Department Raises Affordable Housing Goals for Fannie Mae and Freddie Mac

Friday, April 09, 2004

The Department this week proposed new regulations that would significantly raise the targeted lending requirements for Fannie Mae and Freddie Mac, the two Congressionally charted organizations that finance home mortgages.

The Department estimates an additional one million low- and moderate-income families will find housing as a result of the new goals.

By statute, the Department annually sets the goals, which require a percentage of Fannie Mae and Freddie Mac's lending go to underserved borrowers and communities.

The proposal is currently under a 15-day congressional review, after which there will be a 60-day public comment period.

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