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My MBA Career: Statement on the Biden Administrations Housing Affordability Initiatives and CFPB Reforms on Closing

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Last Updated on March 10, 2024 by Robert C. Hoopes

MBA President Bob Broeksmit Applauds Biden Administration’s Housing Focus

MBA President and CEO Bob Broeksmit, CMB, recently issued a statement regarding the housing announcements made by the Biden administration ahead of the State of the Union address. The Mortgage Bankers Association (MBA) welcomes the administration’s emphasis on legislative reforms and regulatory fixes aimed at increasing housing supply and affordability for qualified borrowers.

Broeksmit highlighted the current supply-demand imbalances in housing markets and urged the administration to take action to remove regulatory barriers that hinder the availability of homes. He also offered recommendations to make government lending programs more effective for both MBA members and consumers.

One of the key initiatives supported by the MBA is the expansion of Low-Income Housing Tax Credit allocations to boost housing availability and affordability. The association is also urging the Senate to pass the bipartisan “Tax Relief for American Families and Workers Act of 2024” in order to create more rental units and address the housing shortage.

However, the MBA expressed concerns about certain proposals related to closing costs and title insurance, warning that they could potentially undermine consumer protections and increase risk in the housing market. Additionally, Broeksmit noted that any revamp of the Consumer Financial Protection Bureau (CFPB) rules for mortgage disclosures and transparency may lead to higher regulatory costs.

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Looking ahead, the MBA has pledged to further analyze initiatives that require Congressional action and will continue to work with the Administration and industry stakeholders to develop effective housing solutions. The association remains committed to supporting efforts that will expand housing opportunities and improve affordability for all qualified borrowers.

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Stephen is an experienced writer and journalist with a focus on MBA news and MBA jobs news. With a keen eye for detail and a passion for business and education, he has established himself as a leading voice in the MBA community. Stephen's writing on MBA news and MBA jobs news can be found in a variety of publications, including online news sources and job boards. His work covers a wide range of topics, from industry trends and emerging technologies to job market statistics and career development strategies. He is known for his insightful commentary and his ability to distill complex information into clear and concise language.

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