The Center for Responsible Lending agrees with the Federal Housing Finance Agency on the importance of acting intentionally and swiftly to positively address this nation’s housing challenges but believe that the proposed rule will not have the desired effect. Specifically:
- by reducing the low-income purchase goal by 4 percentage points (25% to 21%) for the next three years,
- nearly cutting the very low-income purchase goal in half (6% to 3.5%) for the next three years,
- consolidating two, uniquely important subgoals into one—diluting the effectiveness of both—for the next three years,
the FHFA is actively taking steps to make it harder, not easier, for Americans to buy homes any time soon.
CRL urges the Agency to revisit these actions not just by restoring— but increasing—the single-family purchase goals for both Fannie Mae and Freddie Mac in 2026-2028. Since the goals represent minimum requirements, if the FHFA will not, we urge the Enterprises to self-impose a higher standard of service than the upcoming goals require due to our nation’s critical housing needs.