Federal Housing Finance Agency Proposes New Housing Goals for Fannie Mae and Freddie Mac - February 18, 2010

Washington, DC -- The Federal Housing Finance Agency (FHFA) has sent a proposed rule to the Federal Register establishing new housing goals for Fannie Mae and Freddie Mac (the Enterprises). The Housing and Economic Recovery Act of 2008 (HERA) gave FHFA authority for establishing housing goals for the Enterprises. Previously the Department of Housing and Urban Development (HUD) set the Enterprises’ housing goals.

For 2010 and 2011, FHFA is proposing levels for three single-family home purchase goals: low-income families, very low-income families, and families in low-income/high minority/disaster areas. The proposed rule also contains goals for single-family refinance mortgages for low-income families. These are the goal categories established in HERA. The home purchase and refinance goals are all expressed as minimum goal-qualifying shares of each type of mortgage purchased by the Enterprises.

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