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Washington, D.C. - The Federal Housing Finance Agency (FHFA) is seeking comments on a proposed rule to implement 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. This statute requires Fannie Mae and Freddie Mac (the Enterprises) to serve three specified underserved markets: manufactured housing, affordable housing preservation and rural markets. The proposed rule would require the Enterprises to adopt plans to improve the distribution and availability of mortgage financing in a safe and sound manner for residential properties that serve very low-, low-, and moderate-income families in the three specified underserved markets.
The proposed rule would provide Duty to Serve credit for eligible Enterprise activities that facilitate a secondary market for mortgages on residential properties in the specified underserved markets. It would also establish a method for evaluating and rating the Enterprises' performance each year, on which FHFA would report annually to Congress.
Each Enterprise would be required to submit to FHFA an Underserved Markets Plan covering a three-year period that describes the activities and objectives it will undertake to meet its Duty to Serve.
FHFA would provide an Enterprise Duty to Serve credit for additional eligible activities identified by an Enterprise in its Underserved Markets Plan for the specific underserved market. 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. The 90-day comment period will end 3/17/2016.) To submit comments, view
all items open for comment.
Link to Proposed Rule sent to Federal Register
Link to Proposed Rule Fact Sheet (PDF)
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032 Consumers: Consumer Communications or (202) 649-3811
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