MCLEAN, VA--(Marketwired - Apr 17, 2015) - The following statement was released today by Dave Lowman, executive vice president of single family business at Freddie Mac (
"Freddie Mac continually explores ways to broaden access to mortgage credit while reducing risk to taxpayers and building towards a sound and stable housing finance system for future borrowers. Private mortgage insurance is an important component of the housing finance system, one that helps to make homeownership possible for those families for whom a higher downpayment may be an obstacle. The revised eligibility standards, which take effect on December 31, 2015, will promote counterparty strength for approved insurers and strengthen their role in the housing finance system. Today's announcement underscores Freddie Mac's commitment to working with FHFA, the housing industry and other stakeholders to improve America's mortgage finance system."
For more information see PMI Eligibility Requirements and Frequently Asked Questions.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.