The Federal Housing Finance Agency (FHFA) today announced updates to Fannie Mae and Freddie Mac’s Equitable Housing Finance Plans for 2023.
According to the FHFA, the updates build upon the inaugural plans that the government-sponsored enterprises (GSEs) first announced last year and make adjustments based on initial research and findings. The updates include:
- Inclusion of the Latino Housing Journey and actions to remove barriers experienced by Latino renters and homeowners in Fannie Mae’s plan;
- Enhanced focus on ensuring existing borrowers receive fair loss mitigation support and outcomes through monitoring and developing strategies to close any gaps;
- Provision of financial capabilities coaching to build credit and savings;
- Support for locally-owned modular construction facilities in communities of color;
- Increases to the reach of Enterprise Special Purpose Credit Programs to support homeownership attainment and housing sustainability in underserved communities.
“As we celebrate Fair Housing Month and the 55th Anniversary of the Fair Housing Act, we are reminded that every step taken towards bringing more equity into the housing finance system is a step in the right direction,” said FHFA Director Sandra L. Thompson. “In 2022, the Enterprises helped more than 834,000 households through various actions outlined in their Equitable Housing Finance Plans.”
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