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Federal conservator of Freddie, Fannie hopes to avoid ‘folly’ of past lending practices

WASHINGTON, D.C. — The director of the federal agency serving as conservator of Fannie Mae and Freddie Mac says multifamily housing remains an important priority for the enterprises, and he has been meeting weekly with their CEOs as regulators chart a different future for the troubled mortgage insurers.

James Lockhart, director of the Federal Housing Finance Agency, says regulators are trying to address a void in the commercial affordable housing market created by Fannie and Freddie’s dramatic shift from investing in about 50% of the tax credit transactions governed by Section 42 of the IRS tax code to virtually none.

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