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2009-08-10
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2009 Enterprise Transition Affordable Housing Goals
Rules and Regulations
D09002ee1bdd3020e
D09002ee1bdd302c6
United States
Federal Housing Finance Agency
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org
United States Government Agency or Subagency
Section 1128(b) of the Housing and Economic Recovery Act of 2008 (HERA) transferred the authority to establish, monitor and enforce the affordable housing goals for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, Enterprises) from the Department of Housing and Urban Development (HUD) to the Federal Housing Finance Agency (FHFA). Section 1128(b) further provides that the annual housing goals in effect for 2008 as established by HUD shall remain in effect for 2009, except that the Director of FHFA shall review such goals to determine their feasibility given current market conditions, and make appropriate adjustments consistent with such market conditions. Pursuant to this directive, FHFA has analyzed current market conditions and is adopting a final rule that adjusts the housing goal, home purchase subgoal and special affordable multifamily housing subgoal levels for the Enterprises for 2009. The final rule also permits loans owned or guaranteed by an Enterprise that are modified in accordance with the Administration's Making Home Affordable Program (also known as the Homeowner Affordability and Stability Plan) announced on March 4, 2009, to be treated as mortgage purchases and count for purposes of the housing goals. In addition, the final rule excludes purchases of jumbo conforming loans from counting towards the 2009 housing goals. FHFA's housing goals regulation is set forth in a new part of FHFA's regulations, and is generally consistent with the housing goals provisions previously established by HUD, except as modified herein. Pursuant to section 1302 of HERA and 12 U.S.C. 4603, to the extent FHFA is adopting provisions from HUD regulations in new FHFA regulations, those provisions in the HUD regulations are no longer in effect.
74 FR 39873
https://www.govinfo.gov/app/details/FR-2009-08-10/E9-18517
E9-18517
FR10AU09-1
RIN 2590-AA25
C
https://www.govinfo.gov/app/details/FR-2009-08-10/E9-18517
https://www.govinfo.gov/content/pkg/FR-2009-08-10/html/E9-18517.htm
https://www.govinfo.gov/content/pkg/FR-2009-08-10/pdf/E9-18517.pdf
Federal Reserve System
Mortgages
Reporting and Recordkeeping Requirements
Securities
28 p.
39873
39900
74 FR 39873
Code of Federal Regulations
Title 12 Part 1282
12 CFR Part 1282
Regulation Identification Number 2590-AA25
RIN 2590-AA25
2009 Enterprise Transition Affordable Housing Goals; Federal Register Vol. 74, Issue
RULE
E9-18517
FEDERAL HOUSING FINANCE AGENCY
2009-08-10
C
E9-18517
Final rule.
Section 1128(b) of the Housing and Economic Recovery Act of 2008 (HERA) transferred the authority to establish, monitor and enforce the affordable housing goals for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, Enterprises) from the Department of Housing and Urban Development (HUD) to the Federal Housing Finance Agency (FHFA). Section 1128(b) further provides that the annual housing goals in effect for 2008 as established by HUD shall remain in effect for 2009, except that the Director of FHFA shall review such goals to determine their feasibility given current market conditions, and make appropriate adjustments consistent with such market conditions. Pursuant to this directive, FHFA has analyzed current market conditions and is adopting a final rule that adjusts the housing goal, home purchase subgoal and special affordable multifamily housing subgoal levels for the Enterprises for 2009. The final rule also permits loans owned or guaranteed by an Enterprise that are modified in accordance with the Administration's Making Home Affordable Program (also known as the Homeowner Affordability and Stability Plan) announced on March 4, 2009, to be treated as mortgage purchases and count for purposes of the housing goals. In addition, the final rule excludes purchases of jumbo conforming loans from counting towards the 2009 housing goals. FHFA's housing goals regulation is set forth in a new part of FHFA's regulations, and is generally consistent with the housing goals provisions previously established by HUD, except as modified herein. Pursuant to section 1302 of HERA and 12 U.S.C. 4603, to the extent FHFA is adopting provisions from HUD regulations in new FHFA regulations, those provisions in the HUD regulations are no longer in effect.
The final rule is effective on August 10, 2009.
Nelson Hernandez, Senior Associate Director, Housing Mission and Goals, (202) 408-2993, Brian Doherty, Acting Manager, Housing Mission and Goals-Policy, (202) 408-2991, or Paul Manchester, Acting Manager, Housing Mission and Goals-Quantitative Analysis, (202) 408-2946 (these are not toll-free numbers); Kevin Sheehan, Attorney-Advisor, (202) 414-8952 (these are not toll-free numbers), Lyn Abrams, Attorney-Advisor, (202) 414-8951, or Sharon Like, Associate General Counsel, (202) 414-8950, Office of General Counsel, Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877-8339.
Federal Reserve System
Mortgages
Reporting and Recordkeeping Requirements
Securities
2009 Enterprise Transition Affordable Housing Goals
,
http://makinghomeaffordable.gov
http://www.fhfa.gov
Federal Register
Vol. 74, no. 152
Office of the Federal Register, National Archives and Records Administration
2009-08-10
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194 p.
Table of Contents:
AE 2.7:
GS 4.107:
AE 2.106:
KF70.A2
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https://www.govinfo.gov/app/details/FR-2009-08-10
https://www.govinfo.gov/content/pkg/FR-2009-08-10/pdf/FR-2009-08-10.pdf
https://www.govinfo.gov/content/pkg/FR-2009-08-10/xml/FR-2009-08-10.xml
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39871
40055
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2009-08-10
2023-05-01
FR-2009-08-10
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eng
FR
FR-2009-08-10
74
152