The GSE regulator Thursday issued new affordable goals that Fannie Mae and Freddie Mac are expected to meet this calendar year.
A final rule issued by the Federal Housing Finance Agency (FHFA) creates home purchase and refinancing goals based on the two's total mortgage acquisitions.
Under the new rules, 27% of loan purchases should benefit low-income homebuyers with incomes below 80% of area median income.
For refinancings, 21% of GSE loan purchases should benefit low-income families. Loan modifications for low-income families also count toward the refinancing goal.
FHFA sets numerical benchmarks for the multifamily goals. Fannie is expected to acquire mortgages that finance 177,750 low-income rental housing units, Freddie 161,250 units.
Final rules also set sub-goals for buying mortgages that benefit very-low-income families and a 13% sub-goal to measure mortgage acquisitions in low-income/high-minority areas.
The GSE regulator makes it clear that Fannie and Freddie are not expected to "undertake economically adverse or high-risk activities" to meet the goals. FHFA will not award housing goal credit for purchases of private label mortgage-backed securities.
The final rule is similar to the proposed rule that was issued last February. So, the GSEs knew what the goals would be for 2010, a FHFA official said