Regulator lowers Fannie, Freddie low-income goals

WASHINGTON, Sept 2 (Reuters) - The regulator for Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) lowered its goals for the two mortgage finance entities to buy loans for some low-income properties.

The Federal Housing Finance Agency said it would now require at least 21 percent of its single-family refinance loan purchases to be for low-income properties, down from 25 percent in an earlier proposal.

"The final rule adjusts the low-income refinance goal downward reflecting recent market conditions," FHFA said in a prepared statement.

It also lowered low-income and very low-income goals for multi-family properties by about 25 percent, the agency said.

Fannie Mae and Freddie Mac would be required to make sure at least 27 percent of the home purchase loans it acquires are for low-income properties and 8 percent are for very low-income properties. Those levels are unchanged from the proposed rule.

Congress in 2008 required FHFA to establish new rules for Fannie Mae and Freddie Mac and Thursday's announcement is the final step in that process. The rule is expected to take effect in October.

"FHFA does not intend for the Enterprises to undertake economically adverse or high-risk activities in support of the goals, nor does it intend for the Enterprises' state of conservatorship to be a justification for withdrawing support from these important market segments," the agency said. (Reporting by Corbett B. Daly; editing by Todd Eastham)