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 Releases, Statements, Speeches and Testimony

 

 

FHFA Announces Membership in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) 370775/11/2022 4:00:00 AMNews Release<p><strong>​​Washington, D.C.</strong> – The Federal Housing Finance Agency (FHFA) today announced its membership in the <a href="https&#58;//www.ngfs.net/en">Network of Central Banks and Supervisors for Greening the Financial System (NGFS)</a>.&#160;&#160;</p><p>Recognizing the increasing risk to property from climate change, including severe structural damage caused by hurricanes, tornadoes, floods, droughts and wildfires, FHFA Acting Director Sandra L. Thompson issued a <a href="/Media/PublicAffairs/Pages/FHFA-Acting-Director-Sandra-L-Thompsons-Statement-on-Climate-Change.aspx">statement</a> in December 2021 that affirmed the Agency's commitment to making tangible progress toward addressing the impact of climate change on the nation's housing finance system. The statement also noted that FHFA's regulated entities should designate climate change as a priority concern and actively consider its effects in their decision making.<br></p><p>&quot;FHFA recognizes that climate change poses a serious threat to the U.S. housing finance system,&quot; said FHFA Acting Director Sandra L. Thompson. &quot;I look forward to working with NGFS members and contributing to its efforts as we confront these challenges.&quot;<br></p><p><strong>About the Network of Central Banks and Supervisors for Greening the Financial System</strong></p><p>Launched in December 2017 at the &quot;One Planet Summit&quot; in Paris, NGFS is an international group comprised of central banks and financial supervisors whose purpose is to help strengthen the global response required to meet the goals of the Paris agreement. NGFS members work to enhance the role of the financial system in managing risks and mobilizing capital for green and low-carbon investments in the context of environmentally sustainable development. NGFS defines and promotes best practices to be implemented within and outside of its membership, and conducts and commissions analytic work on green financing.​<br></p><font color="#000000" face="Times New Roman" size="3"> </font>5/11/2022 4:00:15 PMWashington, D.C. – The Federal Housing Finance Agency (FHFA) today announced its membership in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS 1577https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Mandatory Use of the Supplemental Consumer Information Form370055/3/2022 4:00:00 AMNews Release<p><strong>​​Washington, D.C. </strong>– The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the Enterprises. The purpose of the SCIF is to collect information about the borrower's language preference, if any, and on any homebuyer education or housing counseling the borrower received, so lenders can better understand borrower needs during the home buying process.</p><p>Specifically, the changes announced today will require lenders to present the SCIF questions to borrowers and to report any data collected from the SCIF to the Enterprise purchasing the loan. Lenders will be required to adopt these changes and reporting requirements for loans with application dates on or after March 1, 2023. Response by borrowers to the preferred language question in the SCIF will remain voluntary.<br></p><p>&quot;Collecting language preference and housing counseling information provides mortgage applicants with an additional method to inform lenders of their needs, enabling the industry to more fully respond to the nation's growing diversity,&quot; said FHFA Acting Director Sandra L. Thompson. &quot;These steps will contribute to an equitable housing finance system that welcomes all qualified borrowers.&quot;</p><p>&quot;The CFPB welcomes the FHFA's announcement today. As those lenders and financial companies that already collect the language preference of applicants and borrowers know, this information allows lenders to serve their customers better. The collection of applicants' language preference does not violate the <a href="https&#58;//www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/equal-credit-opportunity-act/">Equal Credit Opportunity Act</a>&#160;or its implementing regulations,&quot; said CFPB Director Rohit Chopra. &quot;The CFPB is eager to see advances in broader language access to better serve all borrowers.&quot;</p><p>The SCIF will be available via <a href="/MortgageTranslations">Mortgage Translations</a> later this Summer. Created by FHFA, Fannie Mae, and Freddie Mac, Mortgage Translations provides resources to assist lenders, servicers, housing counselors, and others in helping mortgage borrowers who have limited English proficiency. The site contains documents and resources available in English, Spanish, traditional Chinese, Vietnamese, Korean, and Tagalog. Mortgage Translations is part of FHFA's <a href="/PolicyProgramsResearch/Policy/Documents/LEP-Multi-Year-Plan.pdf">Language Access Multi-Year Plan</a>.&#160;<br></p>5/3/2022 3:00:05 PMHome / Media / FHFA Announces Mandatory Use of the Supplemental Consumer Information Form News Release 7196https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Fannie Mae's and Freddie Mac's Duty to Serve Underserved Markets Plans for 2022-2024375564/27/2022 4:00:00 AMNews Release<p> <strong>​​​​​​​Washington, D.C.</strong> – The Federal Housing Finance Agency (FHFA) today published the 2022-2024 Underserved Markets Plans for Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) Program.</p><div><p> The DTS Plans demonstrate a strengthened commitment to serving manufactured housing, affordable housing preservation, and rural housing. The targets and strategies in the Plans build on lessons learned and progress made during the first four years of the DTS program.​<br></p></div><div><p> “Providing sustainable liquidity for affordable housing preservation, rural housing, and manufactured housing in a safe and sound manner is an integral part of the Enterprises’ responsibility to serve underserved markets,” said FHFA Acting Director Sandra L. Thompson. “The additional activities and objectives to be implemented under these Plans are important steps toward the Enterprises fulfilling their Duty to Serve mandate over the coming years.”</p></div><div><p> In May 2021, the Enterprises submitted proposed Duty to Serve Plans that FHFA evaluated against Agency priorities and the DTS regulation. FHFA determined that none of the Enterprises’ initial Plans met the DTS Non-Objection standard. After further revisions and evaluation, FHFA has determined that the Enterprises’ latest proposed Plans now meet the Non-Objection standard.</p></div><div><p> The activities outlined by the Enterprises to achieve their DTS plan objectives remain subject to FHFA review and approval to ensure compliance with the Enterprises’ Charter Acts, safety and soundness measures, and other conservatorship and regulatory requirements.</p><p> <a href="/PolicyProgramsResearch/Programs/Documents/FannieMae2022-24DTSPlan-April2022.pdf">Fannie Mae's Underserved Markets Plan</a><br></p><p> <a href="/PolicyProgramsResearch/Programs/Documents/FreddieMac2022-24DTSPlan-April2022.pdf">Freddie Mac's Underserved Markets Plan</a>​</p></div><div><p> <strong>​About the Duty to Serve Program</strong></p></div><div><p> In 2016, FHFA issued a <a href="/Media/PublicAffairs/Pages/FHFA-Issues-Final-Rule-on-Fannie-Mae-and-Freddie-Mac-Duty-to-Serve-Underserved-Markets.aspx">final rule</a>&#160;that implemented the DTS provisions mandated by the Housing and Economic Recovery Act of 2008. The statute requires the Enterprises to serve three specified underserved markets—manufactured housing, affordable housing preservation, and rural housing—by increasing the liquidity of mortgage ​financing for very low-, low-, and moderate-income families.</p></div><div><p> Under the DTS Program, the Enterprises prepare and submit to FHFA proposed three-year underserved markets plans that outline their objectives and activities to serve the manufactured housing, rural housing, and affordable housing preservation markets. FHFA reviews and issues Non-Objections to those proposed plans based on the intended impact on each market.</p></div>4/27/2022 6:07:04 PMWashington, D.C. – The Federal Housing Finance Agency (FHFA) today published the 2022-2024 Underserved Markets Plans for Fannie Mae and Freddie Mac (the Enterprises) under the 3635https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx