FHFA Announces Updated Equitable Housing Finance Plans for Fannie Mae and Freddie Mac
Industry Update
April 5, 2023
Source: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) announced updates to Fannie Mae and Freddie Mac’s (the Enterprises) Equitable Housing Finance Plans for 2023. The updates build upon the inaugural plans first announced last year and make adjustments based on initial research and findings. The Equitable Housing Finance Plans are designed to complement the initiatives outlined in FHFA’s Strategic Plan: Fiscal Years 2022–2026 that promote the Enterprises’ safety and soundness and foster housing finance markets that provide equitable access to affordable and sustainable housing.
“As we celebrate Fair Housing Month and the 55th Anniversary of the Fair Housing Act, we are reminded that every step taken towards bringing more equity into the housing finance system is a step in the right direction,” said FHFA Director Sandra L. Thompson. “In 2022, the Enterprises helped more than 834,000 households through various actions outlined in their Equitable Housing Finance Plans.”
Last year, the Enterprises released plans to identify and address barriers to sustainable housing opportunities, including the Enterprises’ goals and actions to advance equity in housing finance for the next three years. Even after the landmark Fair Housing Act of 1968, the racial homeownership gap persists, with homeownership rates for households of color more than 24 percentage points lower than the rate among white households. All plan activities are subject to FHFA’s review and oversight of any risks to, or impacts on, safety and soundness.
For full report, please click the source link above.