Federal Housing Programs Reduce Low-Income Goal

After initially aiming to direct 57 percent of Fannie Mae and Freddie Mac mortgage financing toward homes for people with incomes no greater than the median in their areas, the Department of Housing and Urban Development (HUD) said that the companies should lower the goal to 56 percent by 2008. "The current level for the so-called government-sponsored enterprises, or GSEs, is 50 percent...HUD's announcement was somewhat surprising because the Bush administration's housing chief said last month that the government-chartered companies "must do more" to help low- and moderate-income and minority families become homeowners."

Thanks to David Gest