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FHFA Establishes New Housing Goals for Fannie Mae and Freddie
Mac Author: Communications
On September 2, 2010, the Federal Housing Finance Agency (FHFA) announced it would soon publish in the Federal Register new housing goals for Fannie Mae and Freddie Mac for 2010 and 2011.
The final rule includes three goals for mortgages used to purchase single-family, owner-occupied homes: (1) 27 percent for low-income families, (2) 8 percent for very low-income families, and (3) a percentage to be set annually for families in areas with lower-income populations, areas high concentrations of minority residents, and federally-declared disaster areas. There is also a 21 percent goal for mortgages used to refinance mortgages for single family, owner-occupied homes for low-income families.
The rule also includes multifamily mortgage goals for each enterprise and requires them to report on the acquisition of mortgages involving low-income units in 5- to 50-unit multifamily properties. The enterprises may not meet goals by purchasing private-label mortgage backed securities. FHFA emphasizes that the enterprises should not "undertake economically adverse or high-risk activities" to achieve the goals, or use the conservatorship as an excuse for missing goals.
© 2010 DFW Realtors • Privacy Policy
Sunday, September 12, 2010
FHA Establishes New Housing Goals For Fannie
FHFA Establishes New Housing Goals for Fannie Mae and Freddie Mac Author: Communications
On September 2, 2010, the Federal Housing Finance Agency (FHFA) announced it would soon publish in the Federal Register new housing goals for Fannie Mae and Freddie Mac for 2010 and 2011. The final rule includes three goals for mortgages used to purchase single-family, owner-occupied homes: (1) 27 percent for low-income families, (2) 8 percent for very low-income families, and (3) a percentage to be set annually for families in areas with lower-income populations, areas high concentrations of minority residents, and federally-declared disaster areas.
There is also a 21 percent goal for mortgages used to refinance mortgages for single family, owner-occupied homes for low-income families. The rule also includes multifamily mortgage goals for each enterprise and requires them to report on the acquisition of mortgages involving low-income units in 5- to 50-unit multifamily properties. The enterprises may not meet goals by purchasing private-label mortgage backed securities. FHFA emphasizes that the enterprises should not "undertake economically adverse or high-risk activities" to achieve the goals, or use the conservatorship as an excuse for missing goals.
© 2010 DFW Realtors • Privacy Policy
On September 2, 2010, the Federal Housing Finance Agency (FHFA) announced it would soon publish in the Federal Register new housing goals for Fannie Mae and Freddie Mac for 2010 and 2011. The final rule includes three goals for mortgages used to purchase single-family, owner-occupied homes: (1) 27 percent for low-income families, (2) 8 percent for very low-income families, and (3) a percentage to be set annually for families in areas with lower-income populations, areas high concentrations of minority residents, and federally-declared disaster areas.
There is also a 21 percent goal for mortgages used to refinance mortgages for single family, owner-occupied homes for low-income families. The rule also includes multifamily mortgage goals for each enterprise and requires them to report on the acquisition of mortgages involving low-income units in 5- to 50-unit multifamily properties. The enterprises may not meet goals by purchasing private-label mortgage backed securities. FHFA emphasizes that the enterprises should not "undertake economically adverse or high-risk activities" to achieve the goals, or use the conservatorship as an excuse for missing goals.
© 2010 DFW Realtors • Privacy Policy
Wednesday, September 8, 2010
BP Gulf Claim Forms Fund
Breaking News
Breaking news ...Kenneth Feinberg, administrator of the BP Gulf Coast Claims Fund, is providing an allocation from the fund for real estate brokers and agents in the region, including Texas. Along with other local businesses, real estate activity on the Gulf Coast has been affected since April's Deepwater Horizon oil spill.These emergency funds are for real estate professionals' loss of income as a result of the oil spill. To qualify, applicants' lost business must be in close proximity to the coastline.See the full story on TexasRealEstate.com.Download the special claim form for Texas real estate brokers and agents.Questions? Contact the Texas Association of REALTORS® Legal Department, 800/873-9155.
For other real estate related issues, including FSBO, buying and selling contact me at fubara@viprealtyplatinum.com
Breaking news ...Kenneth Feinberg, administrator of the BP Gulf Coast Claims Fund, is providing an allocation from the fund for real estate brokers and agents in the region, including Texas. Along with other local businesses, real estate activity on the Gulf Coast has been affected since April's Deepwater Horizon oil spill.These emergency funds are for real estate professionals' loss of income as a result of the oil spill. To qualify, applicants' lost business must be in close proximity to the coastline.See the full story on TexasRealEstate.com.Download the special claim form for Texas real estate brokers and agents.Questions? Contact the Texas Association of REALTORS® Legal Department, 800/873-9155.
For other real estate related issues, including FSBO, buying and selling contact me at fubara@viprealtyplatinum.com
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