CREF Policy Update: Stalemate Continues on Federal Government Shutdown; Read MBA’s Member Guide
Stalemate Continues on Federal Government Shutdown; Read MBA’s Member Guide
Bipartisan talks to end the government shutdown remain at a standstill.
• Read MBA’s member guide that outlines the potential impacts to single-family and multifamily government lending programs.
• The federal government has been shut down since Congress failed to come to an agreement on FY 2026 funding before a Sept. 30 11:59 p.m. ET deadline.
Why it matters: The shutdown has necessitated furloughs, and in some cases led to Reductions in Force (RIFs) of many federal employees, as well as significant curtailment of certain operations that require government staff intervention or action. Actions at the Department of Housing and Urban Development, Treasury Department (HUD), Veterans Affairs, and the Department of Agriculture are particularly impactful for lending activity.
• HUD’s Office of Multifamily Housing is conducting closings and endorsements for projects with Firm Commitments/ Firm Approval Letters issued prior to the shutdown. It is also processing amendments to commitments. Other requests will only be handled on an emergency basis, for the imminent threat to the safety of the residents, or to protect property in HUD-insured or assisted multifamily projects.
• National Flood Insurance Program (NFIP) authorities have expired, a disruptive development that impacts real estate transactions in flood-prone areas where insurance is required. Although the White House and GOP congressional leaders have declined to make a deal to reauthorize the NFIP prior to passage of a “clean” CR, MBA continues to advocate for an immediate extension of the program’s authority – including a separate/targeted measure – to avoid long-term disruptions to the housing and flood insurance markets..
Go deeper: On Sept. 19, House Republicans passed a short-term Continuing Resolution (CR) to extend FY 2024-2025 funding through Nov. 21, 2025. In the Senate, several attempts to advance either the House bill or a Democratic alternative have failed, with Democrats seeking to include additional health care priorities.
What’s next: MBA remains in contact with lawmakers and regulators and encourages members to share any real-time operational impacts. A prolonged shutdown – particularly with extended federal agency furloughs – risks significant disruption for the industry and consumers. MBA continues to monitor all funding votes as negotiations evolve.
For more information, please contact Bill Killmer at (202) 557-2736 or Pete Mills at (202) 557-2858.
MBA Responds to House Committee Inquiry on Shutdown Impacts
Last week, MBA submitted a letter to the House Financial Services Committee outlining steps the real estate finance industry is taking to support borrowers during the ongoing federal government shutdown.
• The letter from MBA President and CEO, Bob Broeksmit, CMB, details the efforts of MBA member companies to maintain access to credit and housing stability for affected federal employees, service members, and contractors. These include forbearance and loan modification options, temporary verification flexibilities, and continued processing of FHA and VA-related transactions.
Why it matters: The letter reflects MBA’s ongoing coordination with federal agencies, the GSEs, and industry partners to ensure timely communication of servicing flexibilities and borrower assistance options. It also demonstrates the industry’s commitment to mitigating disruption for renters, homeowners, and affected communities during periods of operational uncertainty.
What’s next: MBA will continue to monitor the situation and work with policymakers to resolve operational challenges if the shutdown persists, while advocating for continuity in loan processing, verification systems, and federal housing programs.
For more information, please contact Rachel Kelley at (202) 557-2816 or Madisyn Rhone at (202) 557-2741.
FHFA Releases Updated Strategic Plan for Fiscal Years 2026-2030
Last Wednesday, the Federal Housing Finance Agency (FHFA) published its draft strategic plan for fiscal years 2026-2030. The strategic plan highlights FHFA’s ongoing and future efforts to oversee and shape Fannie Mae, Freddie Mac (the GSEs), and the Federal Home Loan Banks (FHLBs), as well as improve its own operations.
• The plan contains several objectives aimed at accomplishing three topline goals: responsibly overseeing the GSEs for the American people, supervising the FHLB system, and efficiently managing FHFA operations.
• The plan includes priorities FHFA Director William Pulte has highlighted previously including anti- fraud efforts, deregulation, and housing supply.
Why it matters: The objectives contained within FHFA’s strategic plan will guide its actions as conservator and regulator, which in turn will have a significant impact on the health of the mortgage market.
What’s next: FHFA will accept public comments on the strategic plan through November 5, 2025. MBA will review the proposed strategic plan in the coming weeks and will continue to engage with FHFA on this and other critical housing issues.
For more information, please contact Megan Booth at (202) 557-2740.
Upcoming MBA CREF Councils and Committee Meetings
MBA’s CREF Councils and Committees are a key way to connect to everything MBA has to offer around policy, advocacy, market intelligence and research, education, and networking. Councils and Committees are built around specific capital sources and serve as an opportunity for you to join other commercial real estate finance professionals to hear from experts, discuss opportunities and challenges, and connect with peers.
Upcoming virtual meetings include:
• Structured Finance Council: Nov. 5
• FHA Council: Nov. 11
• Private Credit Finance Council: Nov. 17 – Meet in-person @ the Summit
• Life Company Council: Nov. 18
• Servicer Council: Nov. 20
For more information, click on the links above and/or contact Kelli Burke at (202) 557- 2742.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely commercial/multifamily and single-family programming that covers the spectrum of challenges, opportunities, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:
• Exploring Data Centers – Oct. 23
• Overview of Commercial/Multifamily Insurance Compliance – Nov. 5
• Mastering Commercial/Multifamily Lender-Placed Insurance – Nov. 12
• Rethink Everything You Know About Networking: Part II – Nov. 13
• AI Speed Learning for the Mortgage Professional – Nov. 20
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For more information, please contact David Upbin at (202) 557-2931.
