The National Association of Hispanic Real Estate Professionals issued a statement of support for the Mortgage Bankers Association’s proposal for GSE reform.
The MBA recently released a 60-page white paper, found here, is a follow-up to the first-look paper the MBA released back in January, which gave a small preview of what they think GSE reform should look like.
As explained by HousingWire’s own Brena Swanson, one of the largest hold-ups to reforming mortgage giants Fannie Mae and Freddie Mac until this point, despite Treasury Secretary Steve Mnuchin, publicly stating that GSE reform is a priority of this administration, is the lack of understanding on how to do it.
Now, as the MBA published its white paper explaining GSE reform, NAHREP issued its statement of support.
“Housing Finance Reform is the most important issue facing the housing market,” NAHREP President Leo Pareja said. “Today, the Mortgage Bankers Association presented a proposal that is a very thoughtful and constructive contribution to the housing finance reform debate.”
“Considering that Hispanics currently represent roughly 40% of the nation’s first-time homebuyer population, NAHREP was particularly pleased with the MBA’s formidable attention to affordable housing,” Pareja said. “Congress needs to prioritize Housing Finance Reform and should seriously consider many of the principles laid out by the MBA in their deliberations.”
The Hispanic homeownership rate surged in 2016, however it still lags behind other demographics. As many Hispanic homebuyers are Millennials, NAHREP stressed at its Housing Policy and Hispanic Lending Conference the need for more affordable options.