The Federal Housing Finance Agency (FHFA) recently released the 2022-2024 Fannie Mae and Freddie Mac Equitable Housing Finance Plans, which detail efforts targeting sustainable housing access.
The plans seek to complement initiatives outlined in FHFA’s Strategic Plan: Fiscal Years 2022–2026, promoting Fannie Mae and Freddie Mac soundness while fostering housing finance markets and providing equitable access.
“The Equitable Housing Finance Plans represent a commitment to sustainable approaches that will meaningfully address the racial and ethnic disparities in homeownership and wealth that have persisted for generations,” FHFA Acting Director Sandra L. Thompson said. “We look forward to working with the Enterprises (Fannie Mae and Freddie Mac), lenders, and other housing industry participants to further develop the ideas described in these plans.”
The 2022-2024 plan addresses barriers experienced by renters, aspiring homeowners, and current homeowners, particularly those in Black and Latino communities.
Plan activities include consumer education initiatives for renters and homeowners, credit reporting to aid tenants in building credit profiles while enabling better access to financial services and deploying technology to improve access to sustainable credit and fair home appraisals.
Senate Committee on Banking, Housing, and Urban Affairs Chairman Sherrod Brown (D-OH) commended the FHFA for the 2022-2024 plan presentation.
“Access to housing remains unequal,” Brown said. “I applaud Director Thompson for requiring Fannie Mae and Freddie Mac to show how they will make sure they are meeting the needs of all homebuyers and renters, and I look forward to working with her to make certain that the GSEs live up to the commitments in these new plans.”