News Topic: Affordable housing
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Biden appoints Sandra Thompson acting FHFA director
HUD restores Obama-era fair housing rule while pledging to improve it
Biden budget would pour billions into affordable housing, CDFIs
BofA expands affordable housing program to $15 billion by 2027
End racial disparity in awarding New Markets Tax Credit funds
Biggest impediment to mortgage growth? Shortage of new homes.
A bipartisan plan to tackle housing insecurity
NCUA swaps out spots on NeighborWorks America board
Rodney Hood, a board member and former chairman for the credit union regulator, was selected to fill a seat previously held by Todd Harper, who was recently appointed NCUA chairman. ... Read full article
Fannie, Freddie double their funding for affordable housing projects
The mortgage giants were authorized to give just over $1 billion combined to the National Housing Trust Fund and the Capital Magnet Fund this year, the highest contribution ever. The amount reflects refinancing growth in 2020. ... Read full article
Bank of America adds $10 billion to affordable housing plan
Bank of America pledged to add $10 billion to an affordable homeownership program through 2025, tripling its initial commitment. ... Read full article
Biden administration likely to cut FHA premiums despite credit risks
Though the pandemic recession has driven up the delinquency rate on Federal Housing Administration loans, the president's appointees are widely expected to reduce mortgage insurance premiums by at least 25 basis points to make home loans less ... Read full article
New Senate Banking chief sets dramatic change of course
Sen. Sherrod Brown, D-Ohio, said elevating affordable housing issues, examining the financial system through a climate and racial justice "lens" and holding banks accountable for their impact on consumers will be among his priorities. ... Read full article
Citi looks beyond checks to make good on promise to Black banks
Citigroup is following up on a September promise to help these minority depository institutions finance as much as $50 million in affordable multifamily rental housing. ... Read full article
Biden's pick to lead HUD is Ohio Congresswoman Marcia Fudge
Fudge, who has served in the House since 2008, represents most of the majority-Black areas of Cleveland as well as part of Akron. ... Read full article
Reducing mortgage defaults starts with beefing up housing supply
Default risks soar in minority neighborhoods during challenging economic times because, data shows, homes there are overpriced relative to incomes. Zoning and other changes could make loans more affordable by boosting housing stock and driving down prices. ... Read full article
JPMorgan pledges billions in spending to fix racial wealth gap
The company says it plans to originate 40,000 mortgages for Black and Hispanic households and finance 100,000 affordable rental units over five years. ... Read full article
Divisions in mortgage industry emerge ahead of 2020 election
Political donations from the sector and interviews with industry experts highlight a wide range of views on affordable housing resources, the appropriate level of regulatory relief and how policymakers should enforce fair housing rules. ... Read full article
GSE, fair-lending policies could look radically different if Biden wins
If Trump is reelected, his administration would likely move forward with privatizing Fannie Mae and Freddie Mac and relaxing key rules, while a Joe Biden presidency would likely try to expand homeownership access and borrower protections. ... Read full article
Bipartisan bill aims to offer savings accounts for down payments
The American Dream Down Payment Act would let states establish and manage accounts, which would be similar in structure to 529 college savings plans. ... Read full article