FHFA
The Federal Housing Finance Agency (FHFA) announced new proposed housing goals for Fannie Mae and Freddie Mac for 2025-2027, reaffirming their mission to purchase mortgages that “responsibly promote equitable access to affordable housing that reaches low- and moderate-income families, minority communities, and other underserved populations.”
On the single-family side, the FHFA proposes that 25% of the purchase mortgages acquired by Fannie and Freddie go to borrowers earning less than 80% area median income, a drop from the 28% required in the current housing goals.
FHFA also set a new goal for very low-income purchases (borrowers earning less than 50% AMI) at 6%, down from 7% in the current plans. The income refinance goal of 26% as proposed is unchanged, as is the purchase sub-goal for low-income census tracts at 4%. The minority census tracts home purchase goal as proposed for 2025-2027 is 12%, up from the current 10%.
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FHFA’s Watt: Congress needs to handle housing finance reform
Jul 12, 2016In recent weeks, several different groups tried to exert public pressure on the Federal Housing Finance Agency in an attempt to end the housing finance system’s current status quo. Up to this point, the FHFA and its director, Mel Watt, did not respond directly to these efforts. But now, Watt is responding to those public salvos, albeit much more quietly than the trade groups or the politicians.
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