Part of this legislation tasked the FHFA with the ability to establish housing mission goals with an emphasis on affordable housing. In 2008, Congress passed legislation establishing the Federal Housing Finance Agency (FHFA) as the regulatory oversight body of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Much has been said and written about Fannie Mae and Freddie Mac’s role leading up to and then following the Great Recession. Since their inception, Fannie Mae and Freddie Mac, the nation’s largest lenders in this space, have been mission oriented in championing affordable housing across the country. The Federal Housing Finance Agency (FHFA) approved two new credit scoring models for use by Fannie Mae and Freddie Mac. And this transition has placed an even greater emphasis on providing safe and adequate affordable housing in the multifamily market. We seem to be moving further and further away from the foundational aspect of home ownership as part of the ‘American Dream.’ Whether by choice or force, America has gravitated more and more to a renter’s society. Rising interest rates, building material costs and unprecedented inflation have exacerbated America’s fight to keep housing affordable.
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