Fannie/Freddie Will Develop New Plans for Equitable Financing
The GSEs, Fannie Mae and Freddie Mac, will be required to submit Equitable Housing Finance Plans to their regulator the Federal Housing Finance Agency (FHFA) by the end of the year. The plans, which will be updated annually, will identify and address barriers to sustainable housing opportunities for the next three years. FHFA also will require the GSEs to submit annual progress reports on the actions undertaken during the prior year to implement their plans. “For generations, discriminatory practices like redlining have prevented communities of color from building wealth through homeownership,” said FHFA Acting Director Sandra L. Thompson. “By identifying the barriers to equitable and sustainable housing finance opportunities and setting goals for addressing those barriers, the [GSEs], consistent with safety and ?soundness, can responsibly reduce the racial and ethnic disparities in homeownership and wealth that still exist today.”
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