FNMA Fattah Calls on the Administration to

Washington, DC - Congressman Chaka Fattah (D-PA), called on Fannie Mae and Freddie Mac to increase their commitment to the Housing Trust Fund - creating a pathway for Americans for homeownership.

Today, both Fannie Mae and Freddie Mac disclosed that they have a potential surplus of federal funds as a result of both the booming house market and the fees associated with their home loan guarantees. The surplus is an estimated $89 billion, well beyond their 2012 profits of $17.2 billion and $11 billion for Fannie Mae and Freddie Mac respectively.

Based on these initial profits, Congressman Fattah urged the Administration, through a letter, to direct the agencies to transfer some of those dollars to the Housing Trust Fund. The Housing Trust Fund is an entity created to provide affordable loan packages for middle class families. Created during the Bush Administration and supported by the Obama Administration, the Housing Trust Fund, despite its important mission, is unfunded and has been since its creation.

"The boom in the housing market is good news for American families," Fattah said. "This is why it's critical to call the Administration to direct Fannie and Freddie to invest in working families and the American Dream by directing some of this surplus to the Housing Trust Fund."