The Federal Housing Finance Agency has announced the adoption of a final rule establishing the housing goals for Fannie Mae and Freddie Mac for both single-family and multifamily housing for the years 2015 through 2017. The proposed housing goals rule for the GSEs was first issued in August 2014. More than 144 comments were made on the proposed rule, all of which were considered by the FHFA in the development of the final rule.
The final rule establishes a low-income home purchase goal of 24 percent, which is a slight increase from the proposed benchmark for each year of 23 percent. FHFA is required to establish housing goals annually for mortgages purchased by the GSEs under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. The final rule will become effective 30 days after it is published in the Federal Register.
The Federal Reserve's Office of the Inspector General recently updated its work plan to include a security audit of the data being collected on consumers by the Consumer Financial Protection Bureau. The Fed OIG said it will quote, review the extent to which the CFPB has assessed the risks associated with the collection, maintenance, storage, and disposal of privacy data and personally identifiable information and applied appropriate information security controls and protection over the data to mitigate those risks, close quote.