Freddie Mac 2014 Annual Report Download - page 260

255 Freddie Mac
• Analyzing and pursuing opportunities to encourage take-up by currently
HARP-eligible borrowers;
• Assessing and developing additional plans for loss mitigation strategies, including
those for the post-HAMP marketplace;
• Developing and implementing a plan for targeted non-performing loan sales and
Real Estate Owned property sales that facilitate neighborhood stabilization,
especially in hardest hit markets.
Continue to develop approaches to reduce borrower, and therefore Enterprise,
costs for Lender Placed Insurance (LPI). The goal was achieved
Maintain the dollar volume of new multifamily business at or below the 2013
caps, excluding: The goal was achieved
• Affordable housing loans, loans to small multifamily properties and loans to
manufactured housing rental communities.
2 Reduce taxpayer risk through increasing the role of private capital in the mortgage market (30%)
Single Family All goals were achieved or exceeded
• Transact credit risk transfers on single family mortgages with at least $90 billion
of unpaid principal balances adjusted for the amount of credit risk transferred;
• Utilize at least one transaction type in addition to the STACR or CAS structures
(e.g. - insurance, upfront credit risk transfers, and senior/subordinated
securitizations):
• FHFA will provide some extra Scorecard credit for the substantial completion
of R&D efforts in this space;
• FHFA will provide more extra Scorecard credit for completing any additional
types of transactions beyond the first two.
Multi-Family The goal was achieved
• Assess the economics and feasibility of adopting additional types of risk transfer
structures and of increasing the amount of risk transferred in current risk transfer
structures (risk is broadly defined to include, but is not limited to, credit,
counterparty or aggregation risk).
Retained Portfolio All goals were achieved or exceeded
• Submit to FHFA within 60 days retained portfolio plans that meet, even under
adverse conditions, the annual Purchase Agreement requirements and the $250
billion Purchase Agreement cap by December 31, 2018:
• The plans should focus on reducing less liquid assets;
• Any sales should be economically sensible transactions that consider impacts
to the market and neighborhood stability.
Finalize mortgage insurance Master Policies and enhanced eligibility
requirements. The goal was achieved
3Build a new single-family securitization infrastructure for use by the Enterprises and adaptable for use by other participants in
the secondary market in the future (30%)
Continue working with FHFA, Fannie Mae and Common Securitization
Solutions, LLC to build and test the Common Securitization Platform (CSP) and
continue the implementation of required changes to the Enterprises' related
systems and operations for integration into the CSP. The Enterprises' work on
CSP should incorporate the following design principles:
All goals were achieved
• Focus on the functions necessary for current Enterprise single family securitization
activities;
• Include the development of the operational and system capabilities necessary to
issue a single (common) security for the Enterprises; and
• Allow the option for the integration of additional market participants in a future
system.
Identify key components, features and standards needed for a single (common)
security in the CSP. Assess key issues and begin to address these issues: The goal was achieved
• Continue to explore other shorter-term changes that may improve market liquidity
in the Agency MBS market.
Provide active support for mortgage data standardization initiatives:
• Servicing Data and Technology Initiative (SDTI). While the goal was achieved, a greater level of engagement
would have been beneficial
• Engage with FHFA and the industry to identify current and anticipated
mortgage servicing data and technology gaps in order to explore technology
improvements and expand data standardization.
• The Uniform Closing Disclosure Dataset (UCD) initiative: The goals were achieved
• Develop a standardized dataset to support the CFPB's Integrated Mortgage
Disclosure Regulation and Closing Disclosure;
• Create a strategy for the collection and use of the UCD dataset; and
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