As government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac are subject to Department of Housing and Urban Development (HUD) regulations that require them to foster the growth of low-income and minority home ownership. Over the years, many studies have questioned whether the performance of these GSEs has been satisfactory in this respect. Even though an OMB analysis that accompanied the president’s 2004 budget noted that Fannie and Freddie’s support for minority and low-income housing was inadequate, Fannie and Freddie regularly advertise that they are meeting the goals set by HUD. This discrepancy may be the result in part of loosely written regulations, which are currently under review by HUD. This conference will present data comparing the performance of Fannie Mae and Freddie Mac in assisting low-income and minority housing with their support of conventional middle-class housing.
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