St Casimirs Mortgage Minute

FHFA: Freddie Mac Falls Short of Low-Income Housing Goals

The Federal Housing Finance Agency in its Annual Housing Report on Friday said that Freddie Mac failed to meet its affordable housing goals for low and very-low income buyers purchasing single-family homes in 2014.

The goal was for 23 percent of loans the GSEs buy to go to households with incomes under 80 percent of their area’s median income and 7 percent to go to households with incomes under 50 percent of AMI. According to the report, Freddie hit 21 percent for low-income households (those with incomes under 80 percent of AMI) and only 4.9 percent for very-low income households (those with incomes under 50 percent of AMI).

Fannie Mae achieved all of its single and multi-family goals, exceeding or equaling the market for mortgage purchases for both low and very-low income borrowers. --ABA Daily Newsbytes