CREF Policy Update: Senate Banking Committee Hearing on ‘The Affordability Agenda’
Senate Banking Committee Hearing on “The Affordability Agenda”
Last Tuesday, the Senate Banking Committee held a hearing focusing on the theme of affordability for American families. The hearing covered a broad range of subjects, including housing costs, consumer credit, and financial strains on households. Republicans on the committee supported deregulatory approaches, supply-side economic growth solutions, and tax cuts – while arguing against government spending increases and heavy-handed regulation by the prior Biden administration. Committee Democrats concentrated on asking questions about the impact of President Trump’s policies on affordability, including tariffs, healthcare cuts, and the impact of the Iran conflict on gas, energy, and commodity prices.
- A summary of the hearing can be found here.
Why it matters: The hearing highlighted the partisan divide on how to address broader affordability issues in the United States while showcasing bipartisan agreement on housing affordability and supply. Democrats and Republicans alike praised the positive outcomes for housing that would flow from enactment of the 21st Century ROAD to Housing Act (“ROAD”).
Go deeper: Senator Jim Banks (R-IN) focused on legislative solutions to housing and transaction costs, highlighting his legislation, the Reside Act, which allows for the conversion of commercial buildings into housing. He also questioned the witnesses about the regulatory burdens driving up mortgage costs. Senator Catherine Cortez Masto (D-NV) posited that the bipartisan “ROAD” Act must now be funded by Congress, specifically highlighting the HOME program’s role in increasing affordable housing supply.
What’s next: The hearing demonstrates the political potency of the issue of affordability. MBA will continue to engage closely with lawmakers and the administration on any remaining affordability issues important to the real estate finance industry.
For more information, please contact: George Rogers at 202-557-2797 or Jeremy Green at 202-557-2849.
MBA White Paper Examines Emerging Shifts in Housing Demand
Last Monday, MBA’s Research and Economics team released a new white paper examining how changing demographic and market conditions could reshape housing demand in the years ahead.
Implications of a Persistent Slowing in Housing Demand explores trends in household formation, population growth, housing supply, and affordability, and assesses their implications for home prices, housing construction, and mortgage market activity. The report finds that while housing affordability challenges remain significant, housing markets have begun to rebalance in many areas as demand cools and newly constructed housing enters the market.
Why it matters: For more than a decade, housing demand has outpaced supply, contributing to rising home prices and rents. However, slowing population growth, lower fertility rates, reduced immigration, and an aging population are expected to slow household formation over the next decade. These trends could alter housing supply-demand balances and have important implications for housing and mortgage markets.
What they are saying: “Over the past several years, growth in housing demand has slowed as new housing supply has entered the market in many regions,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “While affordability challenges remain significant, MBA’s research highlights the importance of looking beyond today’s market conditions to understand the long-term forces shaping housing demand. These findings can help industry participants and policymakers better prepare for future changes in housing and mortgage market dynamics.”
To read the paper, click here.
For more information, please contact Mike Fratantoni at (202) 557-2935.
Massachusetts High Court Blocks Rent Control Ballot Question, Marking a Major Industry Victory
In a significant win for MBA and the real estate finance industry, the Massachusetts Supreme Judicial Court (SJC) has ruled that the statewide rent control ballot question cannot appear on the November ballot.
- The ruling prevents the consideration of a proposal that would have imposed some of the strictest rent regulations in the country and created uncertainty for housing providers, lenders, and developers across the Commonwealth.
Go deeper: The ballot question proposed to limit rent increases to 5% a year and would have left out small owner-occupied buildings with four or fewer units, and new buildings for their first 10 years. Critically, the definition of “covered dwelling units” included an exception for “dwelling units in facilities operated solely for educational, religious, or non-profit purposes.”
- The SJC took issue with this religious-housing carveout as the Massachusetts Constitution bars certain subjects involving religion from the initiative process. The justices said the question could not be submitted to voters in its current form. MBA had strongly opposed the ballot initiative in partnership with the Massachusetts MBA and through MBA’s collaboration with sister trade groups through the Housing Solutions Coalition.
Why it matters: Massachusetts continues to fac housing affordability challenges, but this proposal would not have solved it. Instead, it likely would have discouraged new investment, made it harder to finance and maintain rental housing, and reduced the supply of homes over time. Policies that limit rents without increasing supply can end up making affordability worse, not better.
What’s next: MBA will continue to strongly oppose rent control, including any future effort in Massachusetts, and support policies to address regressive zoning and other barriers to increasing housing supply.
For more information, please visit MBA’s rent control resource page, or contact William Kooper (202) 557-2737 or Megan Booth (202) 557-2740.
MBA CREF Bank Council Convenes for Virtual Summer Meeting
Recently, MBA’s CREF Bank Council held its Summer 2026 Meeting. The MBA CREF Bank Council convened virtually, bringing together industry leaders for a timely discussion of commercial real estate markets under the backdrop of the Basel III bank capital proposals’ comment period deadline.
- Michael Cale (Berkadia) delivered a comprehensive overview of the current debt and equity landscape, highlighting capital market trends, financing conditions, and the outlook for commercial real estate investment activity.
- Judie Ricks (MBA) provided an economic update, offering insights into the macroeconomic factors influencing commercial real estate performance and trends affecting broader financial markets.
- MBA staff discussed ongoings at the Federal Reserve and walked attendees through MBA’s recently submitted Basel III comment letter.
Why it matters: The Council serves as an important forum for industry practitioners to gain insights from leading experts, share perspectives on market developments, discuss best practices, and stay informed about the economic and regulatory factors impacting commercial real estate finance.
What’s next: The MBA CREF Bank Council is scheduled to meet again on Sept. 24. MBA staff will continue to monitor the latest developments regarding the Basel III bank capital proposals. MBA’s comment letter can be found here.
For more information or to become a member, please contact John Lammle at (202) 557-2789.
Life Company Council Gathers to Discuss Market Dynamics
On June 16, MBA’s CREF Life Company Council met to discuss the current state of the market and the impact of geopolitical events moving forward.
- Dan Trebil (Northmarq) offered his view of the competitive landscape through the eyes of an intermediary. He also discussed how deals are being structured and what they could look like in the future.
- Judie Ricks (MBA) shared her views on the current geopolitical factors that are affecting the economy, as well as forecasting future CRE mortgage lending.
Why it matters: The Life Company Council serves as a forum for MBA members involved or interested in CRE lending by insurance companies to come together, hear from expert speakers, share market insights, and build relationships
What’s next: The next Life Company Council meeting will be held on August 12, 3PM EST.
For more information to join the Council, please contact Trey Wells at (202) 557-2846.
MBA CREF Private Credit Finance Council Meets
Last month, MBA’s CREF Private Credit Finance Council held its Summer 2026 Meeting. Private credit company lenders, intermediaries, servicers, and others gathered for their quarterly Private Credit Council meeting on Wednesday to discuss the changing market, including deep dives into the CLO market and the current state of the economy and how they are affecting private lending.
- Ben Weinberger (Limekiln Real Estate) and Mark Fogel (ACRES Capital) led a discussion on the role of leverage in private credit and how it could evolve. They also shared their expectations for the CLO market in the coming years and what factors could influence volume.
- Mike Fratantoni (MBA) discussed recent geopolitical events, how they have shaped the current market, and where the economy could be heading.
Why it matters: The Private Credit Council brings together MBA members involved or interested in the private credit markets for regular discussions of the key trends shaping the sector’s growth.
What’s next: The next meeting of the Private Credit Council is scheduled for September 23rd, 3PM EST. Stay tuned for updates regarding an agenda.
For more information to join the Council, please contact Trey Wells at (202) 557-2846.
Two MBA Icons Among NHC’s 2026 Housing Visionaries
The National Housing Conference’s Annual Housing Visionary Awards Gala — held last Wednesday at The Anthem in Washington, D.C. — honored leaders who have shaped the future of housing finance and affordability . Two of this year’s honorees are former MBA Chairs with deep roots in our industry.
Why it matters: The NHC brought together housing professionals from across the country to celebrate this year’s honorees: Bill Emerson, Board Member of Rocket Companies, and Debra W. Still, retired CEO and Vice Chair of Pulte Financial Services.
- Bill Emerson served as MBA’s 2016 Chairman and built one of the most recognized brands in retail mortgage lending. He previously served as President of Rocket Companies and as Interim CEO from June to September 2023.
- Debra W. Still, CMB, served as MBA’s 2013 Chair and remains a member of the association’s Board of Directors. She received MBA’s Andrew D. Woodward Distinguished Service Award in 2014. She is also Co-Chair of NHC’s National Advisory Council and has chaired MBA’s Opens Doors Foundation for more than a decade.
Go deeper: The gala also recognized Congressman Mike Flood (R-NE) and Congressman Emanuel Cleaver II (D-MO) with the Carl A.S. Coan Sr. Award, honoring their bipartisan leadership on a housing package that included reforms to modernize federal housing programs, reduce barriers to development, and support production and preservation of both rental housing and single-family homes.
The bottom line: Two of MBA’s own were recognized on one of the industry’s most prominent stages — a testament to the leadership the association has contributed to the broader housing community for decades.
Upcoming MBA CREF Council 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. Visit www.mba.org/yourCREF to find out more. 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:
- Agency Council: July 9
- FHA Committee: July 14
- Servicer Council: July 16
- Commercial Council: July 23
- Life Company Council: Aug. 12
- CRE Private Credit Council: Sept. 23
- Bank Council: Sept. 24
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:
- Fundamentals of Commercial Insurance Issues and Problems – July 15
- mPower: Grit, Grind, and Grace – A Leadership Journey for Women Who Refuse to Settle – July 15
- Decoding Blanket Property Insurance for Commercial and Multifamily Properties – Sept. 10
- AI in Commercial Real Estate Finance: The AI-Powered Originator and Relationship Manager – Oct. 5
- AI in Commercial Mortgage Finance: Intelligent Deal Screening and Pre-Underwriting – Nov. 2
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.
