The FHFA Chief turnover could help expand affordable housing Via ForbesAdvisor
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.to expand affordable housing took a significant step forward when President Joe Biden last week replaced Mark Calabria, the Federal Housing Finance Agency director—a move that housing experts say will significantly impact the mortgage and housing market.
With Calabria gone, it’s expected that the FHFA will refocus its priorities from exiting conservatorship to addressing the rising issues of inequities in housing and a significant lack of affordable housing in the U.S.The goals of the FHFA and GSEs have evolved since the FHFA was created in 2008. as businesses shuttered and the economy began to crack. Forbearance and eviction policies were swiftly implemented to help keep people in their homes.
David Dworkin, president and chief executive officer of the National Housing Conference, agreed, saying that the GSEs are the best entities equipped to handle the multitude of problems the housing market is facing. This includes the declining homeownership rate and racial wealth gap, which is intrinsically. Dworkin points out that without the GSEs, the mortgage borrowers would be dependent on a private-label securities market that isn’t prepared to handle these problems.
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