The Federal Housing Finance Agency released its 2015 Annual Housing Report on October 30th. This report describes the 2014 housing activities of Fannie Mae and Freddie Mac, which are collectively referred to as the Enterprises. The report indicates that in 2014, the enterprises acquired $584.1 billion of loans on single-family, owner-occupied housing, and provided funding for 738,449 multifamily rental units. The report also includes details on the distribution of single-family loans based on race, gender, and median income.
The goal of the report is to preliminarily review enterprise performance under their 2014 statutory annual housing goals, with final evaluation forthcoming. These goals are one measure of whether or not the public enterprises are meeting their goals, which stand as a benchmark for their public purpose, including their ability to provide affordable housing for low- and moderate-income families.
In addition to this goal, FHFA has also issued a 2014 strategic plan for the enterprises, a key component of which is working to maintain credit availability in the housing market in a safe and sound manner. The expectation also exists that Fannie Mae and Freddie Mac would work to increase access to mortgage credit for compliant borrowers.
FHFA’s 2014 housing goals include:
- A low-income home purchase goal
- A very low-income home purchase goal
- A low-income areas home purchase subgoal
- A low-income areas home purchase goal
- A low-income refinance goal
- A low-income multifamily goal, and
- A very low-income multifamily subgoal.
FHFA sets a benchmark level and a market level for each of these goals, and results across the board have all been determined by FHFA to have been met or exceeded.