Summary
The recovery in the mortgage and multifamily housing market has largely passed over low-income
families and communities. Prospective low-income and minority homeowners remain largely locked out
of the non-FHA mortgage lending market, and the supply of affordable housing continues to dwindle as
rents in large metropolitan areas rise. Fannie Mae and Freddie Mac are a crucial part of the response to
the affordability crisis in many of America’s communities. In the wake of the last decade’s mortgage
crisis and subsequent retreat of the private secondary mortgage market, the Enterprises have become
the largest source of mortgage capital for homeownership and rental housing. Their credit and
underwriting standards are benchmarks for the industry, and their investments in affordable housing
have supported sustainable development in communities across the country.