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ARTICLE · 12 FEBRUARY 2020

Fannie Mae And Freddie Mac Issue Guidance For LIBOR-less World

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We recently discussed the efforts of the Alternative Reference Rates Committee (ARRC) to prepare for the upcoming discontinuance of LIBOR as an index rate for residential mortgage and consumer loans.

United StatesFinance and Banking
Laurence E. Platt
Laurence E. Platt
David Tallman
David Tallman
Francis L. Doorley
Francis L. Doorley
Kristie D. Kully
Kristie D. Kully
Christopher G. Smith
Christopher G. Smith
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We recently discussed the efforts of the Alternative Reference Rates Committee (ARRC) to prepare for the upcoming discontinuance of LIBOR as an index rate for residential mortgage and consumer loans. Our alert examined AARC's recommendations regarding an appropriate substitute rate (the Secured Overnight Financing Rate, or SOFR) and AARC's recommended changes to implement SOFR. We also noted that Fannie Mae and Freddie Mac (the GSEs) were expected to issue guidance that SOFR was an appropriate substitute for LIBOR and provide transition steps.

On February 5, 2020, Fannie Mae issued Lender Letter LL-2020-01, and Freddie Mac issued Bulletin 2020-1, both of which included the following announcements and key dates:

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