22 l
HUD
Although the two agencies will be doing the job together, the HUD will primarily enforce the Fair Housing Act, while the FHFA will regulate Fannie Mae, Freddie Mac, and the mortgage market. The collaborative investigation is one thing that raised an eyebrow in the industry, considering that the HUD and the FHFA haven’t undertaken such a significant move before, especially regarding fair lending policy. THE FAIR HOUSING ACT AND WHAT IT MEANS The Fair Housing Act of 1968 shields housing buyers and renters from discriminatory acts initiated by sellers, landlords, and lending institutions. In essence, the Act describes discrimination based on THE POWER IS NOW MAGAZINE | OCTOBER 2021
123rf.com
HUD and FHFA Combine Efforts to Focus on Fair Lending
and FHFA publicly agreed to combine efforts to enforce the Fair Housing Act for Fannie Mae and Freddie Mac. The two bodies signed an MoU to ensure that government-backed agencies alongside Federal Home Loan Banks work by the Act to ensure fair lending. According to the signed MoU, the two bodies will work together to share information, carry out investigatory tasks, review compliance, and undertake other tasks that will ensure the enforcement of the Act.
