and Freddie Mac completed nearly 2.7 million actions to prevent foreclosures with more than half being loan modifications;
  • Almost 1.1 million homeowners refinanced through the Home Affordable Refinance Program--or HARP--in 2012, bringing the total to 2.1 million since it began in April 2009;
  • Through year-end 2012, the cumulative draws on the U.S. Treasury from Fannie and Freddie Mac totaled $187.5 billion and the GSEs have paid $55.1 billion in cash dividends to Treasury;
  • Key challenges facing Fannie and Freddie include ongoing stress in the nation's housing markets, the challenging economic environment, uncertainty regarding the long-term prospects of their operations and charters, and the need to implement the FHFA Strategic Plan for Enterprise Conservatorships; and
  • For a third consecutive year, all FHLBs recorded positive annual earnings making 2012 the most profitable year since 2007. The FHLBanks ended 2012 with total assets of $763.1 billion, down less than one percent from 2011.
RSS print
News Now LiveWire
"It's crucial you are here and tell your story" Cali #creditunion leaders were told at a league gov relations rally http://t.co/F4Pk2oVqTX
24 minutes ago
.@WOCCU's Brian Branch's visit to U.K.'s Pennine Community #CreditUnion makes @BurnleyExpress http://t.co/OEBcVbW4Cy
53 minutes ago
#CreditUnions can still register for next week's National #CUYouthWeek. http://t.co/he5jlLNcdx
1 hours ago
.@NJCUL billboard @BankingYouTrust received more than 6,000 unique visits in the 1st quater http://t.co/XnJuqiCHUK
1 hours ago
With 523 shots beyond the arc @utahjazz and @MountainAmerica raise over $31k for @Huntsmancancer http://t.co/kyBqVrxjBu
18 hours ago