American Land Title Association
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Industry News

Fannie Mae And Freddie Mac Met 2003 Affordable Housing Goals

October 15, 2004

WASHINGTON – The Department of Housing and Urban Development today announced its assessment of the 2003 Affordable Housing Goal performance of Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac. HUD has concluded that both GSEs met their housing goals in 2003.

HUD’s official GSE housing goal performance results are shown below:
Housing Goal 2003 Goal Target HUD's Official Freddie Mac Performance - 2003 HUD's Official
Fannie Mae Performance - 2003
Low- and Moderate-Income 50% 51.2% 52.3%
Underserved Areas 31% 32.7% 32.1%
Special Affordable 20% 21.4% 21.2%
Special Affordable Multifamily Subgoal $2.11 billion $8.79 billion ---
  $2.85 billion --- $12.23 billion

"While the GSEs met the affordable housing goals in 2003, they must do more to genuinely lead the mortgage finance industry as Congress intended," said HUD Secretary Alphonso Jackson. "HUD is now finalizing new housing goals, which over the next four years, will push the GSEs to do what is expected of them—helping low-and moderate-income families at least at the same percentage levels as primary market lenders."

The Final Rule on GSE Affordable Housing Goals for 2005-2008 will be published in the Federal Register prior to taking effect in 2005.

Fannie Mae and Freddie Mac were created by Congress to provide a secondary market for targeted mortgages. Their affordable housing goals require the GSEs to target a percentage of their business toward low- and moderate-income families, very low-income families, low-income families in low-income areas, and residents of communities underserved by mortgage credit. Families are considered as having low or moderate incomes if they make no more than the median income in their local area.

Fannie Mae and Freddie Mac buy mortgages on homes and apartment buildings from banks, thrift institutions and other mortgage lenders, and then either package and sell them to investors as mortgage-backed securities or hold them in their own mortgage portfolios. When Fannie Mae and Freddie Mac buy mortgages from lenders, they provide lenders with cash needed to make new mortgage loans.

As mandated by FHEFSSA, HUD is required to ensure that Fannie Mae and Freddie Mac operate in compliance with their charter purposes. FHEFSSA requires that the Department carry out specific responsibilities that include setting annual housing goals for the GSEs, monitoring and enforcing the GSEs' performance in meeting these housing goals, monitoring compliance with fair lending laws, collecting loan level data from the GSEs on their mortgage purchases, creating and distributing a public use database of non-proprietary GSE purchase data, and approving new GSE programs. The Department also has general regulatory authority over each GSE and is required to make such rules and regulations as are necessary to ensure that the purposes of FHEFSSA and the GSEs' charters are accomplished.

Source: HUD

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment