Fannie Mae introduces equitable housing plan for minority homeowners

“We want to knock down these barriers, one by one, doing our part to undo the legacy of discriminatory practices that perpetuate racial housing gaps in America,” David Benson, president and interim chief executive officer of Fannie Mae, said in a media release. “The plan is a solid step toward this goal and a milestone in our work to make housing stronger, fairer, and more sustainable for the people and communities we serve.”

Bob Broeksmit, president and chief executive officer of the MBA, said the association commends Fannie Mae’s “proactive efforts to develop targeted, actionable plans…to make housing available on a more equitable basis.”

It isn’t just the Black community that will benefit from the plan – it will also serve other underserved communities as the plan matures and evolves. This includes any population who has been historically shunned out of the housing market due to their race, ethnicity, geographic location and other characteristics.

“The GSEs’ plans – focused on a typical consumer’s housing lifecycle – should allow for increased opportunities for minority households to secure affordable rental housing, prepare for homeownership, and obtain access to safe and affordable mortgage credit,” Broeksmit said. “While the plans are targeted to Black and Hispanic borrowers, all low- and moderate-income borrowers and communities should benefit.”