The Federal Housing Finance Agency today released Fannie Mae and Freddie Mac’s long-awaited duty to serve underserved markets plans.
In the plans, both government-sponsored enterprises explain how they will provide financing for manufactured and rural housing, and support affordable housing preservation.
Although the lesser of the two government-sponsored enterprises by size, Freddie Mac was alone in committing to purchasing manufactured homes not titled as real property, or chattel loans, a key item affordable housing advocates had sought.
Chattel loans, which make up 42% of the manufactured housing market, have higher interest rates and fewer consumer protections than mortgages. They details ⇒
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