Fannie Mae and Freddie Mac are asking the public for feedback on their proposed Duty to Serve Underserved Markets Plans, which address affordable housing preservation, manufactured housing and rural housing, per a provision of the Housing and Economic Recovery Act of 2008. The Duty to Serve statute requires Fannie Mae and Freddie Mac to increase mortgage availability to those markets, which contain very low-, low- and moderate-income households, through a three-year Underserved Markets Plan.
“I strongly encourage stakeholders to submit feedback on Fannie Mae and Freddie Mac’s proposed Duty to Serve Underserved Markets Plans,” says FHFA Director Melvin L. Watt. “FHFA will evaluate stakeholder input as part of our review process to ensure that the plans help the Enterprises meet their statutory obligations in a safe and sound manner.”
“Fannie Mae welcomes the opportunity to create housing opportunities that are affordable and we are prepared to bring all our experience, knowledge and capabilities to bear in fulfilling our Duty to Serve,” says Jeffery Hayward, executive vice president and head of Multifamily at Fannie Mae.
“Duty to Serve presents a welcome opportunity to lead the mortgage industry and help more American families with their housing needs,” says Danny Gardner, vice president of Affordable Lending and Access to Credit at Freddie Mac. “Our plan includes increased loan purchases in these underserved markets, new offerings, market research, increased homebuyer education, community engagement and local outreach. We intend to work with our customers and the many dedicated organizations that are deeply knowledgeable about these markets at the local, regional and national levels.”
Those interested in providing input can review the proposals and submit comments on the Federal Housing Finance Agency (FHFA) website now through July 10, 2017.
Sources: Fannie Mae, Federal Housing Finance Agency (FHFA), Freddie Mac
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