The company operates three primary lines of business, i.e. James Lockhart, the director of Federal Housing Finance Agency also announced FHFA as the conservator of Fannie Mae on 6th September, 2008.įannie Mae brings a huge variety of jobs and career opportunities for bright and talented job seekers available in the market.
FANNIE MAE FORECLOSURES SCOTTSVILLE MAC
In the same year, the company created Freddie Mac (Federal Home Loan Mortgage Corporation) to facilitate a more efficient and stronger mortgage market.
In 1970, Fannie Mae was authorized by the federal government to buy private mortgages, which were not insured by FHA, FmHA or the VA. Later in 1968, the agency was chartered by the Congress and it was converted into a private shareholder-owned company. Rather than offering home loans directly to the consumers, the company works with brokers, mortgage bankers and several other mortgage market partners to make sure that sufficient funds are available to lend at affordable rates to potential home buyers.įannie Mae was originally founded in 1938 as a federal agency to build a better secondary mortgage market. Fannie Mae mainly works in the secondary mortgage market of the country. The main objective of the company is to maintain liquidity, stability as well as affordability in the US mortgage and housing markets. She added that this will help to counteract displacement and help to address the staggering loss of owner-occupied units, a trend detailed in the center's recent fair housing report on declining Black homeownership, and other neighborhood stabilization housing efforts.Ĭontact IndyStar reporter Ko Lyn Cheang or 31.Fannie Mae is also commonly known as Federal National Mortgage Association (FNMA) and it is a government sponsored enterprise founded during the time of the Great Depression. Nelson said that the Fair Housing Center's Board of Directors will ultimately decide what type of grants they give but she anticipated they will likely designate their funds to nonprofits working in Indianapolis’ neighborhoods of color with a focus on homeowner repair and housing renovation. The rest will cover the Fair Housing Center's litigation and investigation expenses of the case, as well as future fair housing programs. Thanks to today's settlement, Indianapolis, through the Fair Housing Center of Central Indiana, will receive about $1 million, $755,000 of which will go to community relief. Indianapolis will get $1M of the $53 settlement Subsequent urban blight tanked home values for predominantly Black and Latino residents who lived in neglected neighborhoods, the complaint alleged. Through differential treatment, the complaint alleged that Fannie Mae exacerbated damage caused by the 2008 mortgage crisis and foreclosure crisis in communities of color. The plaintiffs alleged the neglect by Fannie Mae was deliberate. It revealed a systemic trend of homes in Black neighborhoods suffering from neglect including damaged structures, overgrown shrubbery, broken windows, obstructed gutters, while homes in comparable White neighborhoods were well-maintained. The complaint was the result of a four-year long investigation of more than 2,300 Fannie Mae-owned properties across 39 metropolitan areas, including 78 homes in Indianapolis. More: From the archive: Are foreclosed homes better maintained in white neighborhoods? Complaint: Fannie Mae exacerbated damage of mortgage crisisįannie Mae was accused in the 2016 complaint of purposely failing to maintain its foreclosed properties in middle- and working-class Black and Latino neighborhoods to the same quality it does for foreclosures it owns in comparable white neighborhoods.
“These funds will provide a needed boost to rehab vacant homes in need, assist in homeowner repair projects, and support grassroots organizations in our hardest hit neighborhoods of color to stop any further deterioration and loss of housing stock.” “Far too many of Indianapolis’ Black neighborhoods are still suffering from the foreclosure crisis and the subsequent loss of owner-occupied housing units,” said Amy Nelson, executive director of the Fair Housing Center of Central Indiana, in a press release. The Fair Housing Center of Central Indiana, along with the National Fair Housing Alliance and 19 other local fair housing organizations throughout the country, reached a landmark agreement with Fannie Mae to resolve a housing racial discrimination case filed in 20 alleging that Fannie Mae treated foreclosed homes in communities of color unfavorably. Indianapolis' communities of color hit hard by the foreclosure crisis may soon be able to benefit from $755,000 in relief as part of a $53 million settlement by Fannie Mae, the federal mortgage association, announced Monday. Watch Video: Housing value gap exists for black homeowners in Marion County
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