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Biden Administrations Housing Affordability Initiatives: MBA Statement Urges Caution on CFPB Reforms

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Last Updated on March 11, 2024 by Robert C. Hoopes

MBA President Bob Broeksmit Addresses Biden Administration’s Housing Announcements

In anticipation of President Biden’s State of the Union address, Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit has released a statement applauding the administration’s focus on housing reform. The MBA has welcomed the proposed legislative changes and regulatory updates aimed at increasing housing supply and affordability.

The housing market is currently grappling with supply-demand imbalances, and regulatory hurdles are stifling development. To combat these challenges, the MBA has put forth recommendations to enhance the effectiveness of government lending programs.

One of the key initiatives announced by the Biden administration is the expansion of Low-Income Housing Tax Credit (LIHTC) allocations. This move is expected to bolster housing availability and affordability, especially for low-income individuals and families.

However, the MBA has raised concerns regarding certain proposals, such as those pertaining to closing costs and title insurance, which could potentially weaken consumer protections. Additionally, rules implemented by the Consumer Financial Protection Bureau (CFPB) in 2015 aimed at improving transparency in mortgage disclosures may need to be revisited.

While suggestions for revamping regulations could lead to increased costs and limited competition for smaller lenders, the MBA remains committed to analyzing these initiatives. The organization plans to collaborate with the administration and lawmakers to identify effective solutions for addressing housing supply and affordability issues.

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As the national dialogue on housing reform continues to unfold, the MBA will play a crucial role in advocating for policies that promote sustainable growth in the housing market. Stay tuned for updates on MBA’s efforts to shape the future of housing finance.

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