The Federal Housing Finance Agency and the Department of Housing and Urban Development on Thursday entered into a memorandum of understanding aimed at increasing Fair Housing Act enforcement for Fannie Mae, Freddie Mac and the Federal Home Loan banks.
Under the agreement the two agencies will share information and coordinate investigations and compliance reviews. HUD is primarily tasked with enforcing the Fair Housing Act, and the FHFA regulates the government-sponsored enterprises.
"FHFA oversees entities that have significant control over a large share of the mortgage market. Stepping up our collective fair housing oversight of their activities will make an enormous impact,” HUD Secretary Marcia Fudge said in a press release.
The move is the latest in a series made by the Biden administration aimed at
Both GSEs have engaged in other efforts to broaden their outreach to a larger demographic of potential homeowners.
Fudge said steps would be taken to address such hurdles.
“We are prioritizing the work required to remove barriers that have created separate and unequal neighborhoods and limited access to housing opportunity and wealth building. I look forward to working with FHFA to make a meaningful impact in this space,” she said.