Leading Civil Rights and Housing Advocates Strongly Support the Federal Housing Finance Agency’s Fair Housing Rule

Leading Civil Rights and Housing Advocates Strongly Support the Federal Housing Finance Agency’s Fair Housing Rule

Washington, D.C. – RealEstateRama – The National Fair Housing Alliance (NFHA), along with leading civil rights and housing advocates, has submitted a comment letter to the Federal Housing Finance Agency (FHFA) strongly supporting FHFA’s Notice of Proposed Rulemaking regarding Fair Housing, Fair Lending, and Equitable Housing Finance Plans.

Specifically, the proposed rule would codify in regulation:

• FHFA’s fair lending oversight requirements for Fannie Mae and Freddie Mac (the Enterprises);
• The requirements for the Enterprises to maintain Equitable Housing Finance Plans; and
• The requirements for the Enterprises to collect and report homeownership education, housing counseling, and language preference information from the Supplemental Consumer Information Form (SCIF).

FHFA also sought comment on ways to ensure the Federal Home Loan Banks (FHLBs) promote fair and affordable housing.

Nikitra Bailey, NFHA’s Executive Vice President, issued the following statement:

“The National Fair Housing Alliance applauds Director Thompson and FHFA for seeking to codify by regulation three critically important initiatives: the fair lending oversight policy, the Equitable Housing Finance Plans, and the key questions on the Supplemental Consumer Information Form.

“We are also pleased by FHFA’s request for comments on ensuring the FHLBs promote fair and affordable housing.

“As we celebrate the 55th anniversary of the Fair Housing Act, we commend FHFA’s 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 1968, we clearly still have a long way to go in fully dismantling the systems that continue to perpetuate inequity in the national housing finance market.

“The proposed regulation is consistent with FHFA’s obligation to Affirmatively Further Fair Housing and with existing statutes and regulations. The proposed approach is essential to closing the racial homeownership and wealth gaps that have long plagued America’s housing finance system and also makes 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 ensure equitable access for underserved borrowers and the safety and soundness of the housing finance system. FHFA’s actions will promote a robust housing market that benefits all borrowers and communities.”

NFHA is joined by the following organizations as signatories to the comment letter: