Really Affordable Housing?
It’s not exactly news to suggest that the Biden Administration will take a more demanding view of the GSEs’ affordable-housing obligations than the Trump Administration.  What’s more intriguing is how FHFA is setting the wheels in motion for new policy without anyone having to tell it to do so via an advance notice of proposed rulemaking.  While a few of its questions may provoke Democratic ire, most are direct responses to longstanding advocacy-group complaints about current goals.  Based on comments, FHFA’s benchmark GSE single- and multi-family goals could change markedly for 2022 and the basic goal construct could also come in for significant overhaul.  Even if FHFA doesn’t go that far, comments on the ANPR lay the platform for Administration action with far-reaching implications not just for the GSEs, but more broadly for U.S. housing finance.