FHFA Chief Ends Program Designed to Help First-Time Homebuyers

The head of the US Federal Housing Finance Agency ordered to end Fannie Mae and Freddie Mac programs intended to support first-time homebuyers by providing down payments and closing-cost assistance.

Bill Pulte, who was confirmed as FHFA director earlier this month, signed a directive Tuesday to terminate special purpose credit programs supported by the two government-sponsored enterprises, according to a notice posted on X.

SPCPs, designed to help economically or socially disadvantaged groups, allow lenders to offer certain credit flexibilities, such as special pricing for certain loans. The programs, created through the Equal Credit Opportunity Act, allowed certain first-time ...