Federal Housing Finance Agency 2011 Performance and Accountability

The Federal Housing Finance Agency just released the 2011 performance and accountability report regarding their oversight of Fannie Mae and Freddie Mac and the 12 Federal Home Loan Banks.  Included in those reports were a few gems of information on characteristics of borrowers in the 1st half of 2011:

  • FICO Score average at Fannie Mae for 1st Half Calendar Year 2011 was 760 versus 716 in 2007
  • FICO Score average at Freddie Mac for 1st Half Calendar Year 2011 was 753 versus 718 in 2007
  • New business loan-to-value ratio in 1st Half of 2011 greater than 90 percent was 9 percent compared to 7 percent in 2010
  • Much of the increase involved HARP loans with LTVs greater than 100 percent
  • Average LTV for Fannie Mae in 1st Half of 2011 was 69 percent–not that much different from 75 percent in 2007
  • Average LTV for Freddie Mac in 1st Half of 2011 was 70 percent–not that much different from 74 percent in 2007
  • Conventional lending made up 63 percent of Mortgage Originations in 1st half of 2011—almost identical to 2003 (62 percent)
  • FHA and VA have increased from 6 percent of Mortgage Originations in 2003 to 25 percent in the 1st half of 2011
  • 1-4 family lending has plunged from $3.945 trillion in 2003 to $1.18 trillion (annualized estimate) in 2011

The following graph is taken from the attached report and shows the dynamic change in lending since 2003.

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