Washington, DC. In a speech given at the Brookings Institution in Washington DC, Federal Housing Finance Agency (FHFA) Director Mel Watt presented a strategic plan for the ongoing conservatorship of Fannie Mae and Freddie Mac.
Director Watt highlighted three primary goals to “maintain, reduce, and build” Fannie and Freddie through the current phase of conservatorship. In his remarks, the FHFA Director specifically mentioned a focus on increasing secondary market activity in small multifamily properties and manufactured home communities – housing options particularly prevalent in rural communities. FHFA’s strategic conservatorship plan presents a sub-goal of “working with small Lenders, rural Lenders, and housing finance agencies” to improve liquidity and resilience in national housing finance markets. Director Watt did not mention the Duty to ServeRule from the 2008 Housing and Economic Recovery Act, which mandates FHFA establish a “duty to serve” underserved markets including rural areas, manufactured housing, and housing preservation. To date, FHFA has not implemented the statutory Duty to Serve rule.
For the full text of Director Watt’s speech, as well as FHFA’s Conservatorship Strategic Plan please visit:
Prepared Remarks of Melvin L. Watt, Director, FHFA at the Brookings Institution Forum on the Future of Fannie Mae and Freddie Mac
The 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac
2014 Scorecard for Fannie Mae and Freddie Mac