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FHFA seeks improved GSE funding for underserved communities
WASHINGTON (6/2/10)--The Federal Housing Finance Agency (FHFA) has published for public comment a proposed rule that would require government-sponsored entities (GSEs) Fannie Mae and Freddie Mac to “serve very low-, low- and moderate-income families” in the “manufactured housing, affordable housing preservation, and rural markets.” The FHFA proposal would require Fannie and Freddie to “take actions to increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets while adhering to the requirements of conservatorship.” Fannie Mae and Freddie Mac were placed into conservatorship in 2008 in a bid to reduce the uncertainty in the financial markets regarding GSE bonds and mortgage-backed securities. The GSEs would be “required to provide an underserved markets plan” on which those entities would be assessed. The FHFA proposal would create a method for evaluating the GSE’s performance in underserved markets. According to the release, the FHFA would evaluate the GSEs use of new loan products and underwriting guidelines and would judge the extent of their “outreach to qualified loan sellers.” The FHFA would also evaluate the volume of loans purchased by the GSEs and the “amount of investments and grants in projects that assist in meeting the needs of the underserved markets.” For the full FHFA release, use the resource link.
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