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Rules and Regulations
Federal Register Vol. 86, No. 84
Tuesday, May 4, 2021

This section of the FEDERAL REGISTER
contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.

FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part 1242
RIN 2590AB13

Resolution Planning AGENCY:

Table of Contents
Federal Housing Finance
Agency.
Final rule.

ACTION:

The Federal Housing Finance Agency FHFA is publishing a final rule that requires Fannie Mae and Freddie Mac the Enterprises to develop plans to facilitate their rapid and orderly resolution in the event FHFA is appointed receiver. A
resolution planning rule is an important part of FHFAs ongoing effort to develop a robust prudential regulatory framework for the Enterprises, including capital, liquidity, and stress testing requirements, as well as enhanced supervision, which will be critical to FHFAs supervision of the Enterprises particularly in the event of an exit from conservatorship. Requiring the Enterprises to develop resolution plans would support FHFAs efforts as receiver for the Enterprises to, among other things, minimize disruption in the national housing finance markets by providing for the continued operation of an Enterprises core business lines CBLs by a limited-life regulated entity LLRE; ensure that private-sector investors in Enterprise securities, including Enterprise debt, stand to bear losses in accordance with the statutory priority of payments while minimizing unnecessary losses and costs to these investors. In addition, resolution planning will help foster market discipline in part through FHFA
publication of public sections of Enterprise resolution plans.
DATES: This rule is effective on July 6, 2021.
FOR FURTHER INFORMATION CONTACT:
Ellen S. Bailey, Managing Associate General Counsel, 202 6493056,
khammond on DSKJM1Z7X2PROD with RULES

SUMMARY:

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Ellen.Bailey@fhfa.gov; Francisco Medina, Assistant General Counsel, 202 6493076, Francisco.Medina@
fhfa.gov; Jason Cave, Deputy Director, Division of Resolutions, 202 6493027, Jason.Cave@fhfa.gov; or Sam Valverde, Principal Advisor, Division of Resolutions, 202 6493732, Sam.Valverde@fhfa.gov. These are not toll-free numbers. The mailing address is: Federal Housing Finance Agency, 400 Seventh Street SW, Washington, DC
20219. The telephone number for the Telecommunications Device for the Deaf is 800 8778339.
SUPPLEMENTARY INFORMATION:
I. Introduction A. Background; Purpose of and Need for the Rule B. Overview of the Proposed Rule II. Discussion of Comments and Agency Response A. Overview of Comments Received B. Purpose of the Rule; Rapid and Orderly Resolution C. Identification of Core Business Lines;
Associated Operations and Services D. Content and Form of an Enterprise Resolution Plan E. Timing of Plan Submission; Interim Updates F. FHFA Identification of Deficiencies and Shortcomings G. Timing of FHFA Feedback; Provision of Formal Guidance H. Comments Beyond the Scope of the Rule III. Summary of Changes to the Final Rule A. Section 1242.4a2, Altering Submission Dates B. Section 1242.5a, Reservation of Authority To Tailor Submission Requirements C. Section 1242.7b, Addition of a Shortcomings Category IV. Regulatory Analyses A. Paperwork Reduction Act B. Regulatory Flexibility Act C. Congressional Review Act
I. Introduction A. Background; Purpose of and Need for the Rule Enterprise Purpose and Business.
Fannie Mae and Freddie Mac are federally chartered housing finance enterprises whose purposes include providing stability to the secondary market for residential mortgages;
providing ongoing assistance to the secondary market for residential mortgages including activities related to mortgages on housing for lowand
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moderate-income families by increasing the liquidity of mortgage investments and improving distribution of investment capital available for residential mortgage financing; and, promoting access to mortgage credit throughout the United States, including central cities, rural areas, and underserved areas, by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing.1 To meet these purposes, the Enterprises are statutorily authorized to engage in limited activitiesprimarily, the purchase and securitization of eligible mortgage loansand are directed to use their authority in certain ways, such as meeting statutorily required goals related to housing loans for lowand very low-income families and serving underserved housing markets.2
Each Enterprise generally organizes its business activity into a single-family business and a multifamily business.
The Enterprises combined single-family book of business is in excess of $5
trillion and the combined multifamily book is approximately $650 billion.
The Enterprise business models for supporting single-family and multifamily housing consist primarily of a guarantee business in which the Enterprises guarantee the timely payment of principal and interest to investors in mortgage-backed securities MBS issued by the Enterprises.3
Mortgage lenders participate in the MBS
swap and cash window programs, originating loans in accordance with Enterprise standards and either providing those loans to an Enterprise in exchange for securities guaranteed by the Enterprise or selling loans directly to the Enterprise for cash. In the portfolio business, the Enterprises issue debt and invest the proceeds in whole loans or in MBS that they hold on their 1 12

U.S.C. 1451 note and 1716.
e.g., id. 1454, 1723a, 4561, and 4565.
3 In general, the Enterprises do not crossguarantee each others MBS. However, Supers, which are resecuritizations of Enterprise uniform mortgage-backed securities UMBS, may be supported by UMBS issued by both Enterprises. In the case of such commingled Supers, the guarantor is the issuing Enterprise, but the issuing Enterprise may look to the non-issuing Enterprise to cover timely payments of principal and interest through the issuing Enterprises guarantee on its underlying UMBS. The Enterprise that issues and guarantees the Supers is ultimately responsible to the investor for making those payments.
2 See,
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