FHFA wants to expand mortgage access
The Federal Housing Finance Agency (FHFA) announced that it wants housing finance giants Fannie Mae and Freddie Mac to provide greater support to low-income mortgage borrowers and refinancers.
FHFA, which is the regulator for Fannie Mae and Freddie Mac, outlined goals for 2015-2017 aimed at advancing that goal. It wants to ensure that low-income families account for 23 percent of the GSE’s purchases of single-family home mortgages. Also, the agency wants them to increase the share of their purchases that back mortgages in low-income areas with large minority populations, Reuters reports. Read the rest of this entry