Some people assume that because Fannie Mae's mission is to expand homeownership, that homeownership is all we do. Granted, the single-family business is the bulk of our business, and we focus on breaking down barriers to homeownership and bending the capital markets to serve average families. Buying a home allows families to put down permanent stakes, strengthen their neighborhoods and build equity wealth, and we stand for that. But in every public statement I make about Fannie Mae's investments in affordable housing, I always emphasize that we are going to serve families who rent, whether they live in single-family or multifamily rental units. We recognize that not everybody is ready for homeownership right now, and we want to make sure those not ready to become homeowners have good, decent, affordable rental homes.
Some people simply prefer to rent.
They include people with a maximum high school education or less, single parents and some minority families - people who may not have the income or credit history to buy a home. What this brings us back around to is the importance not only of decent multifamily housing, but decent, affordable multifamily housing. That is why Fannie Mae's book of multifamily business will continue to stress affordable rental housing. And if you look at our multifamily business, you can see why we're ahead. These numbers don't just happen by accident.