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The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac will shut down their single-family rental pilot programs and mostly exit from the single-family rental market, only maintaining except the investor programs Fannie Mae’s Multiple Financed Properties and Freddie Mac’s Investment Property Mortgages.
According to the FHFA, the government-sponsored enterprises “participated in the single-family rental market on a larger scale than previously” during the past two years. FHFA Director Mel Watt said that the lesson learned from these pilot programs was that “the larger single-family rental investor market continues to perform successfully without the liquidity provided by the Enterprises.”
The FHFA added that Fannie Mae and Freddie Mac can still be involved in this corner of the housing market by creating proposals that are “calculated to utilize single-family rentals as a pathway to homeownership.”
