FHFA joins HUD, OCC and CFPB in an effort to promote the use of special purpose credit programs as a way to boost lending in disadvantaged communities.

Consolidating FHFA’s authority to support fair housing and fair lending laws under the umbrella of the GSEs’ equitable housing finance plans will improve access to mortgage credit for underserved communities, supporters say. The GSEs, however, see key problems.

For Fannie, the most obvious change was a major expansion of the EHFP’s target audience. In its initial plan, the enterprise had focused almost exclusively on Black homebuyers.

Both Fannie and Freddie made significant strides in meeting the objectives laid out in their 2022 equitable housing finance plans, according to progress reports released by the enterprises.

Lenders should help borrowers buy down interest rates to help close the racial homeownership gap, experts said recently.

Loan modification is easy when interest rates are low, but what does foreclosure mitigation look like when rates soar?

The lender aims to fund $1 billion to Black homebuyers by year-end 2023.

A handful of mortgage lenders in recent months have rolled out special purpose credit programs targeting Black and Hispanic communities in specific locations.

Fannie Mae and Freddie Mac are leaning on special purpose credit programs to offer better access to housing finance for Black and Latino borrowers.