News Release

FHFA Submits Report on Homeowner Assistance to Congress

Washington, D.C. – Federal Housing Finance Agency (FHFA) Director James B. Lockhart submitted to Congress the second report as a Federal Property Manager (FPM) detailing actions FHFA is taking to prevent unnecessary foreclosures. Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA) directs Federal Property Managers to develop and implement plans to maximize assistance for homeowners and encourage servicers of underlying mortgages to take advantage of programs to minimize foreclosures.

FHFA is a designated FPM in its role as conservator for Fannie Mae and Freddie Mac. Each FPM is also required to report to Congress about the number and types of loan modifications and the number of foreclosures during the reporting period. In a letter to Congress, Director Lockhart detailed the streamlined loan modification program (SMP) announced in November Also submitted was FHFA’s monthly Foreclosure Prevention Report as of Oct 31, 2008. (The most recent quarterly report, dated September 30, 2008, is now available on our website.)

Letter and monthly Foreclosure Prevention Report attached. (Identical letters sent to Chairmen Dodd and Frank and Ranking Members Shelby and Bachus.)

Third Quarter 2008 Foreclosure Prevention Report

Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030