FHFA: GSEs Fall Short of Low-Income Housing Goals
The Federal Housing Finance Agency in its Annual Housing Report on Friday said that both Fannie Mae and Freddie Mac failed to meet their affordable housing goals for low and very-low income buyers purchasing single-family homes in 2015.
The goal was for 24 percent of loans the GSEs buy to go to households with incomes under 80 percent of their area’s median income and 6 percent to go to households with incomes under 50 percent of AMI. According to the report, Fannie and Freddie hit 23.5 percent and 22.3 percent, respectively, for low-income households (those with incomes under 80 percent of AMI). For very-low income households (those with incomes under 50 percent of AMI), Fannie came in at 5.6 percent, while Freddie hit only 5.4 percent. Read the report.
--ABA Daily Newsbytes
The colonial jack o'lanterns are courtesy of Colonial Williamsburg. Plan a visit there this fall!
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