FHFA Proposes Rule on Fannie Mae and freddie mac requirements for Underserved Markets . Washington, DC – The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a proposed rule implementing provisions of the Housing and Economic Recovery Act of 2008 (HERA) that establish a duty for Fannie Mae and Freddie Mac (the Enterprises) to
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The proposed rule did not include chattel lending as an eligible activity under the manufactured housing market, thereby leaving out seventy percent of the market. FHFA merely requested comment on whether the Enterprises should receive Duty to Serve credit for purchasing chattel loans, either on a pilot or an ongoing basis.
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Photographer: Andrew Harrer/Bloomberg The FHFA would prohibit credit unions from participating in a key Home Loan Bank program because the proposed definition of. to mortgage credit including in.
Yesterday the Federal Housing Finance Agency (FHFA) released its final "Duty to Serve" rule, which requires Fannie Mae and Freddie Mac to support certain segments of the mortgage market that are traditionally underserved by private investors. The Duty to Serve rule, which was mandated by Congress in 2008 but has yet to be enforced, focuses on three specific goals:
But the CHLA raises concerns that the specific proposed. market concentration inherent in a capital markets approach. CHLA noted that excessive capital requirements could retard the development of.
Fannie Mae adopted a three-year Underserved Markets Plan.. the Duty to Serve rule and FHFA's Evaluation Guidance, an Enterprise may propose to modify its.
NCSHA recently submitted a letter to the Federal Housing Finance Agency (FHFA) commenting on its proposed Enterprise Duty to Serve Underserved Markets rule.FHFA’s proposal, which was released in December, would require the Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac to develop and implement plans to serve lower income families through activities related to manufactured.
Qualifying activities that promote residential economic diversity in one or more underserved markets would also receive Duty to Serve credit. FHFA invites interested parties to submit comments on all aspects of the proposed rule within 90 days of publication in the Federal Register via FHFA.gov. (The proposed rule was published on 12/18/2015.
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The Federal Housing Finance Agency (FHFA) has posted a proposed new rule for comment that seeks to provide greater access to affordable housing for three underserved markets. The rule would.