FHFA: What Types of Mortgages Do the GSEs Acquire?
April 14, 2021
The Housing and Economic Recovery Act of 2008 (HERA) imposes several important data requirements on FHFA. Section 1324 requires FHFA to provide to Congress an Annual Housing Report on the performance of Freddie Mac and Fannie Mae (the Enterprises) in the previous year. As an input to FHFA’s Annual Report to Congress, HERA requires FHFA to conduct a monthly survey of mortgage markets, collecting data on the characteristics of individual mortgages eligible for acquisition by the Enterprises and of mortgages that are not. The National Mortgage Database (NMDB) was created in part to fulfill this requirement. Selected aggregate data from NMDB from January 2009 through June 2020 is available on the FHFA website at www.fhfa.gov/nmdbdata.
This blog presents statistics for mortgages acquired and not acquired by the Enterprises, using the NMDB data. FHFA has not provided such statistics before. We present a figure showing the Enterprise share of all mortgage originations over time and three tables showing means and incidence of various mortgage characteristics for different market segments for the last several years, and the distribution of “higher-risk” mortgages across the same market segments and years.
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