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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 66 March 2024 J O U R N A L HUD UPDATES ACTION PLAN TO ADVANCE HOUSING EQUITY T he U.S. Department of Housing and Urban Development (HUD) has released Executive Order 14091, the 2023 Update to its Equity Action Plan, in coordination with the Biden administra- tion's whole-of-government equity agenda. Executive Order 14091 is part of HUD's efforts to implement the President's Exec- utive Order on "Advancing Racial Equity and Support for Underserved Communi- ties Through the Federal Government," which reaffirmed the administration's commitment to deliver equity and build an America in which all can participate, prosper, and reach their full potential. "Equity is at the heart of the daily work we do as an agency," HUD Secre- tary Marcia L. Fudge said. "For too long, people—particularly Black, brown, and poor people—have been left out and left behind. This administration is using our resources to reverse the deep-seated harm caused by prior federal policies and priori- tize racial equity in all HUD programs." HUD's Equity Action Plan prioritiz- es and embeds equity in the work the Department does every single day, and in accordance with the Biden adminis- tration's directive, extends to all program offices and departments and across both intra- and inter-agency initiatives. Since the release of its first-ever Equity Action Plan in 2022, HUD has: » Removed some systemic barriers to homeownership and helped about a quarter of a million Black homeown- ers to buy a home with FHA mortgag- es in the last three years. » Worked on a final rule regarding Affirmatively Furthering Fair Housing (AFFH), meaningfully implement- ing the Fair Housing Act to address inequality, replace segregated areas with integrated communities, and transform racially and ethnically con- centrated areas of poverty into areas of opportunity. Government » Restored the Discriminatory Effects Rule, an important tool to protect fair housing and address policies that un- necessarily cause systemic inequality in housing, regardless of whether they were adopted with discriminatory intent. » Expanded access to housing coun- seling to help Black families and in- dividuals unlock the wealth-building potential of homeownership. » Awarded more than $10 million in funding to Historically Black Colleges and Universities (HBCUs) across the country to conduct housing and community development research that focuses on individual and community wealth building, housing affordability and stability, climate resilience, and economic opportunity. » Granted $30 million to fair housing organizations to fight housing discrim- ination in 2023 alone. » Worked to build second chances in HUD-assisted housing for people with prior criminal records. Over the last three years, HUD's programs have served or permanently housed more than 1.2 million people experiencing homelessness. GSES SELL OFF $30B IN NONPERFORMING LOANS T he Federal Housing Finance Agency (FHFA) has released the latest report on the sale of nonper- forming loans (NPLs) by Fannie Mae and Freddie Mac (the GSEs), including sales information about NPLs sold through June 30, 2023. Borrower outcomes reflect NPLs sold through December 31, 2022. The sale of NPLs reduces the number of delinquent loans in the GSEs' portfolios and transfers credit risk to the private sec- tor. FHFA and the GSEs impose require- ments on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure. This report shows that the Enterpris-