Federal agencies committed to further racial equity through new equity action plans, but for housing, the action plan is light on new action.
The housing plan lacks any participation from the Federal Housing Finance Agency, which is not a cabinet level agency, but oversees the federal entities that back most of the mortgage market. A FHFA spokesperson declined to give a timetable for the release of the equitable housing finance plans for Fannie Mae and Freddie Mac, which were due at the beginning of 2022.
Also missing among the agencies presenting plans for equity in housing were the Department of Justice, along with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, which regulates the nation’s largest banks. Those three agencies pledged last year to take on “digital redlining.”
Instead, the White House equity plan for housing centered on the Department of Housing and Urban Development, which oversees the Federal Housing Administration and enforces the nation’s fair housing laws. The FHA is still awaiting Senate confirmation of its nominated commissioner, Julia Gordon.