FHFA Proposes Rule On Underserved Markets

The Federal Housing Finance Agency (FHFA) proposed a rule that would establish housing goals for Fannie. which involves setting both a prospective benchmark level and a retrospective market level.

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 · FHFA Issues Final Duty to Serve’ Rule on December 13, 2016 Mortgage , Newsbytes The Federal Housing finance agency today issued a final rule requiring Fannie Mae and Freddie Mac to submit plans for improving the distribution and availability of safe and sound residential mortgage financing in underserved markets.

 · On December 19, 2018, the Federal Housing Finance Agency (FHFA) published Fannie Mae and Freddie Mac’s modified Underserved Markets Plans.

The Federal Housing Finance Agency announced Tuesday that it has sent a proposed rule to the Federal Register implementing provisions of the Housing and Economic Recovery Act of 2008, which.

Yesterday the Federal Housing Finance Agency (FHFA) released its final "Duty to Serve" rule, which requires fannie mae and Freddie Mac to support certain segments of the mortgage market that are traditionally underserved by private investors. The Duty to Serve rule, which was mandated by Congress in 2008 but has yet to be enforced, focuses on three specific goals:

The Long and Short of Short Sales: Better Details Needed for FHA’s Back to Work Program and Conventional “Extenuating Circumstances” FHA’s 1 year waiting period After Short Sale Bankruptcy or Foreclosure. While I am happy that HUD has introduced this Back to Work exception using extenuating circumstances for short sales, bankruptcies, deeds in lieu and foreclosures, there are a couple things about the way HUD treats short.

The proposed rule creates certain eligible activities that would earn Duty to Serve credits. 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.

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.

On Dec. 10, 2015, the Federal Housing Finance Agency (FHFA) proposed a rule outlining the obligation that Fannie Mae and Freddie Mac serve three traditionally underserved markets: affordable rental housing preservation, rural housing and manufactured housing.Collectively, this obligation is known as the "Duty to Serve."

The proposed rule did not include chattel lending as an eligible activity under the manufactured housing market, thereby leaving out seventy percent of the market. FHFA merely requested comment on whether the Enterprises should receive Duty to Serve credit for purchasing chattel loans, either on a pilot or an ongoing basis.