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$FNMA #FANNIEGATE STATEMENT: CAP’s Julia Gordon on Fannie Mae Introducing a New Affordable Lending Mortgage Product

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Press Room » August 2015

STATEMENT: CAP’s Julia Gordon on Fannie Mae Introducing a New Affordable Lending Mortgage Product

August 26, 2015

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Contact: Liz Bartolomeo Phone: 202.481.8151 Email: lbartolomeo@americanprogress.org

Washington, D.C. — The Center for American Progress issued the following statement on the announcement from Fannie Mae of a new affordable lending product for people looking to buy a home. The HomeReady mortgage product offers flexible terms and conditions to creditworthy, low- and moderate-income borrowers and borrowers in low-income communities.

Julia Gordon, Senior Director of Housing and Consumer Finance at the Center for American Progress, said:

CAP commends Fannie Mae for responding to concerns that it has not fulfilled its charter and done enough to serve all markets and all populations in recent years. This revamped product is aimed at enabling more families to access homeownership and build wealth in a safe and sustainable way. Flexible, targeted mortgage products that are appropriately designed and underwritten have a track record of success. The new HomeReady product incorporates important features to reach under-served populations and extended family households, such as simplified pricing, low down-payment requirements, recognition of non-borrower income, and homeowner education.

Related resources:

  • Lending for Success by Joe Valenti, Sarah Edelman, Julia Gordon
  • Inequality, Opportunity, and the Housing Market by Julia Gordon
  • The Unequal Mortgage Market Is No Coincidence by Michela Zonta

For more information on this topic or to speak with an expert, contact Liz Bartolomeo atlbartolomeo@americanprogress.org or 202.481.8151.

To speak with our experts on this topic, please contact:

Print: Liz Bartolomeo (poverty, health care) 202.481.8151 or lbartolomeo@americanprogress.org

Print: Tom Caiazza (foreign policy, energy and environment, LGBT issues, gun-violence prevention) 202.481.7141 or tcaiazza@americanprogress.org

Print: Allison Preiss (economy, education) 202.478.6331 or apreiss@americanprogress.org

Print: Tanya Arditi (immigration, Progress 2050, race issues, demographics, criminal justice, Legal Progress) 202.741.6258 or tarditi@americanprogress.org

Print: Chelsea Kiene (women's issues, TalkPoverty.org, faith) 202.478.5328 or ckiene@americanprogress.org

Print: Elise Shulman (oceans) 202.796.9705 or eshulman@americanprogress.org

Print: Benton Strong (Center for American Progress Action Fund) 202.481.8142 or bstrong@americanprogress.org

Spanish-language and ethnic media: Jennifer Molina 202.796.9706 or jmolina@americanprogress.org

TV: Rachel Rosen 202.483.2675 or rrosen@americanprogress.org

Radio: Chelsea Kiene 202.478.5328 or ckiene@americanprogress.org

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