HUD's Regulation of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac): GSE Housing Goals-Advance Notice of Proposed Rulemaking

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Elsewhere in today's Federal Register, HUD is publishing its final rule that establishes new housing goals for Fannie Mae and Freddie Mac for the years 2005 through 2008. An issue raised by commenters during the public comment period on the proposed rule, but not included as a regulatory provision in the final rule published in today's Federal Register, concerns the feasibility of the housing goals for Fannie Mae and Freddie Mac during a period when refinances of home mortgages constitute a large share of the mortgage market. This ANPR advises of HUD's intention to consider a regulatory provision that recognizes and takes into consideration the impact of high volumes of refinance transactions on the GSEs' ability to achieve the housing goals in certain years, and solicits proposals on how such a provision should be structured and implemented.