CREF Policy Update: MBA Shares Views on GSE Release/Re-privatization at Treasury, FHFA Meetings

September 16, 2025

MBA Shares Views on GSE Release/Re-privatization at Treasury, FHFA Meetings

Last week, MBA, along with other trade groups and think tanks, participated in roundtable meetings on the futures of Fannie Mae and Freddie Mac (the GSEs) at the Treasury Department and the Federal Housing Finance Agency (FHFA).

Go deeper: In what MBA views as a positive step, Monday’s meeting at the Treasury Department was largely a listening session for senior Treasury staff working on this issue. It was clear from the line of questions that Treasury – with tax tariff issues now largely behind them – is asserting its role as both the owner of 80% of the GSEs and the steward of the U.S. fixed income markets. Rather than focusing exclusively on the investment banking aspects of any possible secondary offering or release, Treasury appears to be equally focused on the complex market implications and policy issues that come with charting a path to ending the GSE’s conservatorship.

• MBA shared its list of core principles developed by its Board-level GSE Task Force task force (read it here). Treasury staff throughout the meeting reiterated Secretary Scott Bessent’s “north star” that any efforts to reform the housing finance system will be undertaken in an “informed, careful and calibrated” approach to ensure there is no disruption to the system or upward pressure on mortgage rates.

On Tuesday, MBA and other trade associations attended a similar roundtable convened by FHFA Director Bill Pulte, which covered many of the same topics as the Treasury meeting. MBA also shared the same core principles document.

The bottom line: 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;
• Ensuring FHFA has an obligation to maintain a level playing field with respect to pricing, pilots, product, and underwriting variances;
• Preserving a “bright line” to ensure the GSEs do not compete with the primary market;
• Maintaining a robust level of “bank-like” capital; and,
• Establishing a well-defined, paid-for federal backstop against the GSEs’ MBS, that could be tapped only after all private capital is exhausted.

What’s next: The Treasury Department is hosting another meeting next week that will cover the GSEs’ multifamily business. MBA SVP of Commercial/Multifamily and Strategic Industry Engagement Jamie Woodwell will attend.

• Additionally, several MBA members are also participating in Treasury’s multifamily-focused GSE meetings next week (lenders, non-bank servicers, mortgage insurers, investment banks, regional banks).

For more information, please contact Sasha Hewlett at (202) 557-2805 and Megan Booth at 202-557-2740.

MBA Senior Executive Roundtable Recap: Voices of CRE Leadership

Last week in Charlotte, N.C., MBA convened the heads of commercial real estate firms from every major capital source for its Senior Executive Roundtable.

• A central focus of the program was a discussion amongst those senior executives on cross-capital source sentiment. Leaders examined bank retrenchment, the growth of private credit, global capital flows, and liquidity conditions. The program also featured a fireside chat with Charlotte Mayor Vi Lyles, who shared her leadership, growth, and community engagement perspectives as a major civic leader.

Why it matters: These conversations provided an in-depth look at how capital is deployed across the commercial real estate sector and helped identify emerging risks and opportunities. By bringing together executives from across the industry, the Roundtable created a unique forum to benchmark strategies and share perspectives on shifting market dynamics.

What’s next: The Roundtable’s insights will help guide MBA’s advocacy, research, and member engagement efforts. Planning is already underway for next year’s event, which will continue to provide an exclusive setting for senior executives to address the most pressing issues CREF leaders are facing.

For more information, please contact Kelli Burke at (202) 557-2742.

Leadership in Action: CREF mPact on the Move in Charlotte

Last Wednesday, rising executives in the CREF mPact community gathered in Charlotte for the annual mPact Leadership Meeting, a full-day program dedicated to leadership, learning, and connection.

• The agenda featured networking, peer-led capital source roundtables, and forward-looking conversations on mPact: 2026 and Beyond. Senior executives also joined throughout the day to share insights and perspectives, adding valuable context to the discussions.

Why it matters: The annual meeting highlighted the strength of mPact’s rising executives, offering participants the chance to exchange ideas, sharpen leadership skills, and build relationships that will shape the future of the commercial and multifamily finance industry.

What’s next: Outcomes from the program will guide mPact programming for 2026, with rising executives carrying forward themes and priorities discussed in Charlotte. Professionals interested in building connections and advancing their careers are encouraged to join the mPact community and participate in upcoming programs.

For more information, please contact Kelli Burke at (202) 557-2742.

House Energy & Commerce Examines Building and Appliance Costs in New Homes

Last Wednesday, the House Energy and Commerce Committee held a hearing titled, “Building the American Dream: Examining Affordability, Choice, and Security in Appliance and Buildings Policies.”

• The hearing focused on appliance and building policies that directly impact the cost, design, and marketability of residential properties. For example, federal energy codes, such as the 2021 International Energy Conservation Code (IECC), came under severe scrutiny from Republicans for adding tens of thousands of dollars to new home prices. Watch the hearing here, and read the full summary here.

Why it matters: MBA will continue to monitor the debate over electrification, natural gas bans, and appliance standards with an eye on legislation that could reshape the affordability landscape for builders, developers, and homeowners.

What’s next: Several pieces of legislation discussed during this hearing that affect appraisals, permitting and grid reliability standards, and consumer demand are expected to be introduced shortly.

For more information, please contact Rachel Kelley at (202) 557-2816 or Madisyn Rhone at (202) 557-2741.

House Energy & Commerce Examines Building and Appliance Costs in New Homes

For more information, please contact Rachel Kelley at (202) 557-2816 or Madisyn Rhone at (202) 557-2741.

House Financial Services Hearing Explores Reforms to FDIC Resolution Process and Community Bank Funding Rules

Last Tuesday, the House Financial Services Subcommittee on Financial Institutions held a hearing titled “Promoting the Health of the Banking Sector: Reforming Resolution and Broadening Funding Access for Long-Term Resilience.” Members from both parties examined legislative proposals to modernize the Federal Deposit Insurance Corporation’s resolution framework, expand reciprocal deposit use, and lower the Community Bank Leverage Ratio (CBLR). Lawmakers also voiced bipartisan support for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), emphasizing their role in expanding housing opportunity and access to capital in underserved areas.

• A summary of the hearing can be found here.

Why it matters: These proposals could increase funding stability for community lenders and improve access to mortgage credit in low- and moderate-income communities.

What’s next: MBA will continue to engage with policymakers to ensure housing and mortgage finance priorities are reflected in any ongoing reforms that may advance.

For more information, please contact Rachel Kelley at (202) 557-2816 or Madisyn Rhone at (202) 557-2741.

Commercial and Multifamily Mortgage Delinquency Rates Increased in Second-Quarter 2025

Commercial mortgage delinquencies increased in the second quarter of 2025, according to MBA’s latest Commercial Delinquency Report, released last week.

What they are saying: “The delinquency rate for commercial mortgages increased in the second quarter of 2025 across most major capital sources,” said Reggie Booker, MBA’s Associate Vice President of Commercial Real Estate Research. “The largest increase was among CMBS loans, driven by rising delinquencies in both multifamily and office properties. Delinquency trends continue to reflect differences in property type, loan structure, geography, and borrower profile.”

Go deeper: Based on the unpaid principal balance (UPB) of loans, delinquency rates for each group at the end of the second quarter of 2025 were as follows:

• Banks and thrifts (90 or more days delinquent or in non-accrual): 1.29%, an increase of 0.01 percentage points from the first quarter of 2025;
• Life company portfolios (60 or more days delinquent): 0.51%, an increase of 0.04 percentage points from the first quarter of 2025;
• Fannie Mae (60 or more days delinquent): 0.61%, a decrease of 0.02 percentage points from the first quarter of 2025;
• Freddie Mac (60 or more days delinquent): 0.47%, an increase of 0.01 percentage points from the first quarter of 2025; and
• CMBS (30 or more days delinquent or in REO): 6.36%, an increase of 0.45 percentage points from the first quarter of 2025.

For more information, please contact Reggie Booker at (202) 557-2863.

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:

• Servicer Council: Sept. 18
• Private Credit Finance Council: Sept. 23
• Bank Council: Sept. 24
• FHA Committee: Oct. 14
• Structured Finance Council: Nov. 5

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, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:

• Fundamentals of Commercial Insurance Issues and Problems – Sept. 18
• Managing the Property Tax Burden for CRE Loans – Sept. 23
• Overview of Commercial/Multifamily Insurance Compliance – Nov. 5
• Mastering Commercial/Multifamily Lender-Placed Insurance – Nov. 12

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.

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