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If Fannie Mae and Freddie Mac fail to make a good faith effort to achieve the affordable housing goals, the Secretary of HUD has the authority to impose civil money penalties of up to $10,000 for each day the failure occurs.
Families are considered as having low and moderate incomes if they make no more than the area median income, which varies by community. The national average for the median income is $47,800.
These new regulations are among a series of actions HUD has taken to increase homeownership in under-served areas, particularly among minority Americans. Though America's homeownership rate is at a record high level of 67.7 percent, there is a disparity between the rate for white borrowers and others. The homeownership rate for whites is 74 percent, while it is 46 percent for both Hispanics and African-Americans.
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