Search
 

Freddie Mac Financed Record Number Of Home Loans In 2003

MC CLEAN, Va. - Freddie Mac has exceeded each of its housing goals every year since permanent goals went into effect in 1996, and last year was no different. The Government-Sponsored Enterprise financed homes for more than 5.5 million families in 2003, or approximately one family every six seconds. It...

By Staff Writer | Updated on February 24, 2004

MC CLEAN, Va. – Freddie Mac has exceeded each of its housing goals every year since permanent goals went into effect in 1996, and last year was no different. The Government-Sponsored Enterprise financed homes for more than 5.5 million families in 2003, or approximately one family every six seconds. It also exceeded the affordable housing goals set by the Department of Housing and Urban Development. Based on preliminary results, approximately 51.1% of Freddie Mac’s purchases served low- and moderate-income families, exceeded HUD’s 50% goal; 32.3% financed homes in areas defined by HUD as underserved, exceeding the 31% goals; and 20.2% met the special affordable housing goal, exceeding the 20% goal. In addition, it was also a record year for Freddie Mac’s service to minority families. In 2003, it purchased more than $106 billion of mortgages made to minority households, making homeownership more affordable for more than 700,000 families.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.