WASHINGTON—The Federal Housing Finance Agency (FHFA) has released Fannie Mae's and Freddie Mac's (the Enterprises) Equitable Housing Finance Plans for 2022-2024.
The plans are designed to complement the initiatives outlined in FHFA's Strategic Plan: Fiscal Years 2022–2026 that promote the Enterprises' safety and soundness and foster housing finance markets that provide equitable access to affordable and sustainable housing, the FHFA said.
“The Equitable Housing Finance Plans represent a commitment to sustainable approaches that will meaningfully address the racial and ethnic disparities in homeownership and wealth that have persisted for generations," said FHFA Acting Director Sandra L. Thompson in a statement. “We look forward to working with the Enterprises, lenders, and other housing industry participants to further develop the ideas described in these plans."
The Enterprises developed the Equitable Housing Finance Plans following FHFA's Request for Input and public listening session in September 2021, according to the agency. The 2022-2024 plan activities, which will be updated annually, address barriers experienced by renters, aspiring homeowners, and current homeowners – particularly in Black and Latino communities, the FHFA said.
The Activities
The FHFA said these activities include but are not limited to:
- Consumer education initiatives for renters and homeowners
- Credit reporting to help tenants build credit profiles and enable better access to financial services
- Expanding counseling services to support housing stability
- Deploying technology to improve access to sustainable credit and fair home appraisals
- Special Purpose Credit Programs to address barriers to sustainable homeownership
A Pilot Framework
Additionally, the FHFA reported it has created a pilot transparency framework for the Enterprises to accompany these plans.
“This framework requires each Enterprise to publish and maintain a list of pilots and test-and-learn activities on its public website,” the FHFA said. “The framework will provide accountability in determining whether such activities are working to address the disparities identified in the Equitable Housing Finance Plans.”
Has Everyone But You Heard the News?
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com