The Federal Housing Finance Agency on Thursday announced its commitment to a comprehensive oversight of fair lending Fannie Mae, Freddie Mac by issuing Fair Lending Policy Statement… The statement details the agency’s overall position on monitoring and information gathering, supervisory reviews and
administrative enforcement related to the Equal Credit Opportunities Act, the Fair Housing Act and the Federal Housing Financial Security and Sustainability Act.
And about. FHFA Director Sandra L. Thompson, who replaced last week FHFA director Mark Calabria, along with the political release, says that “illegal discrimination is not tolerated and will not be tolerated” by the regulatory agency.
“FHFA is committed to fair mortgage lending because it ensures that all Americans have equal access to safe, decent and affordable housing,” Thompson said. “The FHFA’s Fair Lending Policy Statement clearly communicates the agency’s fair expectations for lending to regulated entities and describes fair oversight and enforcement by the lending agency to ensure compliance with the law.”
The document, signed by Thompson, outlines the responsibilities of other government agencies to ensure fair housing law and explains how several federal agencies are working together to prevent discrimination – based on race or color, religion, national origin, sex, marital status, age. … , government assistance, marital status and disability, and the role of the FHFA.
For example, the Bureau of Consumer Financial Protection oversees the OECD and the US Department of Housing and Urban Development. regulates “The Fair Housing Act,” she explained. The Safety and Security Act requires HUD to prevent discrimination in mortgage purchases within the Fannie Mae and Freddie Mac companies, which are overseen by the FHFA.
According to the statement, “FHFA examiners have [investigative] body equivalent to other federal prudential regulators … FHFA carefully weighs all available information, including monitoring information, market data and related data, when considering how best to use oversight resources. “
In terms of enforcement, FHFA, as a conservative, “may take immediate action in accordance with applicable law to direct or restrict the activities of the regulated entity, including the activities of the board of directors and executive management.”
National Association of Credit Unions This Week delivered a letter Thompson, repeating Housing Finance Reform Principles and ask FHFA to partner with credit unions to fulfill its mission to support sustainable and affordable home ownership. CUNA (in addition to several other short-term and long-term priorities) asks FHFA to “carefully review the education and training requirements of appraisers to ensure that they not only understand existing obligations under the Fair Housing Act, but are also trained on implicit and unconscious bias “.
Following her appointment, Thompson pledged to focus on affordable, equal and fair housing.
“There is a widespread lack of affordable housing and access to credit, especially in communities of color,” she said. “It is the responsibility of the FHFA, through our regulated organizations, to ensure that all Americans have equal access to safe, decent and affordable housing.”
Full policy and instructions for comments are available at FHFA.gov…