FHFA Issues Final Rule on Duty to Serve Statute

The Federal Housing Finance Agency (FHFA) recently released a final rule titled, “Enterprise Duty to Serve Underserved Markets.” The rule came about because the Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish a duty for Fannie Mae and Freddie Mac (collectively, the Enterprises) to serve three specified underserved markets. These underserved markets are manufactured housing, affordable housing preservation, and rural markets.