Fannie Mae (OTC:FNMA) Mortgage - Housing and Community Development Changed To Multifamily Mortgage Business

The mortgage giant Fannie Mae (OTC:FNMA) recently announced that it had renamed of one of its key divisions, the Housing and Community Development (HCD) division, which will henceforth be known as the Multifamily Mortgage Business (MMB) or simply as the Multifamily division. This change is understood to have been made as a part of an effort to clarify the nature of the business conducted by the division, and to ensure that the name of the division was consistent with the names of similar divisions, such as the Single-Family Mortgage Business division. This new name is also expected to further reinforce and emphasize the multifamily mortgage business platform.

Ken Bacon, the Executive Vice President of the newly renamed Multifamily Mortgage Business, issued the following statement regarding the current role of this of this division, and its significance to the future of Fannie Mae: “Multifamily will continue to focus on rental housing finance, especially affordable rentals, as an increasingly important part of the company’s mission. In the coming years, affordable rental housing will play a significant role in the housing market as the nation and households grow. Through the Multifamily Mortgage Business, Fannie Mae will continue to serve as a leader in affordable lending.”