Skip to main content

2009 Enterprise Transition Affordable Housing Goals Mortgage Market Assessment

Publication Details
Type
Proposed Rulemaking
Document Number
E9-9994
Federal Register Publish Date
05/01/2009
Comment Open Date
05/01/2009
Comment End Date
05/22/2009
Comment Status
Closed
Rulemaking Details
Rulemaking

2009 Enterprise Transition Affordable Housing Goals Mortgage Market Assessment

Contact Information

FOR FURTHER INFORMATION CONTACT: Nelson Hernandez, Senior Associate Director, Housing Mission and Goals, (202) 408–2993, Brian Doherty, Acting Manager, Housing Mission and Goals– Policy, (202) 408–2991, or Paul Manchester, Acting Manager, Housing Mission and Goals–Quantitative Analysis, (202) 408–2946 (these are not toll-free numbers); Kevin Sheehan, Attorney-Advisor, (202) 414–8952 (these are not toll-free numbers), Lyn Abrams, Attorney-Advisor, (202) 414–8951, or Sharon Like, Associate General Counsel, (202) 414–8950, Office of General Counsel, 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 Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.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

SUMMARY: Section 1128(b) of the Housing and Economic Recovery Act of 2008 (HERA) transferred the authority to establish, monitor and enforce the affordable housing goals for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, Enterprises) from the Department of Housing and Urban Development (HUD) to the Federal Housing Finance Agency (FHFA). Section 1128(b) further provides that the annual housing goals in effect for 2008 as established by HUD shall remain in effect for 2009, except that the Director of FHFA shall review such goals to determine their feasibility given current market conditions, and make appropriate adjustments consistent with such market conditions. Pursuant to this directive, FHFA has analyzed current market conditions and is adopting a final rule that adjusts the housing goal, home purchase subgoal and special affordable multifamily housing subgoal levels for the Enterprises for 2009. The final rule also permits loans owned or guaranteed by an Enterprise that are modified in accordance with the Administration’s Making Home Affordable Program (also known as the Homeowner Affordability and Stability Plan) announced on March 4, 2009, to be treated as mortgage purchases and count for purposes of the housing goals. In addition, the final rule excludes purchases of jumbo conforming loans from counting towards the 2009 housing goals. FHFA’s housing goals regulation is set forth in a new part of FHFA’s regulations, and is generally consistent with the housing goals provisions previously established by HUD, except as modified herein. Pursuant to section 1302 of HERA and 12 U.S.C. 4603, to the extent FHFA is adopting provisions from HUD regulations in new FHFA regulations, those provisions in the HUD regulations are no longer in effect.

DATES: The final rule is effective on August 10, 2009.​
 

Public Comments people-icon

Below are a compilation of public comments made on this publication.

36 items
Date Sort ascending First Name Last Name Organization Comment
John A. Courson Mortgage Bankers Association View CommentView Comment Email: N/A
Attachment: View Attachment
Doris R. Schnider Delaware Community Investment Corporation View CommentView Comment Email: N/A
Attachment: View Attachment
Alazne Solis Enterprise Community Partners, Inc. View CommentView Comment Email: N/A
Attachment: View Attachment
Thomas M. Beers Manufactured Housing Institute View CommentView Comment Email: N/A
Attachment: View Attachment
David L. Ledford National Association of Home Builders View CommentView Comment Email: N/A
Attachment: View Attachment
Douglas Bibby National Multi Housing Council Douglas Culkin, National Apartment Association; View CommentView Comment Email: N/A
Attachment: View Attachment
Terence M. O'Sullivan Laborer's Int'l Union of N. America View CommentView Comment Email: N/A
Attachment: View Attachment
Kristina Cook National Affordable Housing Management Association View CommentView Comment Email: N/A
Attachment: View Attachment
Danny D. Ghorbani Manufactured Housing Association for Regulatory Reform View CommentView Comment Email: N/A
Attachment: View Attachment
Elizabeth Ji Hawaii Community Reinvestment Corporation View CommentView Comment Email: N/A
Attachment: View Attachment
Mary Kaiser California Community Reinvestment Corporation View CommentView Comment Email: N/A
Attachment: View Attachment