Arent Fox LLP announced today it has been retained as legal counsel to Fannie Mae in connection with the company's participation in the Obama administration's newly unveiled plan to stabilize the United States housing market.

The Obama Administration's new initiative for state and local housing finance agencies (HFAs) released last week seeks to help support low mortgage rates and expand resources for low and middle income borrowers to purchase or rent homes that are affordable over the long term. Following up on the intent to support HFAs first outlined in February under the Homeowner Affordability and Stability Plan, the Administration's initiative has two parts: (i) a new bond purchase program to support new lending by HFAs; (ii) and a temporary credit and liquidity program to improve the access of HFAs to liquidity for outstanding HFA bonds.

The US Departments of the Treasury and Housing and Urban Development, together with the Federal Housing Finance Agency, Freddie Mac, Fannie Mae and its counsel from Arent Fox, have developed this initiative to maintain the viability of HFA lending programs and infrastructure.

To learn more about the Administration’s new program, please click here to read the US Treasury Department’s press release announcing the initiative.

For additional information on Arent Fox's role in the initiative, please contact:

David L. Dubrow, Esq.
Partner
dubrow.david@arentfox.com
212.484.3957

Les Jacobowitz, Esq.
Partner
jacobowitz.les@arentfox.com
212.492.3315