This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2019 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2020 Scorecard
2019 Conservatorships Strategic Plan
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
Source: FHFA
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossaries
COVID-19 Resources
Dodd-Frank Act stress testing is a forward-looking exercise that assesses the impact on capital levels that would result from immediate financial shocks and nine quarters of adverse economic conditions. FHFA requires Fannie Mae and Freddie Mac to submit the results of stress tests based on two scenarios: a Baseline scenario and a Severely Adverse scenario. FHFA aligned the stress test scenario variables and assumptions with those used by the Board of Governors of the Federal Reserve System in its annual Dodd-Frank Act stress tests. As of March 2020, according to the Stress Testing of Regulated Entities Final Rule, the Federal Home Loan Banks are no longer required to conduct Dodd-Frank Act stress tests. As a prudential matter, FHFA expects the FHLBanks to continue to perform other stress tests (addressing market, credit, liquidity, and model risks) as outlined in FHFA's regulations and guidance.
In 2014 FHFA began requiring its regulated entities to conduct stress tests pursuant to 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 (EGRRCPA), the Dodd-Frank 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 periodic stress tests to determine whether the companies have sufficient capital to absorb losses and support operations during adverse economic conditions.
News Releases
FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests (8/15/2019)FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests (8/7/2018)FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests (8/7/2017)FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Stress Tests (8/8/2016)FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Stress Tests (4/30/2015)FHFA Announces Results of Fannie Mae and Freddie Mac Stress Tests (4/30/2014)FHFA Issues Scenarios and Guidance to Fannie Mae, Freddie Mac and the FHLBanks Regarding Annual Dodd-Frank Stress Tests (12/17/2013)
Stress Testing Reports/ResultsAll Fannie Mae and Freddie Mac Stress Testing Reports
Stress Testing - RulemakingAll Stress Testing Rulemaking Pages and Documents
TestimonyAn Update from the Federal Housing Finance Agency on Oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks (4/18/2013)
Other
DFAST Frequently Asked Questions (FAQs) (8/15/2019) Annual Report to Congress – 2018 (6/15/2019)Annual Report to Congress – 2017 (6/15/2018)Annual Report to Congress – 2016 (6/15/2017)Annual Report to Congress – 2015 (6/15/2016)Annual Report to Congress – 2014 (6/15/2015)
2020 DFAST Reporting Cycle
2019 DFAST Reporting Cycle
2018 DFAST Reporting Cycle
2017 DFAST Reporting Cycle
2016 DFAST Reporting Cycle
2015 DFAST Reporting Cycle
2014 DFAST Reporting Cycle
Orders
Regulatory Waiver of 12 CFR 1238.7 Publication Deadline (August 13, 2020)
Fannie MaeOrder to Fannie Mae (March 10, 2020)Summary Instructions and Guidance (March 10, 2020)
Freddie MacOrder to Freddie Mac (March 10, 2020)Summary Instructions and Guidance (March 10, 2020)
XLS Spreadsheets2020 FHFA Scenarios2020 FHFA Scenario Variables and Assumptions Templates2020 FHFA Enterprise Stress Test Templates - Baseline2020 FHFA Enterprise Stress Test Templates - Severely Adverse2020 FHFA DFAST Severely Adverse Market Shocks
Fannie MaeOrder to Fannie Mae (March 5, 2019)Summary Instructions and Guidance (March 5, 2019)
Freddie MacOrder to Freddie Mac (March 5, 2019)Summary Instructions and Guidance (March 5, 2019)
FHLBanksOrder for FHLBanks (March 5, 2019)Summary Instructions and Guidance (March 5, 2019)
XLS Spreadsheets2019 FHFA Scenarios2019 FHFA Scenario Variables and Assumptions Templates2019 FHFA Enterprises Stress Test Templates - Baseline2019 FHFA Enterprises Stress Test Templates - Adverse2019 FHFA Enterprises Stress Test Templates - Severely Adverse2019 FHFA FHLBanks Stress Test Templates - Baseline2019 FHFA FHLBanks Stress Test Templates - Adverse2019 FHFA FHLBanks Stress Test Templates - Severely Adverse2019 FHFA DFAST Adverse Market Shocks2019 FHFA DFAST Severely Adverse Market Shocks
Fannie MaeOrder to Fannie Mae (March 1, 2018)Summary Instructions and Guidance (March 1, 2018)
Freddie MacOrder to Freddie Mac (March 1, 2018)Summary Instructions and Guidance (March 1, 2018)
FHLBanksOrder for FHLBanks (March 1, 2018)Summary Instructions and Guidance (March 1, 2018)
XLS Spreadsheets2018 FHFA Scenarios2018 FHFA Scenario Variables and Assumptions Templates2018 FHFA Enterprises Stress Test Templates - Baseline2018 FHFA Enterprises Stress Test Templates - Adverse2018 FHFA Enterprises Stress Test Templates - Severely Adverse2018 FHFA FHLBanks Stress Test Templates - Baseline2018 FHFA FHLBanks Stress Test Templates - Adverse2018 FHFA FHLBanks Stress Test Templates - Severely Adverse2018 FHFA DFAST Adverse Market Shocks2018 FHFA DFAST Severely Adverse Market Shocks
Fannie MaeOrder to Fannie Mae (March 3, 2017)Summary Instructions and Guidance (March 3, 2017)
Freddie MacOrder to Freddie Mac (March 3, 2017)Summary Instructions and Guidance (March 3, 2017)
FHLBanksOrder for FHLBanks (March 3, 2017)Summary Instructions and Guidance (March 3, 2017)
XLS Spreadsheets2017 FHFA Scenarios2017 FHFA Scenario Variables and Assumptions Templates2017 FHFA Enterprises Stress Test Templates - Baseline2017 FHFA Enterprises Stress Test Templates - Adverse2017 FHFA Enterprises Stress Test Templates - Severely Adverse2017 FHFA FHLBanks Stress Test Templates - Baseline2017 FHFA FHLBanks Stress Test Templates - Adverse2017 FHFA FHLBanks Stress Test Templates - Severely Adverse2017 FHFA DFAST Adverse Market Shocks2017 FHFA DFAST Severely Adverse Market Shocks
Fannie MaeOrder to Fannie Mae (March 2, 2016)Summary Instructions and Guidance (March 2, 2016)
Freddie MacOrder to Freddie Mac (March 2, 2016)Summary Instructions and Guidance (March 2, 2016)
FHLBanksOrder for FHLBanks (March 2, 2016)Summary Instructions and Guidance (March 2, 2016)
XLS Spreadsheets2016 FHFA Scenarios2016 FHFA Scenario Variables and Assumptions Templates2016 FHFA Enterprises Stress Test Templates - Baseline2016 FHFA Enterprises Stress Test Templates - Adverse2016 FHFA Enterprises Stress Test Templates - Severely Adverse2016 FHFA FHLBanks Stress Test Templates - Baseline2016 FHFA FHLBanks Stress Test Templates - Adverse2016 FHFA FHLBanks Stress Test Templates - Severely Adverse2016 FHFA DFAST Adverse Market Shocks2016 FHFA DFAST Severely Adverse Market Shocks
Fannie MaeSecond Supplemental Order to Fannie Mae with Attachment IOrder to Fannie Mae (December 1, 2014)Summary Instructions and Guidance (December 1, 2014)
Freddie MacSecond Supplemental Order to Freddie Mac with Attachment IOrder to Freddie Mac (December 1, 2014)Summary Instructions and Guidance (December 1, 2014)
FHLBanksSupplemental Order to FHLBanks (June 10, 2015)Second Supplemental Order to the FHLBanks with Attachment IOrder to FHLBanks (December 1, 2014)Summary Instructions and Guidance (December 1, 2014)
XLS Spreadsheets2015 FHFA Scenarios2015 FHFA Scenario Variables and Assumptions Templates2015 FHFA Enterprises Stress Test Templates - Baseline2015 FHFA Enterprises Stress Test Templates - Adverse2015 FHFA Enterprises Stress Test Templates - Severely Adverse2015 FHFA FHLBanks Stress Test Templates - Baseline2015 FHFA FHLBanks Stress Test Templates - Adverse2015 FHFA FHLBanks Stress Test Templates - Severely Adverse2015 FHFA FHLBanks Stress Test Templates - Severely Adverse - (revised June 10, 2015)2015 FHFA DFAST Adverse Market Shocks2015 FHFA DFAST Severely Adverse Market Shocks
Fannie MaeOrder to Fannie MaeAppendices to OrderSummary Instructions & GuidanceSupplemental Order to Fannie MaeAppendices to Supplemental Order
Freddie MacOrder to Freddie MacAppendices to OrderSummary Instructions & GuidanceSupplemental Order to Freddie MacAppendices to Supplemental Order
FHLBanksOrder to FHLBanksAppendices to OrderSummary Instructions & GuidanceSupplemental Order to FHLBanksAppendices to Supplemental Order
XLS Spreadsheets2014 FHFA Scenarios2014 FHFA Scenario Variables and Assumptions Templates2014 FHFA Enterprises Stress Test Templates2014 FHFA FHLBanks Stress Test Templates2014 FHFA Global Market Shocks - Adverse2014 FHFA Global Market Shocks - Severe