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Enterprise Duty to Serve Underserved Markets Proposed Rule

Open Date:
Open for comment 12/18/2015
All comments are due by 3/17/2016
Notice of Proposed Rulemaking
RIN 2590-AA27
Affordable Housing; Fannie Mae; Freddie Mac; Homeowners-Homebuyers; Mortgage
Fannie Mae; Freddie Mac
Document Number:
12 CFR Part 1282
CFR Description:
Enterprise Housing Goals and Mission
Federal Register Publish Date:
View Document:
Contact Information:

FOR FURTHER INFORMATION CONTACT:  Jim Gray, Manager, Office of Housing and Regulatory Policy, (202) 649-3124, or Mike Price, Senior Policy Analyst, Office of Housing and Regulatory Policy, (202) 649-3134. These are not toll-free numbers. The mailing address for each contact is: Federal Housing Finance Agency, 400 7th Street, SW., Washington, DC 20219. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877-8339.

Related Documents:
/Media/PublicAffairs/Pages/FHFA-Issues-Proposed-Rule-on-Fannie-Mae-and-Freddie-Mac-Duty-to-Serve-Underserved-Markets.aspx|9.56 KB;/Media/PublicAffairs/Pages/FHFA-Proposed-Rule-On-Fannie-Mae-Freddie-Mac-Duty-to-Serve-Underserved-Markets.aspx|14.83 KB;

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PLEASE NOTE:  Comments submitted will not be immediately viewable.  To confirm your comment was received, contact FHFAWebMaster@fhfa.gov or call (202)649-3031.

SUMMARY:  The Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) to establish a duty for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) to serve three specified underserved markets—manufactured housing, affordable housing preservation, and rural markets—to increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for very low-, low-, and moderate-income families in those markets. The Federal Housing Finance Agency (FHFA) is issuing and seeking comments on a proposed rule that would provide Duty to Serve credit for eligible Enterprise activities that facilitate a secondary market for mortgages related to: manufactured homes titled as real property; blanket loans for certain categories of manufactured housing communities; preserving the affordability of housing for renters and homebuyers; and housing in rural markets. The proposed rule would establish a method for evaluating and rating the Enterprises’ compliance with the Duty to Serve each underserved market.

The Proposed Rule was released to the public via agency website on December 15, 2015.

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