Freddie mac access manager
“ Senior Preferred Stock Purchase Agreements.”
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" Fannie Mae and Freddie Mac: How Government Housing Policy Failed Homeowners and Taxpayers and Led to the Financial Crisis."įederal Housing Finance Agency. Lockhart Director, Office of Federal Housing Enterprise Oversight News Conference." " Fannie Mae, Freddie Mac, and the Federal Role in the Secondary Mortgage Market," Pages 7-9.įederal Housing Finance Agency. " Liquidity, Default, Taxes and Yields on Municipal Bonds,". " Government-Sponsored Enterprises and Their Implicit Federal Subsidy: The Case of Sallie Mae,". " GSE Guarantees, Financial Stability, and Home Equity Accumulation,". " Federal Home Loan Mortgage Corporation Corporation Act," Pages 2, 4, and 8.įederal Reserve Bank of New York Economic Policy Review. " Federal National Mortgage Association Charter Act," Pages 7, 11, and 12.įederal Housing Finance Agency. " History of Fannie Mae and Freddie Mac Conservatorships."įederal Housing Finance Agency. " Federal Home Loan Mortgage Corporation Corporation Act."įederal Housing Finance Agency. “ Federal National Mortgage Association Charter Act.”įederal Housing Finance Agency. " Americans React to the Great Depression." " The Federal Response to Home Mortgage Distress: Lessons from the Great Depression," Pages 138-139. " FHFA Extends Foreclosure and REO Eviction Moratoriums and COVID Forbearance Period."įederal Reserve Bank of St. " Fannie Mae and Freddie Mac: Past, Present, and Future,".
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Department of Housing and Urban Development. " Fannie Mae, Freddie Mac, and the Federal Role in the Secondary Mortgage Market,". In 2018, to settle charges of redlining, the DOJ ordered Minnesota-based KleinBank to invest at least $300,000 in a special purpose credit program over three years to offer residents of majority-minority census tracts mortgage and home improvement loans on a “more affordable basis than otherwise available from KleinBank.Congressional Budget Office. Lenders have pointed out that special purpose credit programs have been used as punishment for wrongdoings. Lenders have raised concerns about the legality of special purpose credit programs, and have expressed reluctance to provide the documentation necessary to develop the programs, which some see as an admission of wrongdoing. McCain, during the panel discussion, said that lenders “just need to do it,” and that the barriers to creating the tailored lending programs are more “perceived than real.” In February, all of the banking regulatory agencies, the CFPB, the Department of Justice, HUD and the FHFA issued a rare interagency statement encouraging lenders to “explore opportunities to develop” special purpose credit programs. Marcia Fudge wrote that the tailored lending programs “are lawful under ECOA generally are not barred by the Fair Housing Act.”ĭemetria McCain, principal deputy assistant secretary for fair housing and equal opportunity, also penned a legal memo to encourage lenders to develop lending programs tailored “to assist … economically disadvantaged classes of persons and first time homebuyers.”
#FREDDIE MAC ACCESS MANAGER UPDATE#
An FHFA spokesperson said this week that the agency could not provide an update on when the plans would be put into place. In Fannie Mae’s latest annual financial filing, the GSE said it anticipated “establishing and supporting special purpose credit programs,” as part of its equitable housing finance plan.įannie Mae did not respond to a request to comment.īoth of the GSEs submitted their equitable housing finance plans to the FHFA before year-end, but they have yet to be approved and implemented. It is also not clear when Fannie Mae, Freddie Mac’s larger GSE counterpart, plans to roll out special purpose credit programs. “So I say keep the guidance coming, because we are building it and we hope the lending community will come.”įreddie Mac did not respond to a request for comment seeking more detail on the forthcoming programs. “Notwithstanding all of the guidance, we still hear concerns of legality from lenders,” Perry said. Perry said that despite statements from banking regulatory agencies, the Federal Housing Finance Agency, the Department of Housing and Urban Development and the Consumer Financial Protection Bureau to reassure lenders that targeted lending programs do not violate fair lending laws, mortgage lenders remain hesitant. The programs will be announced in the third quarter of this year, Perry said during a fair housing webinar hosted by the National Housing Conference, a mortgage trade association.
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The special purpose credit programs will pertain to Black, Latino and Native American borrowers, according to Pamela Perry, head of Freddie Mac’s single-family equitable housing team. Freddie Mac will debut targeted lending programs this year, following guidance from regulators giving lenders the go-ahead.