FHFA Proposes Rule On Underserved Markets
. FHFA to establish a method for crediting the GSEs compliance with the Duty to Serve underserved markets. On December 15, 2015, FHFA issued a proposed rule to implement HERA’s Duty to Serve.
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FHFA Proposes Rule on GSEs’ Duty to Serve Low Income Markets on December 15, 2015 Mortgage , Newsbytes The Federal Housing Finance Agency today proposed a rule that would require Fannie Mae and Freddie Mac to submit plans for improving the distribution and availability of safe and sound residential mortgage financing in underserved markets.
The federal housing administration (fha) proposed. support the housing market in the short-term and provide access to home ownership to the underserved in the long term, while minimizing the risk.
In addition, section 1335(d)(1) requires FHFA to establish a method for crediting the GSEs compliance with the Duty to Serve underserved markets. On December 15, 2015, FHFA issued a proposed rule to implement HERA’s Duty to Serve requirements. As required by HERA, the proposed rule would have provided Duty to Serve credit for GSE activities.
FHFA will consider this guidance when evaluating the Enterprise’s plan and performance of its duty to serve underserved markets. 2. Underserved Markets Plan-Proposed 1282.35. FHFA proposes that each Enterprise provide an underserved markets plan against which the Enterprise would be evaluated and rated.
The Federal Housing Finance Agency (FHFA) earlier today published Fannie Mae’s modified Underserved Market Plan for 2018-2020. Fannie Mae pledges in the new plan to substantially increase its Housing Credit equity investments for properties located in rural areas over the three-year period.
That’s why the proposed. but the Underserved Market Plans, also known as “Duty to Serve” plans, were required by the 2008 Housing and Economic Recovery Act. It took until December 2016 for the FHFA.