GSEs release ‘duty to serve’ plans

The Federal Housing Finance Agency yesterday outlined how Fannie Mae and Freddie Mac will work to improve the distribution and availability of safe and sound residential mortgage financing in underserved markets between 2022 and 2024.

Under a 2016 final rule implementing the new “duty to serve” requirements, Fannie Mae and Freddie Mac must submit draft plans detailing their activities and objectives for serving three underserved markets: manufactured housing, affordable housing preservation and rural housing.