(RECAP: Several civil rights and community development groups wrote Tuesday to urge the Federal Housing Finance Agency to recapitalize Fannie Mae and Freddie Mac. The joint letter included the Center for Responsible Lending, the National Community Reinvestment Coalition and Amalgamated Bank. “Our organizations are deeply concerned that under the Preferred Stock Purchase Agreements with the Treasury Department, the capital buffers of Fannie Mae and Freddie Mac will be completely eliminated by the end of 2017,” said the letter to FHFA Director Mel Watt. “This course of action is likely to destabilize the housing economy, undermine efforts to make housing finance more accessible and affordable, and drive up the costs of homeownership.”)
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