The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) entered into a collaborative agreement regarding fair housing and fair lending coordination, according to a release from the FHFA.
Under the Memorandum of Understanding (MOU), the two agencies will focus on enhancing their enforcement of the Fair Housing Act, which HUD is primarily charged with administering and enforcing, and their oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, all of which FHFA regulates, the release stated.
The MOU strengthens the agencies’ ability to enforce fair housing and fair lending requirements by promoting information sharing, coordination on investigations, compliance reviews and the ongoing monitoring of the enterprises. The agencies anticipate the MOU will lead to stronger oversight that will help advance vigorous fair housing enforcement that can begin to redress the nation’s history of discriminatory housing practices.
“The signing is an important and historic step to advance and strengthen the enforcement of our nation’s fair housing and fair lending requirements,” HUD Secretary Marcia Fudge said in the release. “FHFA oversees entities that have significant control over a large share of the mortgage market. Stepping up our collective fair housing oversight of their activities will makee an enormous impact on lives and communities.
“I am proud to partner with Acting Director Thompson on this effort and advance the work that President Biden called upon us to do,” Fudge added. “We are prioritizing the work required to remove barriers that have created separate and unequal neighborhoods and limited access to housing opportunity and wealth building. I look forward to working with FHFA to make a meaningful impact in this space.”
FHFA Acting Director Sandra Thompson said she was pleased to work with HUD.
“FHFA does not tolerate housing discrimination,” Thompson said. “The MOU allows FHFA and HUD to share information and resources to improve fair lending oversight over the mortgage finance system. I am pleased to work with Secretary Fudge on the important work of fulfilling the Fair Housing Act’s promise of equal access to safe, decent and affordable housing for all Americans.”