HUD, FHFA seeks advancement of fair housing initiative

0
56

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) recently established a collaboration to advance fair housing and lending enforcement initiatives.

© Shutterstock

The Memorandum of Understanding between the agencies would focus on Fair Housing Act enforcement, targeting administering oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, which are under the FHFA’s purview.

HUD Secretary Marcia L. Fudge said the MOU signing represents an important step toward strengthening the nation’s fair housing and fair lending requirements.

“FHFA oversees entities that have significant control over a large share of the mortgage market,” she said. “Stepping up our collective fair housing oversight of their activities will make an enormous impact on lives and communities. I am proud to partner with Acting (FHFA) Director (Sandra) Thompson on this effort and advance the work that President Biden called upon us to do. We are prioritizing the work required to remove barriers that have created separate and unequal neighborhoods and limited access to housing opportunity and wealth building.”

Thompson said the FHFA does not tolerate housing discrimination and noted the MOU allows FHFA and HUD to share information and resources to improve fair lending oversight over the mortgage finance system.

“I am pleased to work with Secretary Fudge on the important work of fulfilling the Fair Housing Act’s promise of equal access to safe, decent, and affordable housing for all Americans,” she said.

The post HUD, FHFA seeks advancement of fair housing initiative appeared first on Financial Regulation News.