MBA Statement on FHFA’s 2021 Multifamily Loan Purchase Caps
WASHINGTON, D.C. (November 17, 2020) - Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association, made the following statement regarding the Federal Housing Finance Agency's (FHFA) announcement of the 2021 multifamily cap for the GSEs ($70 billion each for Fannie Mae and Freddie Mac):
"MBA is pleased to see FHFA's continued commitment on providing liquidity to multifamily housing. The $70 billion cap for each GSE aims to support all forms of finance without crowding out private capital. The caps direct additional focus to affordable housing finance, an important component of the ongoing economic recovery. We will be analyzing the specific components of the caps to understand how they will affect the GSEs' mission and the ability of the overall multifamily finance sector to meet the market's needs.
"If the pandemic's impact on the market calls for a change, we agree that FHFA should adjust the cap and its requirements.
"MBA looks forward to continuing its work with FHFA, the GSEs, and other stakeholders on issues affecting both the commercial and multifamily markets."