A final rule has been issued that requires the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. to support home financing in underserved markets.

The Housing and Economic Recovery Act of 2008 amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 and required lending in underserved markets.

The statute requires Fannie Mae and Freddie Mac to improve the distribution and availability of home financing for manufactured housing, affordable housing preservation, and rural housing.

Source: Mortgage Daily