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Waters Commends Mel Watt for Continued Funding of the National Housing Trust Fund and the Capital Magnet Fund

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released a statement in response to the release of Fannie Mae’s fourth quarter and full-year 2017 earnings report, and the Federal Housing Finance Agency’s (FHFA) decision for Fannie Mae and Freddie Mac to proceed with the allocation of funding to the Housing Trust Fund and Capital Magnet Fund in 2018. Fannie Mae’s financial documents indicate that FHFA will request a small draw for Fannie Mae from the U.S. Treasury due to a one-time accounting charge relating to the enactment of the Republican tax bill. This draw does not relate to financial strength. In fact, Fannie Mae reported $2.5 billion in net income for 2017.

“I am encouraged by the progress of our nation’s government-sponsored enterprises (GSEs) and commend FHFA Director Watt for his leadership in guiding them back to financial stability, while responsibly ensuring funding to support affordable housing for low-income families,” said Ranking Member Waters.

“The Housing Trust Fund and Capital Magnet Fund are much-needed programs that provide funding to increase the supply of affordable housing, and I am pleased that Director Watt has directed Fannie Mae to continue allocating these funds.

“This draw from the U.S. Treasury is a direct result of the Republican tax scam and has nothing to do with the financial strength of the GSEs. The GSEs are in strong financial condition and there is simply no reason to arbitrarily suspend funding for affordable housing.”


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