Last month, the FHFA directed Fannie Mae and Freddie Mac to come up with equitable housing finance plans by the end of the calendar year, and asked for industry input.
Last month, the FHFA directed Fannie Mae and Freddie Mac to come up with equitable housing finance plans by the end of the calendar year, and asked for industry input. As Senior Mortgage Reporter Georgia Kromrei outlines in her latest article, the industry obliged.
"In their comments, numerous industry stakeholders, as well as affordable and fair housing groups, said that it's time for some new ideas. Underwriting processes don't adequately capture today's borrowers, who may have multiple streams of income and little traditional credit. The racial homeownership gap has not budged in decades. Even if Congress were to grant $100 billion in down payment assistance advocates seek, it would only return Black homeownership to its pre-2008 levels, the Center for Responsible Lending wrote."
Among other pointed comments, Kromrei notes, were "requests for the FHFA to release data on appraisals, especially as regulators take steps to address bias in valuations."
Read the whole story here to find out what everyone from Rocket Mortgage to the National Association of Realtors suggested. We'll be following up as the equitable housing plans are released to see which comments the FHFA acted on.
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