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MBA reacts to Biden administration’s affordable housing initiatives

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Inside the Beltway
Friday, March 8, 2024

The Mortgage Bankers Association (MBA) was generally encouraged by the Biden administration’s announcements regarding the housing market, released just prior to the 2024 State of the Union Address. MBA President and CEO Bob Broeksmit also noted the organization’s concerns about certain indications from the Consumer Financial Protection Bureau (CFPB) about closing costs and other expenses associated with mortgage transactions.

The Biden administration said it plans to increase support for initiatives aimed at boosting housing availability and affordability. One such measure would expand the number of allocations issued under the Low-Income Housing Tax Credit (LIHTC) program.

“MBA welcomes the administration’s focus on legislative reforms and regulatory fixes that increase single-family and multifamily housing supply and help to make homeownership more affordable and attainable for all qualified borrowers,” Broeksmit said in a statement. “This is even more important in today’s high mortgage rate environment.”

He also noted MBA’s support for the Senate’s bipartisan bill titled “Tax Relief for American Families and Workers Act of 2024” (H.R. 7024), which could help produce an estimated 200,000 additional rental units over the next two years.

“Housing markets across the country continue to suffer from supply-demand imbalances, and we have urged the administration to take meaningful action to remove regulatory barriers that impede development,” Broeksmit added. “We also have offered recommendations that would make government lending programs less costly and more effective for our members and consumers.”

On a less encouraging note, Broeksmit expressed concern that certain proposals on closing costs and title insurance could undermine consumer protections, increase risk and reduce competition.

“In 2015, the industry implemented final rules from the Consumer Financial Protection Bureau (CFPB) making comprehensive reforms to mortgage disclosures to increase clarity and transparency and to help facilitate consumer shopping,” he explained. “In 2020, the CFPB reviewed and praised its own rules. Suggestions that another revamp of these rules is needed depart from the legal regime created by Congress in the Dodd-Frank Act and will only increase regulatory costs and make it untenable for smaller lenders to compete.”  

Broeksmit noted that MBA intends to analyze all Biden administration initiatives, noting many of which require Congressional action.

“[A]s more information is released and will continue to work with the administration, lawmakers on both sides of the aisle, and industry stakeholders on effective solutions that bolster housing supply, improve affordability for both renters and borrowers, and improve access to sustainable homeownership,” Broeksmit said.

The Federal Housing Finance Agency (FHFA) also recently announced the allocation of approximately $301 million from the U.S. Department of Housing and Urban Development’s (HUD) Housing Trust Fund and U.S. Treasury’s Capital Magnet Fund to support affordable housing initiatives administered by Fannie Mae and Freddie Mac (the enterprises).  

“Affordable housing is one of the greatest challenges facing communities across the country today,” FHFA Director Sandra Thompson said in a release. “A portion of every loan purchased by the enterprises is allocated to the Housing Trust Fund and the Capital Magnet Fund, which provide resources that increase affordable housing options in our communities.”

The Housing Trust Fund will receive $196 million as part of its annual fund allocation to help states and state-designated entities produce or preserve affordable housing through the acquisition, new construction, reconstruction and/or rehabilitation of non-luxury housing, the release states.

The Capital Magnet Fund will receive $105 million, which it will use to support affordable housing activities related to economic development and community service facilities.

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