{"id":10166,"date":"2024-04-30T12:17:16","date_gmt":"2024-04-30T16:17:16","guid":{"rendered":"https:\/\/nationalfairhousing.org\/?p=10166"},"modified":"2024-04-30T12:19:04","modified_gmt":"2024-04-30T16:19:04","slug":"the-national-fair-housing-alliance-commends-the-federal-housing-finance-agencys-bold-leadership-in-promoting-equitable-housing-finance","status":"publish","type":"post","link":"https:\/\/nationalfairhousing.org\/the-national-fair-housing-alliance-commends-the-federal-housing-finance-agencys-bold-leadership-in-promoting-equitable-housing-finance\/","title":{"rendered":"The National Fair Housing Alliance Commends the Federal Housing Finance Agency\u2019s Bold Leadership in Promoting Equitable Housing Finance"},"content":{"rendered":"\n<p class=\"content-wrap-item post__paragraph\">FOR IMMEDIATE RELEASE<br>April 30, 2024<br>Contact: Janelle Brevard |\u00a0<a href=\"mailto:jbrevard@nationalfairhousing.org\">jbrevard@nationalfairhousing.org<\/a><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph has-text-align-center\"><strong>The National Fair Housing Alliance Commends the Federal Housing Finance Agency\u2019s Bold Leadership in Promoting Equitable Housing Finance<\/strong><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><strong>Washington, D.C.&nbsp;\u2014<\/strong>&nbsp;Yesterday, the Federal Housing Finance Agency (FHFA) issued several groundbreaking announcements designed to promote a fairer and more inclusive housing finance system. Specifically, FHFA announced:<\/p>\n\n\n\n<ol class=\"content-wrap-item post__list post__list-undefined wp-block-list\" value=\"\">\n<li>The creation of a new Division of Public Interest Examination, which will be responsible for supervisory oversight of FHFA\u2019s regulated entities in the areas of fair lending, affordable housing, community development, diversity and inclusion, and consumer protection (including unfair or deceptive acts or practices). The new division will be on par with the safety and soundness examination division and will report to the Director.<br><\/li>\n\n\n\n<li>The issuance of a final rule, which will codify in regulation:<\/li>\n<\/ol>\n\n\n\n<ul class=\"content-wrap-item post__list post__list-undefined wp-block-list\" value=\"\">\n<li>The fair lending oversight requirements for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks;<\/li>\n\n\n\n<li>The Equitable Housing Finance Plans (Plans) for Fannie Mae and Freddie Mac;<\/li>\n\n\n\n<li>The collection of homeownership education, housing counseling, and language preference information on the Supplemental Consumer Information Form (SCIF), which will be reported to servicers; and<\/li>\n\n\n\n<li>New requirements for the Federal Home Loan Banks to report voluntary actions taken to address barriers to sustainable housing opportunities.<\/li>\n<\/ul>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">Nikitra Bailey, Executive Vice President of the National Fair Housing Alliance\u00ae (NFHA\u2122), issued the following statement regarding FHFA\u2019s announcement:<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">\u201cThe National Fair Housing Alliance applauds Director Thompson and FHFA for this bold leadership. As we celebrate the 56th Anniversary of the Fair Housing Act this month, we commend FHFA\u2019s efforts to ensure access to mortgage credit on fair terms for all creditworthy borrowers, regardless of their race, national origin, gender, disability, familial status, or other protected characteristics. Although we have made some significant strides as a society since passage of the Fair Housing Act in 1968, we clearly still have a long way to go in fully dismantling the systems that continue to perpetuate inequality in the national housing finance market.<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">\u201cNFHA has long advocated for FHFA to elevate its fair lending and consumer compliance supervision on par with the safety and soundness supervision, and to ensure that Fannie Mae, Freddie Mac, and the Federal Home Loan Banks fulfill their responsibilities to promote equitable housing finance. The new Division of Public Interest Examinations reflects FHFA\u2019s efforts to prioritize fair lending and consumer protection along with safety and soundness. Moreover, the final regulation is consistent with FHFA\u2019s obligation under the Fair Housing Act to Affirmatively Further Fair Housing. These actions are essential to closing racial homeownership and wealth gaps that have long plagued America\u2019s housing finance system, and they also make good business sense. The demographics of the nation are undergoing a dramatic shift, and the majority of new households formed over the next decade will be households of color. Actionable plans are critically important to support borrowers and communities of color as well as older Americans who plan to sell their homes for a comfortable retirement. FHFA\u2019s actions will promote a robust housing market that benefits all borrowers and communities.<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">\u201cRemoving bias from the home purchasing process strengthens individuals, families, communities, and the economy. Research has shown that we can grow the economy by $5 trillion over a five-year period just by addressing the discrimination that targets Black consumers. Promoting a fairer home financing process will ensure people\u2019s lives and communities are vibrant and they have access to the amenities necessary to thrive.\u201d<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph has-text-align-center\">###<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><strong><em>The National Fair Housing Alliance (NFHA)<\/em><\/strong><em>&nbsp;is the country\u2019s only national civil rights organization dedicated solely to eliminating all forms of housing and lending discrimination and ensuring equal opportunities for all people. Through its homeownership, credit access, tech equity, education, member services, public policy, community development, and enforcement initiatives, NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FOR IMMEDIATE RELEASEApril 30, 2024Contact: Janelle Brevard |\u00a0jbrevard@nationalfairhousing.org The National Fair Housing Alliance Commends the Federal Housing Finance Agency\u2019s Bold Leadership in Promoting Equitable Housing Finance Washington, D.C.&nbsp;\u2014&nbsp;Yesterday, the Federal Housing Finance Agency (FHFA) issued several groundbreaking announcements designed to promote a fairer and more inclusive housing finance system. Specifically, FHFA announced: Nikitra Bailey, Executive [&hellip;]<\/p>\n","protected":false},"author":433,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33,2],"tags":[],"class_list":["post-10166","post","type-post","status-publish","format-standard","hentry","category-news-media","category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The National Fair Housing Alliance Commends the Federal Housing Finance Agency\u2019s Bold Leadership in Promoting Equitable Housing Finance - NFHA<\/title>\n<meta name=\"description\" content=\"FOR IMMEDIATE RELEASEApril 30, 2024Contact: Janelle Brevard |\u00a0jbrevard@nationalfairhousing.org The National Fair Housing Alliance Commends the Federal Housing Finance Agency\u2019s Bold Leadership in Promoting Equitable Housing Finance Washington, D.C.&nbsp;\u2014&nbsp;Yesterday, the Federal Housing Finance Agency (FHFA) issued several groundbreaking announcements designed to promote a fairer and more inclusive housing finance system. 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