October 11, 2019
Treasury and FHFA Take First Step Towards Ending GSE Conservatorship
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The U.S. Department of Treasury (Treasury) and the Federal Housing Finance Agency (FHFA) announced on September 30 that they have modified the Preferred Stock Purchase Agreement (PSPA) to allow Fannie Mae and Freddie Mac (the Enterprises) to retain earnings. This announcement comes on the heels of an announcement from FHFA Director Mark Calabria regarding new multifamily loan purchase caps. The new PSPA will allow Fannie Mae to retain $25 billion in reserves and Freddie Mac to retain $20 billion in reserves. These new levels are a significant increase from the existing reserve levels of $3 billion for each Enterprise, which was agreed to the last time the PSPA’s were modified in January 2018.
NMHC Insider
NMHC IN THE NEWS
Bibby Inducted into Hall of Fame
NMHC’s President Doug Bibby was inducted into the Multifamily Executive Hall of Fame. In a tribute article, MFE noted that Bibby has been at the helm of NMHC for nearly 20 years, helping the industry navigate good and bad economic times and shifting political and regulatory environments.
TERRORISM INSURANCE
Multifamily Calls for Terrorism Risk Insurance Extension
NMHC and NAA joined over 340 businesses, trade groups and organizations from across the country in calling on Congress to move swiftly to pass a long-term extension of the Terrorism Risk Insurance Act (TRIA). The program serves as a public/private insurance risk sharing mechanism to help insure against losses resulting from a catastrophic terrorist attack. TRIA is set to expire in December 2020.
FAIR HOUSING
Deadline Approaching: Submit Comments to HUD Regarding Disparate Impact Rule
NMHC and NAA will soon file comments with the U.S. Department of Housing and Urban Development (HUD) voicing strong support for the agency’s newly released Proposed Rule on Disparate Impact under the Fair Housing Act (FHA). We encourage member firms to also submit individualized comments including information about their company and the impact of uncertain fair housing conditions.
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Brian Montgomery to be Nominated to Serve as HUD Deputy Secretary
Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing, Brian Montgomery, will be nominated by President Trump to be HUD Deputy Secretary.
NMHC PAC
NMHC PAC Hosts Event for Senator Collins with Special Guest, President George W. Bush
NMHC PAC, along with NMHC officer and Trammel Crow Residential CEO, Ken Valach, hosted a personal dollar fundraiser in support of Senator Susan Collins (R-ME) at Harlan Crow’s Library in Dallas, TX on Tuesday evening.
Upcoming Meetings
NMHC PAC
Every day elected officials make decisions that affect the apartment industry and the jobs it supports. From housing finance reform to tax policy to fair housing and energy and environmental regulations, policy choices made in Washington have a direct impact on how you operate your company and how successful you can be.
NMHC PAC is the premier fund aggressively pursuing the election and re-election of elected officials – on both sides of the aisle – who work to improve, preserve and promote the multifamily industry.
Click here to read about this week’s congressional spotlight, Congressman Steny Hoyer.
Media Roundup
Maren Kasper abruptly steps down as head of Ginnie Mae
HousingWire
Lowey retirement kicks off scramble for rare, open congressional seat
Politico
Rent Control Top Concern for Multifamily Industry
Multifamily Executive
The Scoop
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