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Fannie Mae and Freddie Mac may soon be made to offer mortgages for homes in ‘underserved markets.’ A new rule, introduced Tuesday, requires the Federal Housing Finance Agency (FHFA) by federal law.
NCSHA recently submitted a letter to the Federal Housing Finance Agency (FHFA) commenting on its proposed Enterprise Duty to Serve Underserved Markets rule.FHFA’s proposal, which was released in December, would require the Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac to develop and implement plans to serve lower income families through activities related to manufactured.
The Federal Housing Finance Agency issued a final rule to implement the Duty to Serve provisions which require Fannie Mae and Freddie Mac to serve three specified underserved markets – manufactured housing, affordable housing preservation and rural housing – by improving the distribution and availability of mortgage financing in a safe and sound manner for residential properties that serve.
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“The HOME Act would retain longstanding FHLB members who joined prior to the fhfa proposed rule and reinstate newer members that. System act as a stabilizing force in the housing finance market and.
Under the proposed rule, Fannie Mae and Freddie Mac would be required to submit to the FHFA an Underserved Market Plan covering a three-year period, subject to public review and comment..
Public input on the proposed Plan can be provided through July 10, 2017 on FHFA’s DTS draft underserved markets plans Input page. "We are excited that the Duty to Serve rule aligns with our mission.
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The Federal Housing Finance Agency (FHFA) is issuing and seeking comments on a proposed rule that would provide Duty to Serve credit for eligible enterprise activities that facilitate a secondary market for mortgages related to: manufactured homes titled as real property; blanket loans for certain categories of manufactured housing communities.
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FHFA Proposes Rule On Underserved Markets. By.. affordable housing preservation and rural markets. The proposed rule, implementing HERA’s pre-conservatorship provisions, would require the government-sponsored enterprises (GSEs) to take actions to increase the liquidity of mortgage investments.
It would also enhance liquidity and competition in the "to-be-announced" MBS market, the agency said. Fannie and Freddie are slated to start issuing the new security through a common securitization.