WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) – Chairman of the Senate Committee on Banking, Housing, and Urban Affairs – issued the following statement on the Federal Housing Finance Agency’s (FHFA) announcement of their proposed rule establishing new affordable housing goals for Fannie Mae and Freddie Mac (the government-sponsored enterprises, or GSEs). The proposed rule includes a new benchmark to assess the GSEs’ activity serving low- and moderate-income homeowners in areas with significant populations of minority households.
“Closing the racial homeownership gap and giving more Americans the opportunity to own their futures and join the middle class requires a dedicated effort to serve all communities, including communities of color who have been denied the chance to buy a home for so long. This proposal will help ensure that the GSEs are fulfilling their mission to serve all homeowners and renters, including lower-income homeowners in communities of color,” Brown said. “I applaud Acting Director Thompson’s quick action to update this critical rule and her focus on making sure the GSEs help address the housing challenges we face.”