Join us on LinkedIn Follow us on Twitter Like us on Facebook
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation6

Enterprises’ announce 2021 underserved market plans

Add This Email A Friend Printer Friendly Version
0 comments
Financial Stability
Friday, January 8, 2021
The Federal Housing Finance Agency (FHFA) announced the publication of Fannie Mae and Freddie Mac’s (the Enterprises) 2021 underserved market plans. The plans, issued under their Duty to Serve (DTS) programs, became effective Jan. 1, 2021.

“Under ordinary circumstances, each Enterprise would have submitted a three-year plan for 2021-2023 in accordance with the DTS mandate,” the FHFA said in a release. “Due to potential market disruption and uncertainty as a result of the COVID-19 pandemic, FHFA instructed the Enterprises to submit plans for one year (2021) only, as an extension of their 2018-2020 plans.”

The plans address how the Enterprises will serve markets relating to manufactured housing, rural housing, and affordable housing preservation by increasing liquidity of mortgage financing for very low-, low-, and moderate-income families.

“As our country continues to endure the health and economic hardships resulting from the COVID-19 pandemic, Fannie Mae’s mission to provide liquidity, stability, and affordability to the U.S. housing system is more important than ever,” Fannie Mae Executive Vice President and Chief Administration Officer Jeffery Hayward said in a release.

“In 2021, Fannie Mae is proud to continue our Duty to Serve work in the manufactured housing, affordable housing preservation, and rural housing markets to support sustainable homeownership, safe rental communities, and innovative housing finance solutions in order to help more families have a place to call home. We look forward to working with the Federal Housing Finance Agency, industry stakeholders, and our business partners to continue to support these underserved markets across the country.”

Fannie Mae’s plan is broken into three sections, each addressing the strategic priorities and objectives for each of the enumerated markets. Each section prioritizes research and analysis to better understand the challenges and potential solutions for the markets; testing and evaluating adjustments to the organization’s products and programs to better serve the markets within existing business activities, including engaging in pilot programs that will benefit these markets; working with traditional partners such as government agencies as well as looking for new partnerships with key stakeholders; and “doing what they do best” by preserving the affordability of housing by buying more mortgages and making targeted equity investments.

“At Freddie Mac, we see Duty to Serve as more than a program – it is a central piece of our mission to make home possible for more Americans,” Danny Gardner, Freddie Mac senior vice president, client and community engagement for single-family business, said.

For the manufactured home market, Freddie Mac’s DTS plan focuses on providing additional resources, such as enhanced product offerings, additional homebuyer education, and technical training for lenders.

To better serve the rural housing market, in addition to the above priorities, the organization plans to launch research products, collaborate with agencies such as the U.S. Department of Agriculture and U.S. Department of Housing and Urban Development, re-engage in the low-income housing tax credit equity market, and explore opportunities to promote more affordable housing options in rural areas.

In efforts to support affordable housing preservation, Freddie Mac said it anticipated supporting small financial institutions best positioned to help their communities by providing liquidity and working with them to make inroads in energy efficient housing. It also plans to promote shared-equity programs administered by community land trusts, non-profit organizations, and governmental entities.

“Our efforts directly support the availability of mortgage financing and affordable rental housing during a challenging time for many families,” Gardner said. “In the face of continued uncertainty, we believe our work within the mortgage ecosystem to support manufactured housing, affordable housing preservation and rural housing has never been more important.”

Today's other top stories
Third Circuit adopts ‘reasonable reader’ standard for credit reporting
Wells Fargo wins “secret agreement” arbitration appeal
Trade groups petition CFPB to supervise data aggregators
CFPB warns digital marketers to comply with consumer finance protection laws
SEC charges 11 in $300M crypto pyramid scheme


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 3033 times.

Monthly Newsletter

Dodd Frank Update August 2022

Cover Story:

SCOTUS fires warning shot at overreaching agencies


Tweets from @DoddFrankUpdate/lists/industry-news
News by Topic   News by Edition   News by Agency   News by Industry   Special Reports   Webinars
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
 
Dodd Frank Update May 2022
Dodd Frank Update June 2022
Dodd Frank Update July 2022
Dodd Frank Update August 2022
Archives
 
CFPB NCUA
CFTC OCC
FDIC OFR
FHFA SEC
FRB States
FSOC Treasury
FTC  
 
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
 
Forbearance Has Ended, Now What?
2022 State of the Industry
Mortgage Technology
Real Estate Compliance Outlook
Optimizing AI and Blockchain for the Future
Archives
 
Utilizing Tech for RESPA Compliance
Collaborating on eClosings
Economic Forecast Series
Industry and Regulatory Outlook
Archives

Library   About   Subscribe   Store
The Dodd-Frank Act Position Papers
Dodd-Frank Summary & History Legislation
Court Actions Regulations
Enforcement Documents Reports, Studies and Surveys
Guidance Documents Federal Register Notices
White Papers  
 
Dodd Frank Update
Contact / Editors
Advertise
Social Media
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Edition
 
NS3 The Summit
Other Newsletters
The Title Report
The Legal Description
Valuation Review
RESPA News
Copyright © 2011-2022 Dodd Frank Update
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.doddfrankupdate.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Valuation Review
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
EDITION
AGENCY
INDUSTRY
SPECIAL REPORTS
WEBINARS
LIBRARY
EMAIL UPDATES
ABOUT
SUBSCRIBE
Banking
Case Law
Consumer Protection
Financial Stability
Industry Spotlight
Legislation
Nonbank Financial
The TRID Journey
CFPB
CFTC
FDIC
FHFA
FRB
FSOC
NCUA
OCC
OFR
SEC
States
Treasury
Appraisal
Broker-Dealer
Community Banks & Credit Unions
Land Title
Mortgage
Payday Lending
Marketing Compliance for Lenders
Real Estate Compliance Outlook
Best Practices
Forbearance
2022 State of the Industry
Archives
2022 Economic Forecast Series
CFPB Update
Move to ANSI Standards
Tech for RESPA Compliance
Collaborating on eClosings
Industry and Regulatory Outlook
Complying with the New CFPB
Evolving Lender Relationships
RESPA Section 9
Getting to Know Your Regulators
Webinar Archives
Executive Interview Series
eClosing Solutions Showcase
Lender Associations
The Dodd-Frank Act
Dodd-Frank Summary
Court Actions
Enforcement Documents
Guidance Documents
White Papers
Position Papers
Legislation
Regulations
Reports, Studies and Surveys
Federal Register Notices
Proposals
Final Rules
GAO
Agency
Contact Us
Advertise
Social Media
Are You An Expert?
Subscriber Agreement