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59 59 59 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal Follow Us At: @DSNewsDaily FANNIE MAE ANNOUNCES REPLACEMENT RATES FOR LEGACY LIBOR PRODUCTS Fannie Mae has announced the replace- ment indices for the legacy LIBOR loans and securities for which Fannie Mae is responsible for selecting the replacement index. e replace- ment indices are the benchmark replacements recommended by the Federal Reserve Board and are based on the Secured Overnight Financing Rate (SOFR). e transition to these replace- ment indices will occur the day after June 30, 2023, the last date on which the Intercontinental Exchange, Inc. (ICE) Benchmark Administra- tion Limited will publish a representative rate for all remaining tenors of USD LIBOR. is announcement follows the Federal Reserve Board's publication of the final rule pursuant to the Adjustable Interest Rate (LI- BOR) Act of 2021. Under that Act, the Federal Reserve Board is the regulator required to select the benchmark replacement for legacy USD LIBOR contracts that are governed by U.S. law. "Our announcement today represents a key milestone necessary to prepare the mortgage market for the cessation of LIBOR," said Bob Ives, Chief Investment Officer for Fannie Mae. "It has always been our goal to support an orderly and successful transition from LIBOR in coordination with the Federal Housing Finance Agency, the Alternative Reference Rates Com- mittee, and other mortgage market participants, and we will continue to work toward that goal." e replacement index, as specified in the final rule, for each legacy LIBOR product is as follows: • Fannie Mae's Single-Family Adjustable-Rate Mortgages (ARMs) and related mort- gage-backed securities will be replaced by Rel- evant tenor of CME Term SOFR + applicable Tenor Spread Adjustment (Transition Tenor Spread Adjustment during the first year) • Fannie Mae's Multifamily ARMs and related mortgage-backed securities will be replaced by the 30-day Average SOFR + Tenor Spread Adjustment • Fannie Mae's Single-Family and Multifamily Credit Risk Transfer (CRT) securities will be replaced by the 30-day Average SOFR + Tenor Spread Adjustment • Fannie Mae's Single-Family and Multifamily Collateralized Mortgage Obligations (CMOs) will be replaced by the 30-day Average SOFR + Tenor Spread Adjustment • Fannie Mae's Derivatives generally use the benchmark replacements identified in the 2020 fallbacks protocol published by the International Swaps and Derivatives Association (ISDA) "e announcement of replacement rates for their LIBOR-indexed products today by Fannie Mae and Freddie Mac represents one of the closing milestones in the transition to more robust reference rates to replace LIBOR," Federal Housing Finance Agency (FHFA) Director Sandra L. ompson said. "FHFA and its regulated entities have worked closely with the Alternative Reference Rates Committee and the Official Sector to ensure a transparent and smooth transition." those experiencing homelessness. e AHAR data reflects a single-night snapshot of homelessness in America in early 2022 and the first complete single-night count of people experiencing homelessness since the arrival of the COVID-19 pandemic. It shows that overall homelessness remained relatively unchanged despite the economic challenges created by the COVID-19 pandemic. ese results, however, do not reflect the full impact of the Biden-Harris administration's American Rescue Plan and HUD's House America initiative, which largely took place during the calendar year 2022. For instance, the majority of HUD's Emergency Housing Voucher program lease-ups took place during 2022. Also, in 2022, HUD released a first-of-its-kind Initia- tive to Address Unsheltered and Rural Homeless- ness, which HUD plans to award in early 2023. e release of the plan coincides with the week of Homeless Person's Memorial Day, which commemorates the people who have lost their lives while living without a home. People who experience homelessness die nearly 30 years earlier than the average American and at the average age that Americans died in 1900. All In responds to homelessness like a life-and-death crisis rooted in housing and health problems— not a crime for the justice system to solve. While homelessness is deadly, it is also preventable. e pandemic proved the power of prevention: the Biden-Harris administration's response to COVID-19—including emergency rental assistance for people at risk of eviction and direct cash assistance for most Americans—pre- vented millions from losing their homes and kept evictions at pre-pandemic levels. All In aims to further fix systems and failed policies to prevent homelessness, or the risk of it, long before it happens. HUD releases the AHAR to Congress in two parts. Part 1 provides Point-in-Time (PIT) estimates, offering a snapshot of homelessness on a single night. e one-night counts are con- ducted during the last 10 days of January each year, with extensions approved on a case-by-case basis. e PIT counts also provide an estimate of the number of people experiencing homelessness within particular homeless populations such as individuals with chronic patterns of homeless- ness and veterans experiencing homelessness.