December 13, 2016Statement on Federal Housing Finance Agency (FHFA) Duty to Serve Rule for Underserved Markets
Quote from Timothy J. Mayopoulos, President and Chief Executive Officer, Fannie Mae
“Fannie Mae embraces the FHFA rule to implement the new Duty to Serve provisions, which address the needs of American families in search of solutions to their housing challenges. Fannie Mae is committed to working with our partners to help families in underserved markets across the United States,” said Timothy J. Mayopoulos, President and Chief Executive Officer, Fannie Mae.
Quote from Jeffery R. Hayward, Executive Vice President and Head of Multifamily, Fannie Mae
“The requirements of the Duty to Serve statute are at the core of our vision to be America’s most valued housing partner,” said Jeffery R. Hayward, Executive Vice President and Head of Multifamily, Fannie Mae. “Duty to Serve requires Fannie Mae to provide leadership to three underserved markets – improving financing for manufactured housing, supporting affordable housing preservation, and increasing service to rural areas – in order to facilitate a secondary market for mortgages for very low-, low-, and moderate-income families. We look forward to leveraging our affordable housing expertise to contribute to solutions for underserved families and make an impact on the areas and markets identified by the rule in 2017 and beyond.”
Quote from Gerald M. Hunter, President and Executive Director, Idaho Housing and Finance Association
“The Idaho Housing and Finance Association has had a highly productive partnership with Fannie Mae for many years. Their affordable product offerings and collaborative approach to addressing our lending needs has helped us penetrate both rural and urban markets across Idaho,” said Gerald M. Hunter, President and Executive Director, Idaho Housing and Finance Association. “We simply wouldn’t be as successful, and Idaho’s homeowners would not be as plentiful, without Fannie Mae being there to support us. We look forward to our ongoing work with Fannie Mae as they implement the important provisions of Duty to Serve.”Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.