The Federal Housing Finance Agency (FHFA) released its new Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac and a new 2020 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, FHFA announced.
The Strategic Plan provides a framework for how FHFA will guide Fannie Mae and Freddie Mac to fulfill their statutory missions, focus on safety and soundness, and prepare for a responsible end to the conservatorships.
The Scorecard aligns the Strategic Plan with the Enterprises’ tactical priorities and operations, serving as an essential tool to hold the Enterprises accountable for the effective implementation of the Strategic Plan.
“Our nation’s mortgage finance system is in urgent need of reform,” FHFA Director Mark Calabria said in the announcement. “The vision for reform articulated in the Strategic Plan and advanced in the Scorecard will serve borrowers and renters by preserving mortgage credit availability protect taxpayers by ensuring Fannie Mae and Freddie Mac can withstand an economic downturn, and support a strong and resilient secondary mortgage market.”
The three objectives of this new Strategic Plan and Scorecard are to ensure that Fannie and Freddie:
- Focus on their core mission responsibilities to foster competitive, liquid, efficient, and resilient (CLEAR) nationalhousing 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 their eventual exits from the conservatorships.