Federal Housing Finance Agency: Fannie Mae & Freddie Mac Duty to Serve Underserved Markets. 15-EA-22. NAFCU would like to highlight the following: The federal housing finance agency (fhfa) issued a proposed rule that would require Fannie Mae and Freddie Mac (the Enterprises) to adopt plans to improve the distribution and
is now seeking public input on Fannie Mae and Freddie Mac’s proposed Underserved Markets Plans under the Duty to Serve program. The FHFA issued a final rule on Dec. 13, 2016 to implement the Duty to.
The final rule does not mandate any particular activities, but requires the Enterprises to consider ways to better serve families in the three underserved markets. Underserved Markets Plans Process Under the final rule, Fannie Mae and Freddie Mac will each submit to FHFA a three-year Underserved Markets Plan that describes the activities and.
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FHFA is currently working to finalize the proposed Duty to Serve rule-mandated by the Housing and Economic Recovery Act of 2008-that requires Fannie Mae and Freddie Mac to help meet the credit needs.
Updated: December 18, 2017. FHFA Publishes Fannie Mae’s and Freddie Mac’s Duty to Serve Underserved Market Plans. The Federal Housing Finance Agency (FHFA) has published Fannie Mae’s and Freddie Mac’s Underserved Markets Plans for 2018-2020 under the Duty to Serve program. The Plans become effective January 1, 2018.
Qualifying activities that promote residential economic diversity in one or more underserved markets would also receive Duty to serve credit. fhfa invites interested parties to submit comments on all aspects of the proposed rule within 90 days of publication in the Federal Register via FHFA.gov. (The proposed rule was published on 12/18/2015.
FHFA Should Ensure Compatibility with Programs that serve eli families Section 1129 of the Housing and Economic recovery act (hera; P.L. 110-289) did not include eli families (those earning less than 30 percent of the area median income) under the Enterprises’ "Duty to Serve Underserved Market" obligations.1 However, many of the federal
Delivering mortgage loans to the secondary market through Freddie. Mac can help. in three specific underserved markets: manufac- tured housing. 22 The Duty to Serve regulation allows Fannie Mae and Freddie Mac to request to modify. on the proposed modifications, and the FHFA must provide a “Non- Objection”.