Fannie Mae And Freddie Mac Put In Catch-22 By Bush's HUD Plan

The two corporations are being forced by the new guidelines to divert more money from middle-income financing to the poor. Fannie Mae and Freddie Mac call the new rules "unrealistic."
June 20, 2004, 5am PDT | Jeffrey Goodman
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The National Association of Home Builders joined a growing number of organizations, including Freddie Mac and Fannie Mae themselves, in criticizing HUD's new plan for low-income financing. According to the new guidelines, the two government-sponsored enterprises would be directed to loan more money to low-income home buyers without an increase of funding. Consequently, the groups allege, middle-income home-hunters would be shut out of federal funding.

Thanks to Jeffrey Goodman

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Published on Friday, June 18, 2004 in CNNMoney
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