Excluding manufactured housing loans in metropolitan areas would reduce the above market percentage for special affordable (underserved area) loans by 1.
Recent Performance, 1999-2002 This and the next subsection focus on the average data for 1999-2002 in Table A. In 2000, Fannie Mae improved its underserved areas performance enough to surpass Freddie Mac on that category, while Freddie Mac continued to out-perform Fannie Mae on the borrower-income categories (special affordable and low-mod). During 2001 and 2002, Fannie Mae improved its performance enough to surpass Freddie Mac on all three goals-qualifying categories and to essentially match the market during these two years. Consider first the average data for 1999- 2002 reported in Table A. In addition, Freddie Mac purchased low-mod loans at about the same rate as Fannie Mae during this period—42. As these figures indicate, both Fannie Mae and Freddie Mac continued to lag the market during this recent four-year need money now Louisiana period.
Fannie Mae had an uncharacteristically poor year in 1999. Thus, averages for 2000— 2002 are also presented in Table A. Between 2000 and 2002, special affordable (underserved area) loans accounted for 15. Similarly, excluding manufactured housing loans would reduce the 1999-2002 market percentage for underserved areas from 25. Its purchases of loans for special affordable borrowers increased from 6.
Loans with a loan-to-income-ratio greater than six are excluded from the borrower income calculations. Special affordable includes very low-income borrowers and low-income borrowers living in low-income census tracts. In 2002, special affordable loans accounted for 15. Surprisingly, Freddie Mac did not make much progress during the 1990s closing its gap with the market on the underserved areas category. With respect to purchasing affordable loans, Fannie Mae followed a different path than Freddie Mac. Fannie Mae improved its performance between 1992 and 1998 and made much more progress than Freddie Mac in closing its gap with the market. A similar trend in market ratios can be observed for Fannie Mae on the underserved areas category. Fannie need money now Louisiana Mae improved its performance on the special affordable goal at a more modest rate. The 2000 figure was similar to its previous peak level (13. Fannie Mae continued its improvement in purchasing targeted home loans during 2001, at a time when the conventional conforming market was experiencing a decline in affordable lending, and again in 2002, at a time when, the conventional conforming market was increasing enough to return approximately to its year-2000 level.
Thus, during the 2000-to-2002 period, Fannie Mae significantly improved its targeted purchasing performance while the primary - market originated targeted home loans at about the same rate in 2002 as it did in 2000. In need money now Louisiana 2002, Fannie Mae matched the market on the special affordable category, and slightly outperformed the market on the low-mod and need money now Louisiana underserved areas categories. In 1992, Freddie Mac had a slightly higher underserved areas percentage (18. Between 2000 and 2001, Fannie Mae increased its low-mod percentage from 40. Fannie Mae increased its underserved area percentage from 23.
The above discussion documents shifts in the relative performance of Fannie Mae and Freddie Mac over the past few years. Between 1997 and 2000, Freddie Mac substantially increased its special affordable share (from 9. However, Fannie Mae increased its underserved areas percentage from 20.
Fannie Mae ended the 1990s with a decline in affordable lending performance at the same time that Freddie Mac was improving and the share of goals-qualifying loans was increasing in the market. During 2000, Freddie Mac outperformed Fannie Mae on the special affordable and low-mod categories, while Fannie Mae purchased a higher percentage of loans in underserved areas.
The result was that during 2001 Fannie Mae outperformed Freddie Mac on all three goals-qualifying categories, and even matched:the market on the low-mod category. While Freddie Mac lagged the market on all three goals-qualifying categories during 2002, it had significantly closed its gap with the market by the end of 2002, particularly on the underserved area category. Fannie Mae obtained its higher overall percentage (24. Prior to 2000, Freddie Mac had not pursued such a strategy, or at least not to the same degree as Fannie Mae. Recall that in this case, mortgages purchased by a GSE in any particular calendar year are allocated to the year that the mortgage was originated, rather than to the year that the mortgage was purchased (as in subsections C.
This approach places the GSE and the market data on a consistent, current-year basis, as explained earlier. This means that prior-year loans that the GSEs purchase in a particular calendar year are allocated back to their year of origination. For example, mortgages originated in 2000 but purchased by the GSEs in 2002 would be allocated to 2000 (the year of origination). Thus, the GSE percentages for 2000 represent GSE purchases (in 2000 and in 2001 and in 2002) of mortgages originated in 2000. For this reason, the GSE data in this table are need money now Louisiana more consistent with the market data. Market percentages are for current-year mortgage originations, based on HMDA data.
Of course, during 2003 (and dunng following years), the GSEs will purchase subsequent years in which need money now Louisiana payday loans Alaska to report originated in 2002, which would at that time be incorporated into the data for the year 2002. Under the origination-year approach, Fannie Mae lagged the market on all three housing goal categories during 2001 and on the special affordable and underserved area categories during 2002. In 2002, low- and moderate- income loans accounted for 45. This analysis does not include year 2002 data because market data from the American Housing Survey are not yet available for.
Between 1999 and 2001, first-time homebuyers accounted-for 26. Thus, both Fannie Mae and Freddie Mac fell substantially short of the primary market in financing first-time homebuyers during this time. BILLING CODE 4210-27-P and 1997 before dropping to about 25 percent in and 1999. The first-time homebuyer concept for the market analysis is homebuyers who have never owned a home.
The concept for the GSEs is purchasers who have not owned a home within the past three years.
The market analysis is based on GSE, HMDA, and American Housing Survey data.
See Bunce and Gardner (2004) for the methodology for estimating the market first-time homebuyer percentages.
Between 1999 and 2001, African-American and Hispanic first-time homebuyers accounted for 4.
The borrow money online Illinois group of all minority first- time homebuyers accounted for 6. If the GSEs meet this subgoal, they will be leading the primary market loans for bad credit in New Mexico by approximately one percentage point in 2005 and by three percentage points in 2007-08, based on historical data (see below).