August 29, 2014

FHFA proposes housing goals for GSEs

Sept. 2, 2014 – The Federal Housing Finance Agency proposed a rule that would establish housing goals for government-sponsored enterprises Fannie Mae and Freddie Mac for 2015 through 2017.
The agency is requesting comments on the goals by Oct. 28. NAFCU is reviewing the proposal for its potential impact on credit unions.
FHFA is presenting three possible approaches for establishing single-family housing goals: using the current two-step process involving setting a prospective benchmark level and a retrospective market level; setting only the prospective benchmark level, or; using only the retrospective market level measure (which is based on Home Mortgage Disclosure Act data).
For multifamily housing goals, the proposal would establish a subgoal for small multifamily properties (of 5-50 units) more affordable to low-income families. The agency is also requesting comments on whether the multifamily housing goals credit should be allowed for blanket loans on manufactured housing communities.