Fannie and Freddie Hear Call of Duty (to Serve)

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Posted To: MND NewsWire

Under a final rule issued on Tuesday by the Federal Housing Finance Agency (FHFA) has set forth three underserved markets for activities the GSEs Freddie Mac and Fannie Mae can undertake to fulfill their Duty to Serve requirements . Under the Duty to Serve provisions of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 as amended by the Housing and Economic Recovery Act of 2008 (HERA) the GSEs are required to improve the distribution and availability of mortgage financing for residential properties that serve very low, low-and moderate income families. The final rule in effect makes three markets eligible for satisfying those requirements and creates a process for the GSEs to establish plans to fulfill their Duty to Serve. FHFA will, in turn, annually evaluate, rate…(read more)

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