Affordable housing

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.


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 expensive.


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.


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.


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.


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.


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.


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.


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.


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.