FHFA Forced to Put Credit Score Decision on Hold

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Posted To: MND NewsWire

The old credit score models are safe for the time being, despite a belief that they disregard millions of creditworthy Americans, leaving them unable to be scored , and thus virtually unable to buy a home. The Federal Housing Finance Agency (FHFA) announced on Monday that it is suspending the initiative to update the credit score model used by Fannie Mae and Freddie Mac (the GSEs). As recently as this spring FHFA had said that a decision about scoring models would be made this year. In a press release the agency said it is shifting its focus from the update to implementation of Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (Public Law 115-174) enacted in May. The Act, which sought to undo many of the changes made by the Dodd Frank Wall Street Reform and…(read more)

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