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FHFA Announces New GSE LIBOR Transition Resources

NationalMortgageProfessional.com
Jun 02, 2020
Photo credit: Getty Images/joxxxxjo

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac launched new websites that provide key resources for lenders and investors as the GSEs transition away from the London Interbank Offered Rate (LIBOR), which is expected to stop being published at the end of 2021. The GSEs’ sites contain information about resources and products, including the GSEs’ jointly published LIBOR Transition Playbook and Frequently Asked Questions (FAQ).
 
“To protect our nation’s housing finance markets, FHFA has directed the entities we regulate to transition away from LIBOR,” said FHFA Director Mark Calabria. “These resources will help market participants to likewise move away from LIBOR in a safe and sound manner.”
 
Available on Fannie Mae and Freddie Mac webpages, the Playbook describes transition milestones and recommended actions for stakeholders to consider as they manage the upcoming transition away from LIBOR. Together with the accompanying FAQs, these tools will help participants plan and adapt business policies, procedures, and processes to support products linked to alternative reference rates, discontinue most LIBOR-indexed products by the end of 2020, and prepare for discontinuing the use of LIBOR as an index.

 
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