FHFA Announces New Advisory Board

of Federal Housing Finance Agency (FHFA) on Tuesday announced plans to establish a Federal Advisory Board on Affordable, Equitable and Sustainable Housing.

The commission will provide advice and input on the need for affordable, equitable and sustainable housing and any regulatory or policy changes that may be required, the FHFA said in a statement.

“The establishment of the Advisory Board will enable the FHFA to achieve its strategic goal of supporting access to affordable, equitable and sustainable housing,” FHFA Director Sandra Thompson prepared. “Today’s announcement demonstrates our commitment to transparency, ongoing dialogue with stakeholders and the public, and thoughtful policymaking that links safety and health with equitable access. doing.”

Committees whose members have not yet been elected will focus on FHFA regulated entities. fannie mae, freddie mac and the federal mortgage bankThe FHFA seeks members with a background in funding, development, and/or administrative work associated with government sponsored entities and FHLBs.

The commission’s news comes just months after the FHFA announced the Fannie Mae and Freddie Mac equitable home loan plan.

The 2022-2024 Plan will be updated annually and will focus on barriers to home ownership in the Black and Latino communities. In this regard, the FHFA has created a Fannie Mae and Freddie Mac Pilot Transparency Framework, requiring that a list of pilots be published and maintained on its website.

Both Fannie Mae and Freddie Mac’s plans rely heavily on special purpose credit programs that allow lenders to target loans to protected classes without fear of violating equal credit opportunity laws. doing. Both GSEs also plan to reduce rating bias by increasing the use of automated ratings.

In early August, trade groups, equitable housing groups, and community advocacy groups submitted comments on proposed changes to the federal redlining Community Reinvestment Act. some groups are currency regulator, federal reserve and the Federal Deposit Insurance Corporation To pursue minority lending grades in banks.

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