Affordable housing

The mortgage giants were authorized to give just over $1 billion combined to the National Housing Trust Fund and the Capital Magnet Fund this year, the highest contribution ever. The amount reflects refinancing growth in 2020.

The former president of the private mortgage insurer is coming out of retirement to direct the bank's missions on affordable housing, community and economic development.

The plan is aimed at low- and moderate-income communities, and may enable 60,000 individuals and families to purchase homes, the bank said in a statement Wednesday.

Though the pandemic recession has driven up the delinquency rate on Federal Housing Administration loans, the president's appointees are widely expected to reduce mortgage insurance premiums by at least 25 basis points to make home loans less expensive.

Sen. Sherrod Brown, D-Ohio, said elevating affordable housing issues, examining the financial system through a climate and racial justice "lens," and holding banks accountable for their impact on consumers will be among his priorities.

Rhode Island Housing and Mortgage Corp. is coming off its inaugural social bond issuance.

Fannie Mae and Freddie Mac’s underserved markets plans usually cover a three-year period, but their terms have been shortened due to the pandemic.

The affordable housing nonprofit's Equitable Path Forward initiative seeks to eliminate "the deep-rooted legacy of racism in housing."

Fudge, who has served in the House since 2008, represents most of the majority-Black areas of Cleveland as well as part of Akron.

Default risks soar in minority neighborhoods during challenging economic times because, data shows, homes there are overpriced relative to incomes. Zoning and other changes could make loans more affordable by boosting housing stock and driving down prices.