Federal Register - August 25, 2021
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Source: Federal Register
47407
Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules
Table 2. Enterprise Low-Income Home Purchase Goal Historical Performance Year Actual Marlcet Benchmarlc Current Marlcet Forecast
2018
2019
2020
25.5%
24.0"/o
26.6%
24.0%
27.6%
24.0%
Fannie :Mae Perfurmance Low-Income Home Purchase Mortgages Total Home Purchase Mortgages Low-Income% of Home Purchase Mortgages
294,559
1,044,098
28.2%
298,702
1,075,032
27.8%
374,376
1,288,806
29.0%
Freddie l1ac Performance Low-Income Home Purchase Mortgages Total Home Purchase Mortgages Low-Income% of Home Purchase Mortgages
199,429
774,394
25.8%
235,811
860,669
27.4%
280,561
982,888
28.5%
As shown in Table 2, both Enterprises exceeded both the benchmark and market levels in 2018 and 2019.
Although FHFA will not officially determine the 2020 housing goals performance of the Enterprises until later in 2021, both Enterprises exceeded the benchmark level in 2020.
The low-income home purchase market levels have increased steadily since 2016. FHFAs current model forecasts that the market for this goal in 2020 will continue to increase and end up between 27 and 31.6 percent. From 2022 through 2024, the proposed goal period, the current forecast is expected to decline slightly from these peaks and stay around 26 percent for each of the three years. As noted previously and in the accompanying market model paper, this forecast is based on the 2019 HMDA
data and Moodys forecasts as of July
Pro.iected Forecast
2021
2022
2023
2024
24.0%
28.9%
26.9%
26.2%
26.4%
+!-
+!-
+!-
+!-
4.0%
5.1%
6.1%
6.9%
2021 and will be updated before the release of the final housing goals rule.
FHFA is proposing a benchmark level for the low-income home purchase goal of 28 percent, which is above the middle point of the market forecast but well within the confidence interval for each year. This proposed benchmark level is significantly higher than the benchmark level of 24 percent that has been in place each year since 2015.
FHFA is proposing a higher benchmark level for this goal in order to encourage the Enterprises to continue to find ways to support lower income borrowers without compromising safe and sound lending standards. FHFA recognizes that there may be challenges to meeting the goal, particularly in light of the recovery from the global pandemic.
FHFA will continue to monitor the Enterprises in its capacities as regulator
and as conservator, and if FHFA
determines that the benchmark level for the low-income home purchase goal is not feasible for the Enterprises to achieve in light of market conditions, or for any other reason, FHFA will take appropriate steps to adjust the benchmark level.
2. Very Low-Income Home Purchase Goal The very low-income home purchase goal is based on the percentage of all single-family, owner-occupied home purchase mortgages purchased by an Enterprise that are for very low-income families, defined as families with incomes less than or equal to 50 percent of AMI. The proposed rule would set the annual very low-income home purchase goal benchmark level for 2022
through 2024 at 7 percent.
Table 3. Very Low-Income Home Purchase Goal 2019
2020
6.5%
6.0%
6.6%
6.0%
7.0"/o 6.0"/o
Fannie :Mae Performance Very Low-Income Home Purchase Mortgages Total Home Purchase Mortgages Very Low-Income% ofHome Purchase Mortgages
69,952
1,044,098
6.7%
70,214
1,075,032
6.5%
93,909
1,288,806
7.3%
Freddie l1ac Performance Very Low-Income Home Purchase Mortgages Total Home Purchase Mortgages Verv Low-Income% ofHome Purchase Mortgages
48,823
774,394
6.3%
58,136
860,669
6.8%
68,216
982,888
6.9%
As shown in Table 3, both Enterprises exceeded the benchmark level in 2018
and 2019. In 2018, Fannie Mae exceeded both the benchmark and
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Pro.iected Forecast
2021
2022
2023
2024
6.0"/o 7.6%
6.8%
6.6%
6.6%
+!-
+!-
+!-
+!-
1.4%
1.8%
21%
24%
market levels, and in 2019, Freddie Mac exceeded both the benchmark and market levels. In 2020, both Fannie Mae and Freddie Mac exceeded the
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benchmark levels. FHFA will officially determine the 2020 market performance of the Enterprises later in 2021.
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2018
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Historical Perfurmance Year Actual Marlcet Benchmarlc Current Marlcet Forecast
