§4561 Establishment of Housing Goals

Summary

The Director must set annual housing goals for the enterprises starting in 2010 and every year after. Those goals include four single-family targets (under section 4562) and one special affordable multifamily target (under section 4563). The Director must also set a yearly deadline for announcing the goals, keeping in mind that the enterprises need time to plan. The goals that applied for 2008 stayed in effect for 2009, but no later than the end of the 270-day period that began on July 30, 2008, the Director had to review the 2009 goals for feasibility given market conditions, ask for public comment for up to 30 days, and could adjust the goals based on those conditions. If the Director asks, an enterprise must give data in a form the Director chooses so the Director can check whether minority borrowers are charged higher mortgage interest rates than similar non-minority borrowers. If the Director preliminarily finds a pattern of such disparities, the Director must send the finding to the proper regulatory or enforcement agency and may require the enterprise to submit more data for that agency. The Director must report actions taken to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, but must not name any lender unless there has been a final finding of discriminatory lending after an administrative hearing. The Director must keep any borrower-identifying property or financial information private.