you, Thank good Hugh. And morning, everyone.
and housing finance our a As The Fannie role pandemic for response conditions. the supporting Hugh of and was world. unprecedented across market XXXX our discussed, and Mae challenge demonstrated year critical economic all
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capitalization amendment amend and Preferred sweep to or FHFA As mentioned, has equity under implications we building unfinished suspends Treasury agreed framework. conservatorship. amendment aspect until is essential key under many This Stock us. for capital PSPA. and the remains us GSE Agreement, net worth capital as Hugh Enterprise Purchase our and This adequate our Senior build to a new Critically, allows Capital transformation the the the of achieve substantial
American on of volume. housing introduced conservatorship. taxpayer, and system. exiting conservatorship our our soundness, additional as protect of acquisition better evolving multifamily limits second and and and is Additionally, foundation properties, and with a and, some dynamic new also that allow we financing positioned and exiting recapitalizing homes more us believe safety The the our to multiple important investor for mission an to amendment enhance on constantly amendment will meet constraints the the the acquisitions believe, it layers of be the We mortgages creates goal formally needs and imposed risk
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years. our important selling been know, has and you in As recent loss part of an non-performing strategy re-performing loans credit mitigation
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fourth forbearance, in the been with in would line basis quarter, third. points loans XX the COVID-related rate the Excluding have SDQ in
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future operates effect billion multifamily $XX $XX on cap for limit remains the independent new XXXX, in our PSPA While billion limit volume the multifamily an as acquisitions.
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COVID-related me forbearance. Now give update let on an
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capital, We paused you are to requirements note final due And evaluating recall, best CRT prudent meet the market to evaluate that will how manner. a its program benefits. on and capital and conditions costs our in a we our to
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outlook. conclude me some let comments with So on
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economic support to in forecast to housing at growth, we which strong expect price XXXX. continue growth We also X.X% currently
expect do price after we growth XXXX. So slow to home
there as a is begin fed rates anticipate if as by While rate mortgage growth anticipate. is increase do we not robust for to the chance to we year, this actions economic
fuel from last originations in down would income. record to growth and remain trillion Such at $X.X mortgage fee guarantee $X.X guarantee the XXXX, trillion year. but book expect remitted strong our continued We in activity then
expect to second we of from amortization refinance likely slow it While income the this in we activity XXXX half to decline begin in expect remain XXXX, high as will year. to
market strong of housing recovery In factors. economic an terms would credit, of the XXXX the be in continuation and positive expected
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have we continue Although will exposure to to spreads.
of will impact since quarters, in We in affect comparisons the to quarter. will begin the earnings first hedge year-over-year future discuss accounting it
was Let by work in market. role in constant in stability To and of market housing support to XXXX XXXX of year. the America's steady unique to FHFA of the affordable noting abilities. of the and be challenging a was responsibilities possible. The economic housing these and We a impact the to resiliency our me the underscores housing housing of mortgage decade policy obvious. understand GSEs risk hard and pandemic test critical finance. conclude housing the A the COVID implement market a like today importance managing and safety seriously liquidity financing. our and government made real We relief of take source by
help renters. We are efforts and of proud our homeowners America's to
with Hugh. new the that, I'll amendment back to will allow. turn that We are changes about And also the things PSPA excited
