The mortgage finance giants’ overhaul includes down payment assistance, revamped underwriting guidelines, lower mortgage insurance premiums and a credit reporting system that factors in rent payment history.
Naa Awaa Tagoe of the Federal Housing Finance Agency, which oversees the two government-sponsored enterprises, told USA Today, “This is Fannie Mae and Freddie Mac saying, ‘Yes, there is an issue with equity in housing finance, and these are the steps we need to take to address them.’”