Today, in reaction to the release of the Federal Housing Finance Agency’s (FHFA) final Duty to Serve rule, NCRC President and CEO John Taylor made the following statement:
“The Duty to Serve framework that the FHFA has outlined is an important complement to the affordable housing goals in reaching the three underserved markets it targets — manufactured housing, rural housing and affordable housing preservation. However, it should be noted that this rule is not a substitute for the affordable housing goals and the important role they play in facilitating access to credit for low- and moderate-income communities and across the entire mortgage market. Strong and measurable numeric targets in the form of the affordable housing goals remain a critical mechanism for the conventional mortgage market to serve low- and moderate income families, whether they are in cities or rural communities.”
“One problematic aspect of this rule is that the FHFA has given the GSEs too much discretion in how they will be examined, and this could result in a wink and nod examination process.”
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.