Fannie Mae and Freddie Mac 'need to get realistic regarding their affordable housing programs,' the head of a California thrift argued last week. Mario J. Antoci, president and chief executive officer of American Savings Bank. Irvine, Calif., said the two government-sponsored companies "are cherry-picking loans' in a way that doesn't do poorer communities any good. Antoci's views were seconded by other panelists at a seminar on real estate finance at the annual convention of the Savings and Community Bankers of America.

Antoci said that if one applied Freddie Mac and Fannie Mae guidelines for accepting home loans to Hispanics in Los Angeles, only a few would qualify for purchase by the government-sponsored enterprises. "The underwriting standards don't take into account the nature of the people there," he said. For example, he said some Hispanic households might have five or six income sources rather than Just one or two.

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