Treasury, which administers the capital magnet fund, uses the money to provide competitive grants to community development financial institutions and nonprofit housing organizations.
The industry veteran joins a growing list of highly regarded members of GSE leadership who have recently decamped for greener pastures in private enterprise.
Rather than ending the net worth sweep outright and agreeing to write off some of its preferred shares, Treasury is essentially simply allowing Fannie Mae and Freddie Mac to continue their practice of retaining earnings.
On the rural housing front, Freddie expects to increase its SFI purchase target from 3,600 to 3,900 loans in 2020 to as much as 4,800 units this year...