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The Federal Housing Finance Agency (FHFA) is requesting public input on establishing a potential chattel loan pilot initiative for Fannie Mae and Freddie Mac and on a proposed Evaluation Guidance under the final rule on Duty to Serve Underserved Markets.
Last month, the FHFA issued a final rule to implement the Duty to Serve provisions that requires the government-sponsored enterprises to serve three specified underserved markets—manufactured housing, affordable housing preservation and rural housing—by improving mortgage financing opportunities on residential properties in very low-, low- and moderate-income families in these markets. The final rule established as a Regulatory Activity Enterprise activities designed to facilitate a secondary market for loans on manufactured homes titled as personal property, also referred to as chattel, through pilot initiatives. In this request for input, the FHA is asking for input on what should be included in a future chattel pilot initiative.
FHFA also seeks public input on its proposed Evaluation Guidance, released January 13, which communicates FHFA's expectations regarding the process for developing Fannie Mae and Freddie Mac’s Underserved Markets Plans, as well as the process by which FHFA will evaluate the progress of these plans.
FHFA requests input through its webpage, www.FHFA.gov/DTS, on potential manufactured home chattel loans pilots by Feb. 17 and on its proposed Evaluation Guidance by May 15.