FHFA proposes housing goals for Fannie Mae and Freddie Mac

The Federal Housing Finance Agency issued a proposed rule on the housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2025-27.

Background: The housing goals ensure that the Enterprises, through their mortgage purchases, responsibly promote equitable access to affordable housing that reaches low- and moderate-income families, minority communities, and other underserved populations, according to FHFA.

Details: The housing goals and subgoals include separate categories for single-family and multifamily mortgages on housing affordable to low-income and very low-income families, among others. The proposed rule also includes criteria for when housing plans would be required for 2025-27, and it makes several technical changes to enhance clarity and conform the regulation to existing practice, according to FHFA.

Comments: FHFA is requesting comments on all aspects of the proposed rule during the 60-day public comment period.

ICBA Position: ICBA has long supported housing goals for the Enterprises provided that they do not impair the safety and soundness of the Enterprises—especially as the Enterprises are striving to recapitalize. Further, the Enterprise housing goals should complement rather than compete with other government insured or guaranteed mortgage programs.