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ICBA voices opposition to Freddie Mac second mortgage product

The Independent Community Bankers of America (ICBA) issued a statement on Monday that opposes the conditional approval of Freddie Mac’s plan to buy closed-end second mortgages.

The plan was approved on Friday by Freddie Mac’s regulator, the Federal Housing Finance Agency (FHFA), which said that it reached the decision to begin the pilot program following a public comment period and “thoughtful engagement from public stakeholders.“

“The limited pilot will allow FHFA to explore whether this closed-end second mortgage product effectively advances Freddie Mac’s statutory purposes and benefits borrowers, particularly in rural and underserved communities,” FHFA Director Sandra details ⇒

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