2010–2011 Enterprise Affordable Housing Goals; Enterprise Book-Entry Procedures
2010–2011 Enterprise Housing Goals; Enterprise Book-entry Procedures
FOR FURTHER INFORMATION CONTACT: Nelson Hernandez, Senior Associate Director, Housing Mission and Goals, Office of Housing and Community Investment, (202) 408–2819, Brian Doherty, Manager, Housing Mission and Goals, Office of Housing and Community Investment, (202) 408–2991, Paul Manchester, Principal Economist, Housing Mission and Goals, Office of Housing and Community Investment, (202) 408–2946, Sharon Like, Managing Associate General Counsel, Office of General Counsel, (202) 414–8950, Kevin Sheehan, Attorney, Office of General Counsel, (202) 414–8952 or Lyn Abrams, Attorney, Office of General Counsel, (202) 414–8951. These are not toll-free numbers. The mailing address for each contact is: Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.
SUMMARY: Section 1128(b) of the Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) to provide for the establishment, monitoring and enforcement of new housing goals effective for 2010 and 2011 for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises). Section 1332(a) of the Safety and Soundness Act, as amended by HERA, requires the Federal Housing Finance Agency (FHFA) to establish three single-family owner-occupied purchase money mortgage goals and one single-family refinancing mortgage goal. Section 1333(a) of the Safety and Soundness Act requires FHFA to establish one multifamily special affordable housing goal, as well as providing for a multifamily special affordable housing subgoal. This final rule establishes new housing goals for 2010 and 2011, consistent with the Safety and Soundness Act, as amended. The final rule also revises and updates the rules for counting mortgages for purposes of the housing goals to ensure clarity and consistency with the new goals. In addition, the final rule includes provisions regarding reporting requirements and book-entry procedures.
DATES: This rule is effective October 14, 2010.