Fannie and Freddie unveil plans to tackle the racial homeownership gap
CNN
Mortgage giants Freddie Mac and Fannie Mae announced Wednesday a series of actions that aim to make it easier to buy a home and close the racial homeownership gap, in which 72% of White Americans are homeowners while only 42% of Black Americans own a home.
The sweeping changes include down payment assistance, lower mortgage insurance premiums and a credit reporting system that factors in rent payment history. The enterprises are also expanding counseling services to support housing stability and plan to introduce technology that would improve access to credit and make home appraisals more equitable.
The plans were developed in response to a request last fall from the Federal Housing Finance Agency, which regulates Fannie and Freddie, to address discrimination in access to homeownership.
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