Feds Say New Agreement Will Boost Fair Housing Enforcement
HUD and FHFA (Fannie Mae, Freddie Mac) signed a memorandum of understanding (MOU) to work with each other. The adjust permits HUD to additional aggressively look at for Reasonable Housing Act violations by offering it much easier accessibility to discounts funded with typical home loan loans.
WASHINGTON – The U.S. Section of Housing and Urban Progress (HUD) and the Federal Housing Finance Company (FHFA) (the Agencies) entered into a initially-of-its-type collaborative settlement on reasonable housing and fair lending coordination.
Less than the agencies’ Memorandum of Knowledge (MOU), they’ll operate jointly to enforce the Reasonable Housing Act. HUD oversees and administers the Act’s enforcement, and its new oversight of FHFA entities – Fannie Mae, Freddie Mac and the Federal Property Mortgage Banking companies – presents it wider and simpler accessibility to transactions and loans outside common HUD lending.
In accordance to a joint statement issued by HUD and FHFA, the MOU strengthens the Agencies’ capability to enforce fair housing and reasonable lending necessities by selling facts sharing, coordination on investigations, compliance reviews and the ongoing checking of Fannie Mae and Freddie Mac. They organizations say it will enable “redress our nation’s record of discriminatory housing tactics.”
“Today’s signing is an essential and historic phase to advance and fortify the enforcement of our nation’s truthful housing and reasonable lending requirements,” claims HUD Secretary Marcia L. Fudge. “FHFA oversees entities that have significant management above a big share of the mortgage loan sector. Stepping up our collective reasonable housing oversight of their things to do will make an huge influence on life and communities.”
Fudge suggests HUD is “prioritizing the get the job done necessary to take out barriers that have designed individual and unequal neighborhoods and constrained entry to housing chance and prosperity making.”
“FHFA does not tolerate housing discrimination,” adds FHFA Acting Director Sandra L. Thompson. “Today’s MOU allows FHFA and HUD to share data and assets to enhance truthful lending oversight about the property finance loan finance program. I am happy to function with Secretary Fudge on the crucial do the job of satisfying the Fair Housing Act’s assure of equal access to safe, respectable and reasonably priced housing for all Us citizens.”
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