It's just about time that the U.S Housing Policy will get the support that they need to help the low-income Americans have their very own homes. According to a recent report by vcpost.com, "The Federal Housing Finance Agency seeks to have housing finance giants Fannie Mae and Freddie Mac to offer more support for American families with low income who are taking out mortgages and are refinancing their home loan." Lately the FHFA released its goals for 2015 to 2017 for the two state-owned firms, as stated in a report by cnbc.com.
The aid will help many low-income families to have their own homes. In FHFA's goals, Freddie Mac is required to expand its number of loans for low-income multifamily buildings, as further reported by vcpost.com.
FHFA wishes the firms to have 230,000 loans for multi-family building by the year 2017. This is an increase to the 200,000 target in 2015. Freddie Mac follows second to Fannie Mae when it comes to the amount of housing finance provided, as further reported by vcpost.com.
With this aid, the families can overcome the hurdles that prevent them from living in their own abode. The U.S. government has owned Fannie Mae and Freddie Mac since 2008. It occurred when taxpayers bailed the firms out during the housing market collapse. These firms do not lend money directly, however they buy mortgages from other lenders and turn them into packages with government guarantee before selling them to home buyers. They usually back new U.S. mortgages and their purchases serve as the main driver of credit access, as stated in a recent report by vcpost.com.
The process is easy and clear and the benefits that come with it makes it even more appealing as well. However, it seems that in this world, not everyone is pleased and easily satisfied. According to a recent article by cnbc.com, "By Boosting support for low-income borrowers, however, [such] could stir controversy in the U.S. Congress. Many Republican lawmakers think Fannie Mae and Freddie Mac contributed to the housing bubble and [the] 2007-2009 financial crisis with policies aimed at supporting mortgage access for the poor."
