USA Today calls it “the most sweeping overhaul since the housing crash in 2008.” The three-year strategy focuses on underwriting, appraisals and support programs.
WASHINGTON – Fannie Mae and Freddie Mac are implementing big reforms aimed at helping those in disadvantaged communities become homeowners and making sure homebuyers of color stay owners.
The initiative from the two federally backed home mortgage companies announced Wednesday is the most sweeping overhaul since the housing crash in 2008. Some of the big-ticket items exclusively reviewed by USA TODAY include assistance with down payments, reserve funding for homeowners’ emergencies and lower mortgage insurance premiums.