WASHINGTON - The U.S. Department of Housing and Urban Development recently proposed new federal regulations that would raise the targeted lending requirements for Fannie Mae and Freddie Mac. According to a HUD release, the agency estimates that over the next four years, an additional one million low- and moderate-income families would be served as a result of the new requirements. By statute, HUD sets the annual affordable housing goals that require a percentage of Fannie and Freddie Mac's lending go to underserved borrowers and communities. The proposal is currently under a 15-day congressional review. After that there will be a 60-day comment period.
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