On May 8, the Federal Housing Finance Agency (FHFA) released a draft underserved markets plans for Fannie Mae and Freddie Mac, as required under the agency’s Duty to Serve rule. The plans lay out the specific activities that each company will undertake over the next three years to better serve three underserved segments of the mortgage market — manufactured housing, affordable housing preservation and rural markets. FHFA is seeking public input on the plans by July 10. The rule was one of many topics discussed by FHFA Director Mel Watt during a hearing on housing finance before the Senate Banking Committee on May 11. To learn more about the Duty to Serve rule, see our blog post.