The RFI appears to be in response to long-standing complaints about how the GSEs deal with properties that earn an income by providing transient housing...
Federal Reserve Chair Jerome Powell suggested expanding the Community Reinvestment Act to include nondepository financial institutions but said Congress will have to make that decision.
The new rule gives Fannie and Freddie two years to come up with a resolution plan that includes no government support in the event of a crisis. Housing finance experts say: “Good luck with that.”
The program will be rolled out to GSE borrowers with incomes at or below 80% of a geographic area’s median income. One stipulation: no more than one missed payment in the past 12 months.
FHFA says appraisal waivers may subside after the agency reviews comments in its outstanding RFI. However, the cash window caps may be here for a while.