Affordable Lending

[Nabludatel']

Fair Housing & Equal Opportunity

"HUD is an avid supporter of increased minority homeownership. The Office of Fair Housing and Equal Opportunity carefully monitors the programs of other HUD offices, as well as the work of GSEs (government sponsored enterprises) to ensure that policies are being followed to progress toward an increase in numbers of minority homeowners. Policies and procedures are examined to be sure they do not discriminate or bring about a negative impact against minorities in pursuit of homeownership

Serving as the mission regulator for government-sponsored enterprises (GSEs) in the secondary mortgage market, HUD continues to promote efforts to increase the number of minority and low to moderate-income families working to achieve homeownership Fannie Mae and Freddie Mac, the two largest sources of housing finance in the United States, have been subject to a number of goals associated with mortgage lending to low income families"


"Fannie Mae and Freddie Mac, government-sponsored enterprises (GSEs) in the secondary mortgage market, are the two largest sources of housing finance in the United States. They fund these mortgages by purchasing loans directly from primary market mortgage originators and holding these loans in portfolio, or by acting as a conduit and issuing mortgage-backed securities, which are then sold in the capital markets. HUD is the mission regulator for the GSEs, and a major aspect of this regulation involves setting minimum percentage-of-business goals for their mortgage purchases. These goals deal with the enterprises' support for low-income lending and lending in underserved geographic areas, and they have played an important role in encouraging mortgage originators to undertake more affordable lending for lower-income and minority families in recent years. This issue brief discusses the significant increases in these lending goals for the years 2001-03, which should encourage the GSEs to further step up their support for affordable lending. " (c)

http://www.hud.gov/offices/fheo/lend...norityhome.cfm

[Akela]

Я думаю, что уместно упомянуть и про redlining.

Redlining - The unethical practice whereby financial institutions make it extremely difficult or impossible for residents of poor inner-city neighborhoods to borrow money, gain approval for a mortgage, take out insurance or gain access to other financial services because of high default rates. In this case, the rejection does not take the individual's qualifications and creditworthiness into account.

In some cases of redlining, financial institutions would literally draw a red line on a map around the neighborhoods in which they did not want to offer financial services, giving the term its name.

[Буржуй]

что тут обсуждать?

[смешно]

спекулянтов на мыло!

[edik]

Я думаю, что уместно упомянуть и про редлининг.

Редлининг - Тхе унетхицал працтице щхеребы финанциал институтионс маке ит ехтремелы диффицулт ор импоссибле фор ресидентс оф поор иннер-циты неигхборхоодс то боррощ монеы, гаин аппровал фор а мортгаге, таке оут инсуранце ор гаин аццесс то отхер финанциал сервицес бецаусе оф хигх дефаулт ратес. Ин тхис цасе, тхе рейецтион доес нот таке тхе индивидуальс эуалифицатионс анд цредитщортхинесс инто аццоунт.

Ин соме цасес оф редлининг, финанциал институтионс щоулд литераллы дращ а ред лине он а мап ароунд тхе неигхборхоодс ин щхич тхеы дид нот щант то оффер финанциал сервицес, гивинг тхе терм итс наме.

Да, очень неэтично со стороны банков отказывать в ссуде людям, которые, вероятнее всего, не отдадут одолженное.

[Akela]

Да, очень неэтично со стороны банков отказывать в ссуде людям, которые, вероятнее всего, не отдадут одолженное.

Кстати Барак Обама прославился в Чикаго тем, что был активистом, выступающим за отмену практики [redlining]...

[Nabludatel']

current chairman of the House Financial Services Committee- Barney Frank .


Barney Frank on Fannie Mae and Freddie Mac in 2003



"Hearing from September 2003 on an administration proposal to alter the regulation of GSEs like Fannie Mae and Freddie Mac. See Congressman Barney Frank's opening statement, which begins at 4:40. It's rather amusing. Here's an excerpt of his opening statement:

I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.

I must say we have an interesting example of self-fulfilling prophecy. Some of the critics of Fannie Mae and Freddie Mac say that the problem is that the Federal Government is obligated to bail out people who might lose money in connection with them. I do not believe that we have any such obligation. And as I said, it is a self-fulfilling prophecy by some people.

So let me make it clear, I am a strong supporter of the role that Fannie Mae and Freddie Mac play in housing, but nobody who invests in them should come looking to me for a nickel--nor anybody else in the Federal Government. And if investors take some comfort and want to lend them a little money and less interest rates, because they like this set of affiliations, good, because housing will benefit. But there is no guarantee, there is no explicit guarantee, there is no implicit guarantee, there is no wink-and-nod guarantee. Invest, and you are on your own.

Now, we have got a system that I think has worked very well to help housing. The high cost of housing is one of the great social bombs of this country. I would rank it second to the inadequacy of our health delivery system as a problem that afflicts many, many Americans. We have gotten recent reports about the difficulty here.

Fannie Mae and Freddie Mac have played a very useful role in helping make housing more affordable, both in general through leveraging the mortgage market, and in particular, they have a mission that this Congress has given them in return for some of the arrangements which are of some benefit to them to focus on affordable housing, and that is what I am concerned about here. I believe that we, as the Federal Government, have probably done too little rather than too much to push them to meet the goals of affordable housing and to set reasonable goals. I worry frankly that there is a tension here.

The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn't bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing."

[Nabludatel']

ACORN - Who we are:

National non-profit ACORN Housing has been providing free housing counseling to low and moderate income homebuyers since 1987. We have opened HUD-certified, Fannie Mae-approved housing counseling offices across the US, helping over 50,000 families to achieve homeownership.

ACORN Housing provides one-on-one mortgage loan counseling, first-time homebuyer classes, and helps clients obtain affordable mortgages through our unique lending partnerships.

We look at your savings and credit history to see if you qualify for a mortgage. We can help you with credit problems and to create a downpayment savings plan.

When you qualify, we can help arrange a mortgage with lower interest rates, lower down payments and lower settlement costs than what banks usually offer




"ACORN Housing thanked Charmaine Brown, Senior Business Manager in Fannie Mae's Office of Corporate Giving by honoring her with its "Affordable Housing Warrior" Award at the ACORN Housing's 2007 mid-year managers meeting at the Cenacle Conference Center in Chicago Illinois. With Fannie Mae's assistance, ACORN Housing is able to achieve many of its business objectives aimed at providing low- and moderate-income families with homes. During the award presentation, Charmaine Brown thanked ACORN Housing for its excellent work. ACORN Housing is currently partnering with Fannie Mae to expand its nationwide housing counseling operation and foreclosure prevention center, to create a non-profit mortgage broker, and to develop affordable housing for residents that were displaced by Hurricane Katrina. Pictured with Ms. Brown (in the center with the plaque) are ACORN housing's office directors, regional managers, and senior management staff." (c)

[Nabludatel']

Кто-нибудь смотрел вчерашнее (10/02/2008) интервью О'Райли - Берни Франка?

[Nabludatel']

REP. BARNEY FRANK, D-MASS. July 14, 2008:
"I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They're not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.

They're in a housing market. I do think their prospects going forward are very solid. And in fact, we're going to do some things that are going to improve them." (c)