1. NALHFA – Annual Educational Conference Manufactured Housing April 27, 2012

2. NALHFA – Annual Educational Conference  Maintaining permanent financing solutions »Provided affordable financing to nearly 600,000 low- and moderate-income families in 2011 »Helped more than 90,000 first-time homebuyers in 2011  Supporting underserved markets »Rural housing »Manufactured housing  Supporting housing finance agencies  Preparing for new opportunities and the future Supporting Affordable Lending 2

3. April 27, 2012 NALHFA – Annual Educational Conference 3 Rural Housing We continue to be a stable and constant source of residential mortgage funding in rural communities:  For loans that finance rural properties, our current requirements and post- settlement delivery fees are the same as for our conventional financing options. Unique challenges in underwriting and determining value for rural properties:  Typical characteristics of a property in an urban location may not be found in a property in a rural setting.

4. April 27, 2012 NALHFA – Annual Educational Conference 4  Manufactured Homes »Borrower Profile –Low- and moderate-income borrowers »Key Features –A minimum 5% down payment must come from borrower funds –All mortgages secured by manufactured homes must be submitted to Loan Prospector ® »Borrower Benefits –Offer terms similar to conventional financing when you originate mortgages secured by manufactured homes legally classified as real property –Provide financing flexibility with a choice of fixed-rate, 7/1 ARMs or 10/1 ARMs

5. April 27, 2012 NALHFA – Annual Educational Conference 5 Through 2011, state and local HFAs have:  Utilized $11.1 billion of the total program amount of $15.3 billion rolled out in December 2009. »$8.4 B in Single-Family financing »$2.7 B in Multifamily financing  Local Agencies have utilized $1.7B, 83% of their allocation »$736M in Single-Family »$927M in Multifamily Support of Housing Finance Agencies