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  • Comment Detail

  • Date: 06/05/23
    First Name: wayne
    Last Name: volack
    Organization: N/A
    City: N/A
    State: N/A
    Attachment: N/A
    Number: RIN-2590-AB29

  • Comment

    Concerning FHFA request for Fannie to develop social bonds for single family mortgages. Incapable of defining what is "social"
    Social bonds will be labeled for underserved communities which includes: black, Latino, and other minorities. All underserved with higher rejection rates. Usually carry higher interest rates to "offset" defaults. As Wells Fargo and other lenders have paid fines and no additional regulation imposed. These social bonds fulfill Fannies commitment to serve underserved communities which can now be documented.
    FHFA should be integrating climate change into FHA underwriting. A building permit/financing should not be available to any structure with a federally insured mortgage.. Private money/insurance is the only financing available to these assets.
    With the Biden green resolution where is Fannie/Freddie obligation to offer an energy efficient mortgage for new/renovation financing?
    FHFA should require energy efficient rating for all financing? As these "brown" assets fall in value due to SEC bank regulations concerning climate change disclosure.
    Fannie has done a substandard job over the last 2 decades and will be held accountable for their missteps. There is the possibility of a class action suit as realtors, brokers and all Fannie originators/underwriters have failed to disclose risky brown assets and their inherent liability in the future. It is already an issue in the EU.