The COVID-19 pandemic created the deepest economic contraction in modern U.S. history and led to considerable uncertainty. However, it also teed up the conditions that created a red hot housing market across the country.
In the Federal Housing Finance Agency’s annual report to Congress, the agency requested the authority to examine third-party service providers to identify practices that could pose safety and soundness risks to Fannie Mae and Freddie Mac.
As part of American Housing Month, the ABA Foundation today released a new infographic highlighting gaps in homeownership rates, barriers faced by younger generations and communities of color trying to own a home—as well as resources banks offer to overcome those barriers.
Banks want to expand safe and sound lending across the board and remain committed to enhancing the availability of credit to all qualified borrowers.