New objectives set for 2008
The Department of Housing and Urban Development today announced that both Fannie Mae and Freddie Mac met their housing goals in 2003.
As mandated by The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA), HUD is required to ensure that Fannie Mae and Freddie Mac operate in compliance with their charter purposes, which include targeting a percentage of their business toward low- and moderate-income families, and residents of communities underserved by mortgage credit. Families are considered as having low or moderate incomes if they make no more than the median income in their local area.
"While the GSEs (government-sponsored entities) met the affordable housing goals in 2003, they must do more to genuinely lead the mortgage finance industry as Congress intended," said HUD Secretary Alphonso Jackson. "HUD is now finalizing new housing goals, which over the next four years, will push the GSEs to do what is expected of them helping low- and moderate-income families at least at the same percentage levels as primary market lenders."