FHFA Proposes Rule On Underserved Markets

or FHFA, re-proposed on Tuesday. The rule, established by the Housing and Economic Recovery Act of 2008, calls on mortgage insurance giants Fannie Mae and Freddie Mac to serve three underserved areas,

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the Federal Housing Finance Agency (FHFA) Proposed Rule on Enterprises Duty to Serve Underserved markets (proposed rule). This proposed regulation implements the duty for the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), hereafter collectively referred to as the Enterprises, to serve the following underserved markets-affordable housing

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Watt, in his prepared remarks, recounted to committee members some of the efforts of FHFA. market. During the Q&A portion of the testimony, he indicated that no decisions have been made yet. The.

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In response to changing conditions in the condominium market, the Federal Housing Administration (FHA) today proposed new rules that would allow individual condo units to become eligible for FHA.

The proposed rule creates certain eligible activities that would earn Duty to Serve credits. Under the proposed rule, Fannie Mae and Freddie Mac would be required to submit to the FHFA an Underserved Market Plan covering a three-year period, subject to public review and comment.

The final rule does not mandate any particular activities, but requires the Enterprises to consider ways to better serve families in the three underserved markets. Underserved Markets Plans Process Under the final rule, Fannie Mae and Freddie Mac will each submit to FHFA a three-year Underserved Markets Plan that describes the activities and objectives they will undertake to meet their Duty to Serve requirements.

The FHFA also published a Proposed Evaluation Guidance to outline the following: (i) FHFA’s expectations regarding the development of such Underserved Markets Plans, and (ii) the process by which.

Federal Housing Finance Agency’s (FHFA’s) proposed Rule on the Duty to Serve Underserved Markets for Enterprises; Proposed Rule. 12 CFR Part 1282, RIN 2590-AA27. The Housing and Economic Recovery Act of 2008 mandates that Fannie Mae and Freddie Mac have a "Duty to Serve" three traditionally underserved markets of: Rural Housing,

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