Trump’s housing finance plan will make mortgages more expensive, groups say

Source: Tracy Jan & Renae Merle, Washington Post (Paid Registration)

The Trump administration’s plan to overhaul the country’s housing finance system would make mortgages more expensive for minority borrowers and aspiring homeowners in the South, the Midwest and rural communities, according to fair housing and lending groups.

The plans, unveiled by the Treasury and Housing and Urban Development departments, would end government control of Fannie Mae and Freddie Mac, which purchase mortgage loans and package them into securities that they guarantee. The proposal also recommends eliminating the mortgage backers’ affordable housing goals and introducing competition that experts say could further reduce access to credit for low-income communities.

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