CREF Policy Update: MBA Shares Views with FHFA on GSE Release/Re-privatization at Multifamily-focused Meeting
MBA Shares Views with FHFA on GSE Release/Re-privatization at Multifamily-focused Meeting
Last Wednesday, Jamie Woodwell, MBA’s SVP of Commercial/Multifamily and Strategic Industry Engagement, joined MBA members and other industry leaders in a multifamily-focused roundtable meeting with Federal Housing Finance Agency (FHFA) Director Bill Pulte and FHFA staff on the future of Fannie Mae and Freddie Mac (the GSEs).
• MBA has been deeply engaged with FHFA and the Treasury Department as they explore options related to the GSEs’ future, and this meeting was another in a series of similar roundtables held this month by Treasury and FHFA, including ones–such as Wednesday’s and one last week at Treasury–that focused on multifamily housing finance.
Go deeper: Similar to previous meetings with Treasury and FHFA, MBA stressed that the GSEs play an essential role as part of a diverse set of capital sources serving the multifamily debt markets. MBA also reinforced its core principles developed by its Board-level GSE Task Force (read it here).
• Dialogue also focused on questions around the role the GSEs play in the multifamily space, areas in which the GSEs promote affordability, the impacts of multifamily lending caps, practices that encourage new development and housing supply, ways to improve liquidity in multifamily debt markets, transparency and standardization, risk management, capital requirements, competition, and more.
What’s next: As plans evolve, MBA will continue its ongoing engagement efforts with the Administration and Congress to ensure critical regulatory and market structure/market conduct issues are addressed, including:
• Preserving competition between at least two GSEs;
• Preserving a “bright line” to ensure the GSEs do not compete with the primary market;
• The need for a strong regulator and adequate capital;
• Establishing a well-defined, paid-for federal backstop against the GSEs’ MBS, that could be tapped only after all private capital is exhausted; and,
• Respect for the important roles that the GSEs and other capital sources play in the multifamily mortgage market.
For more information, please contact Jamie Woodwell at (202) 557-2936 and Megan Booth at 202-557-2740.
Fed Vice Chair Bowman Says Revised Basel III Endgame Proposal Could be Released by Year End
Last week, Federal Reserve Vice Chair Michelle Bowman said in a fireside chat at Georgetown University that the Federal Reserve is actively working with the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) on a revised Basel III Endgame proposal that could be released as soon as later this year.
Go deeper: MBA led the industry during the Biden administration in calling for a re-proposal of the flawed July 2023 proposal, highlighting its opposition and offering recommended changes in testimony before Congress, speeches, comment letters, and ongoing conversations with federal regulators.
Why it matters: More recently, MBA in May sent a letter to the Federal Reserve, FDIC, OCC, and the Treasury Department requesting review of key risk-based capital reforms sought by MBA on behalf of banks focused on the mortgage market.
What’s next: MBA looks forward to the revised Basel 3 Endgame proposal and will continue to advocate for a bank capital framework that ensures safety and soundness, encourages commercial real estate lending, and serves the needs of all Americans.
For more information, please contact John Lammle at (202) 557-2789 and Fran Mordi at (202) 557-2860.
HUD Publishes Final Rule to Lower MIP for Multifamily Loans
Last week, HUD published its final rule that lowers mortgage insurance premiums (MIPs) applicable to FHA multifamily insurance – a significant advocacy win and a move MBA and its members have recommended for years.
Why it matters: MBA argued strongly for the HUD’s changes (including in this letter) and believes they will help to expand rental housing supply. Among other things, HUD’s final rule eliminates the Green MIP program for multifamily properties and lowers the premiums to 25 basis points for ALL multifamily programs.
Why they’re saying: MBA’s President and CEO Bob Broeksmit, CMB released a statement earlier this summer on HUD’s proposal, stating, “MBA has long advocated for sensible changes that can make HUD’s multifamily lending programs more effective, with a goal of lowering rental housing costs by boosting supply. We commend HUD Secretary Scott Turner and his team for being responsive to our recommendations on this issue. Leveling upfront and annual mortgage insurance premiums will help increase rental housing production and improve affordability for renters across the country.”
What’s next: MBA will continue its ongoing engagement with HUD on additional policies that lower financing costs and support the production of more rental housing.
For more information, please contact Megan Booth at (202) 557-2740.
MBA Expresses Concern with Delays in Healthcare Closings
Last Wednesday, MBA sent a letter to HUD related to delays in FHA 232 loans.
The 232 program provides mortgage insurance for skilled nursing care properties, including nursing homes and assisted living facilities. Since HUD’s reduction in force early this year, the number of HUD attorneys available for 232 closings has declined. This has led to significant delays in closings for loans that have completed underwriting. The letter provides several suggestions on how HUD can address this issue.
Why it matters: HUD’s healthcare programs are essential to ensuring the availability and affordability of skilled nursing facilities for seniors and those with disabilities. The lack of availability of attorneys is starting to spread to HUD’s multifamily programs as well.
What’s next: MBA will continue to work with HUD to ensure efficient processing for all of HUD’s loan programs.
For more information, please contact Megan Booth at (202) 557-2740.
Commercial and Multifamily Mortgage Debt Outstanding Increased in Second-Quarter 2025
The level of commercial/multifamily mortgage debt outstanding increased by $47.1 billion (1%) in the second quarter of 2025, according to MBA’s latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report, released last Tuesday.
Go deeper: Total commercial/multifamily mortgage debt outstanding rose to $4.88 trillion at the end of the second quarter. Multifamily mortgage debt alone increased $27.7 billion (1.3 percent) to $2.19 trillion from the first quarter of 2025.
What they are saying: “Commercial and multifamily mortgage debt outstanding increased modestly in this year’s second quarter,” said Reggie Booker, MBA’s Associate Vice President of Commercial Research. “Every major capital source added to its holdings, but growth varied, with life insurance companies increasing their holdings by 2.4% and banks by 0.9%.”
For more information, please contact Reggie Booker at (202) 557-2863.
CRE Private Credit Finance Council Meeting
Last Tuesday, MBA’s Private Credit Finance Council convened for a deep-dive into the relative value of different CRE investment opportunities and how funds are differentiating themselves in today’s environment. Will Pattison of MetLife Investment Management shared his outlook on the economy, capital markets, and performance across property types. Shawn Menz of GCM Grosvenor followed with how his firm sets itself apart through capital raise, asset selection, and ongoing partnership with investors.
Go deeper: The meeting also marked an important leadership transition, as members thanked outgoing Chair Derek Vander Veen for his service and welcomed incoming Chair Kathy Corton.
Why it matters: The MBA Private Credit Finance Council provides a home for those in the sector to hear from industry experts, exchange market insights, and network with peers.
What’s next: Visit the Councils & Committees page to learn more and get involved.
For more information, please contact Tonya Wright at (202) 557-2846.
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:
• Bank Council: Oct. 9
• FHA Committee: Oct. 14
• Structured Finance Council: Nov. 5
• 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:
• Rethink Everything You Know About Networking – Oct. 6
• 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
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.
