When autocomplete results are available use up and down arrows to review and enter to select.
The Federal Housing Finance Agency released a final rule to codify fair lending and fair housing standards.
Details: The final rule codifies:
Fair lending oversight requirements for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
Requirements for the government-sponsored enterprises to maintain Equitable Housing Finance Plans.
Requirements for the GSEs to collect and report homeownership education, housing counseling, and language preference information from the Supplemental Consumer Information Form.
Expanded fair lending compliance requirements and Equitable Housing Finance Plan oversight.
Next Steps: The FHFA said it:
Will seek public feedback to inform the next three-year plans through a request for input and listening session.
Expects to hold a public listening session in June 2024.
Anticipates releasing the next plans in January 2025.
ICBA View: In a comment letter last year, ICBA said:
The FHFA should ensure the rule does not further limit the ability of community banks to use Fannie Mae and Freddie Mac to access the secondary mortgage market.
The agency should resume discussions with the Treasury Department to release Fannie and Freddie from their 15 years of conservatorship and to amend their Preferred Stock Purchase Agreements so the GSEs won’t have to resume their net-worth
sweep once recapitalized.