One of the recurring themes I have written about is the elimination of loans for the group of folks who are struggling to get down payment or have credit issues. I think the article below is just more of the same. Fannie Mae and Freddie Mac have been criticized for eliminating affordable housing mortgages. I am not entirely sure of which programs were considered affordable housing mortgages. Each agency had a $0 down loan that did not have as many restrictions as their normal loan programs so I guess that is what the complaint is about. Those were eliminated in the recent flurry of changes that have taken place. I am not sure you would have called them affordable housing mortgages however.
No matter what the argument both Fannie Mae and Freddie Mac have eliminated programs that helped many buyers and are currently price fixing (my opinion of course) their rates on buyers with lower credit scores. Note the fact I said lower credit scores, not bad credit. I think the price gouge starts on anyone who has a credit score below 700. Maybe Fannie and Freddie should buy some oil company stock; I am sure the oil companies could give them a few more tips on how to take advantage of the consumer.
I don’t know if the criticism below is entirely warranted but believe me Fannie and Freddie should take a good look at their policies, I know the consumer is paying dearly to do business with them.
This article was taken from the Mortgage Banker News;
Fannie Reconsidering AH Changes April 24, 2008
In response to strong criticism from fair-lending groups, Fannie Mae has indicated that it is reconsidering recent moves to tighten underwriting standards on affordable housing mortgages and impose new fees. "We have met extensively with advocates, listened to their concerns, and are considering making some changes to our methodologies," Fannie spokesman Brian Faith said. Freddie Mac has also met with the fair-housing and civil rights organizations that have accused the two government-sponsored enterprises of abandoning their affordable housing mission. "While we disagree with their conclusions, we have had helpful discussions with the housing groups and take their concerns very seriously," a Freddie spokesman said. The GSEs can be found online at http://www.fanniemae.com/ and http://www.freddiemac.com./
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