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Fannie Mae and Freddie Mac Affirm Their “Duty to Serve” Low-Income Home Seekers

In May, Fannie Mae and Freddie Mac released their proposed underserved markets plans under the Duty to Serve (DTS) program. Under DTS, the Federal Housing Finance Agency (FHFA) requires Fannie and Freddie to increase the availability of mortgage financing for rural homes, manufactured housing and affordable housing preservation in order to serve low- to moderate-income families. Compared to the rest of the nation, North Carolina has the second largest share of homes in rural areas, the third largest share of manufactured homes and the fifth largest share of federally subsidized apartment units. FHFA is requesting public input on the proposed plans by July 10, 2017.