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[ad_1] New affordable housing benchmarks proposed by the Federal Housing Finance Agency (FHFA) are the latest policy change to try and boost the share of minority homeowners. The proposed rule would set higher requirements for Fannie Mae and Freddie Mac loan purchases in minority and low-income Census tracts. If Fannie Mae and Freddie Mac do not make the proposed goals, which would take effect starting in 2022, they could be subject to enforcement action or penalties from their regulator, the FHFA. That’s not far outside the realm of possibility: In the last 11 years, Fannie Mae has missed its low-income purchase goals three times and flubbed its very low income goals five times. Freddie Mac has missed its low and very low income goals five times each since 2010, per FHFA’s report on their performance. Stakeholders have two months to comment on the proposal. But some were ready to share their initial thoughts. Scott Olson, the executive director of the Community Home Lenders Association, said that this latest step is “validation that the new sheriff in town, FHFA, is focused on access to credit, and making sure Fannie and Freddie are actively doing well in terms of reaching low and moderate income families.” This content is exclusively for HW+ members. Start an HW+ Membership now for less than $1 a day. Your HW+ Membership includes: Unlimited access to HW+ articles and analysis Exclusive access to the HW+ Slack community and virtual events HousingWire Magazine delivered to your home or office Become a member today Already a member? log in The post Affordability goals show FHFA is “new sheriff in town” appeared first on HousingWire. [ad_2] Source link

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[ad_1] Christopher Key accused of threats to Walmart pharmacists giving covid vaccine in Springfield, Missouri  The Washington Post Here’s why fully vaccinated people might need boosters — five takeaways from the White House booster announcement  CNN Gov. Inslee revives indoor mask mandate, orders all school workers to get COVID-19 vaccine  KOMO News Mass. doctor on why protection from COVID vaccines is declining  WCVB Channel 5 Boston Doctor says he won’t see unvaccinated patients, reports say  FOX 10 News Phoenix View Full Coverage on Google News [ad_2]

[ad_1] Three U.S. senators urge more Taiwanese help on automotive chip shortage -letter [ad_2] Source link

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[ad_1] A new agreement between the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) could heighten scrutiny of whether the government sponsored entities’ underwriting engines do enough to further fair housing. The memo of understanding formalizes the sharing of information, resources, and coordination of existing and potential investigations of entities. It specifically highlights the GSE underwriting and appraisal policies. On one hand, it’s not surprising that two federal agencies would publicly state their intention to collaborate on fair housing and fair lending enforcement. But the GSE underwriting requirements — specifically, Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector — have not been assessed for potential disparate impact under fair housing law. And given the enormous influence the GSEs have on the mortgage industry, there are outstanding questions about whether their underwriting policies do enough to further fair housing goals. Loans to borrowers of color make up a very small portion of the loans the GSEs acquire. In 2020, 3.06% of loans Fannie Mae acquired were from Black borrowers and 3.8% of the owner-occupied mortgages Freddie Mac purchased were from Black borrowers. This content is exclusively for HW+ members. Start an HW+ Membership now for less than $1 a day. Your HW+ Membership includes: Unlimited access to HW+ articles and analysis Exclusive access to the HW+ Slack community and virtual events HousingWire Magazine delivered to your home or office Become a member today Already a member? log in The post Is HUD and FHFA’s new agreement a game changer? appeared first on HousingWire. [ad_2] Source link

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[ad_1] VW says might have to cut production further due to chip shortage [ad_2] Source link

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