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Name | Symbol | Market | Type |
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Federal National Mortgage Association (PK) | USOTC:FNMFO | OTCMarkets | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12,000.00 | 12,000.00 | 12,000.00 | 0.00 | 01:00:00 |
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Federally chartered corporation
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000-50231
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52-0883107
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification Number)
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3900 Wisconsin Avenue, NW
Washington, DC
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20016
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(Address of principal executive offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Emerging growth company
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The extent to which each Enterprise conducts initiatives in a safe and sound manner consistent with FHFA’s expectations for all activities;
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The extent to which the outcomes of each Enterprise’s activities support a competitive and resilient secondary mortgage market to support homeowners and renters;
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The extent to which each Enterprise conducts initiatives with consideration for diversity and inclusion consistent with FHFA’s expectations for all activities;
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Cooperation and collaboration with FHFA, each other, the industry, and other stakeholders; and
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The quality, thoroughness, creativity, effectiveness, and timeliness of their work products.
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Maintain, in a safe and sound manner, credit availability and foreclosure prevention activities for new and refinanced mortgages to foster liquid, efficient, competitive, and resilient national housing finance markets. (40%)
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Continue to identify opportunities to improve access to credit in a safe and sound manner, taking into consideration the changing circumstances and needs facing prospective borrower segments.
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Assess the availability of low-balance loan financing and develop recommendations as appropriate.
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Continue to support access to credit for borrowers with limited English proficiency, including by finalizing multiyear language access plans and beginning plan implementation.
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Informed by request for input feedback, conclude the assessment of updated credit score models and, as appropriate, plan for implementation.
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Research, assess, and begin planning for appraisal process modernization, which could include revised appraisal forms and data requirements.
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Research and assess opportunities to further partnerships with housing finance agencies.
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Complete the post-crisis loss mitigation toolkit, including foreclosure alternatives and short-term hardships.
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Informed by the 2017 Joint Servicing Market Survey, assess the challenges and potential solutions for improving the borrower experience, expanding liquidity, and increasing efficiency of the servicing market.
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Work collaboratively with industry and other stakeholders.
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Continue to gather and report to FHFA information needed to inform policy decisions regarding single-family rentals, and assist FHFA in assessing single-family rental strategies.
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Explore opportunities to further support liquidity in multifamily workforce housing, including through pilots and initiatives.
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Loans in affordable and underserved market segments, as defined in Appendix A, are to be excluded from the $35 billion cap.
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Reduce taxpayer risk through increasing the role of private capital in the mortgage market. (30%)
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Transfer a meaningful portion of credit risk on at least 90 percent of the unpaid principal balance (UPB) of newly acquired single-family mortgages in loan categories targeted for credit risk transfer, subject to FHFA target adjustments as may be necessary to reflect market conditions and economic considerations.
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For 2018, targeted single-family loan categories include: non-HARP, fixed-rate mortgages with terms greater than 20 years and loan-to-value (LTV) ratios above 60 percent. Additional information on CRT targeted loan categories is in Appendix B.
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Report to FHFA the actual amount of underlying mortgage credit risk transferred.
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Transfer a meaningful portion of the credit risk on newly acquired mortgages, subject to FHFA target adjustments as may be necessary to reflect market conditions and economic considerations.
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Report to FHFA the actual amount of underlying mortgage credit risk transferred.
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Execute FHFA-approved retained portfolio plans that meet, even under adverse conditions, the annual Preferred Stock Purchase Agreement (PSPA) requirements and the $250 billion PSPA cap by December 31, 2018. Any sales should be commercially reasonable transactions that consider impacts to the market, borrowers, and neighborhood stability.
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Evaluate existing PMIERs and whether changes or updates are appropriate.
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Build a new single-family infrastructure for use by the Enterprises and adaptable for use by other participants in the secondary market in the future. (30%)
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Continue working with FHFA, each other, and CSS to implement the Single Security Initiative on the CSP for both Enterprises.
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Incorporate the following design principles in developing the CSP:
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Focus on the functions necessary for current Enterprise single-family securitization activities.
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Include the development of operational and system capabilities necessary for CSP to facilitate the issuance and administration of a common, single security for the Enterprises.
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Allow for the integration of additional market participants in the future.
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Continue to work with each other and CSS to obtain and use input from the Single Security Initiative/CSP Industry Advisory Group.
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Work proactively with the industry to help market participants prepare for the implementation of the Single Security Initiative.
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Continue the development and implementation of the Uniform Closing Dataset.
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Continue implementation of the redesigned Uniform Residential Loan Application and the Uniform Loan Application Dataset/Automated Underwriting System specifications.
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Assess and, as appropriate, begin implementation of strategies to redesign the Uniform Appraisal Dataset.
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Loans on properties subsidized by the Low Income Housing Tax Credit program, which limits tenant incomes at 60 percent of area median income (AMI) or below;
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Loans on properties developed under state or local inclusionary zoning, real estate tax abatement, loan or similar programs, where the property owner has agreed to: a) restrict a portion of the units for occupancy by tenants with limited incomes in accordance with the requirements of the state or local program and restrict the rents that can be charged for those units at rents affordable to those tenants; and b) enforce these restrictions through a regulatory agreement or recorded use restriction; and
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Loans on properties covered by a Section 8 Housing Assistance Payment contract where the contract limits tenant incomes to 80 percent of AMI or below. FHFA will not consider a unit that is
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Loans with quality control defects:
Loans the Enterprises require lenders to repurchase, are pending repurchase, or require a repurchase alternative such as lender indemnification or recourse.
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Prepayments:
Loans that are prepaid prior to being included in a credit risk transfer transaction, although this does not include loans that may be removed from mortgage-backed securities when a loan is in default.
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Loans that are not newly originated or funded:
Loans that are seasoned with three or more months of performance at the time of Enterprise acquisition (both bulk transactions and individual seasoned loan purchases).
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Loans that are held by third parties:
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Loans, guaranteed by the Enterprises, that are part of Long Term Stand By commitments, which are held by third parties and do not involve the Enterprise acquiring or securitizing the loan at the time of providing the guarantee.
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Loans that are part of Long Term Stand By unwinds, which ends the commitment with the third party by simultaneously issuing mortgage-backed securities backed by many of the same loans used in the original transaction.
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Government guaranteed loans:
Loans that are guaranteed by the Federal Housing Administration, Veterans Affairs, or Rural Housing.
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High Loan-to-Value (LTV) Streamlined Refinance Program:
Refinance loans that are issued under the Enterprises’ High-LTV Streamlined Refinance Program.
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For loans that have prepaid as a result of a High-LTV Streamlined Refinance, the Enterprises will modify the structure of their CRT transactions to allow the newly
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FEDERAL NATIONAL MORTGAGE ASSOCIATION
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By
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/s/ Timothy J. Mayopoulos
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Timothy J. Mayopoulos
President and Chief Executive Officer
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1 Year Federal National Mortgag... (PK) Chart |
1 Month Federal National Mortgag... (PK) Chart |
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