How, and why, we should solve housing’s affordability problem

February 5,2021 | By Erickson Ocasio

America’s affordability crisis is worsening. Its reasons are manifold, whether a product of the “k-shaped” recovery that has left 28% of renters owing back rent on their homes, or rapid house price appreciation driven by demand for new homes that rapidly outpaces supply. But what can the US mortgage industry do in the face of these challenges to help to create the affordability so many Americans need? At the MBA’s recent CREF21 conference, a panel of mortgage experts broke down the affordability question and offered a few concrete solutions. Tony Love, SVP of affordable housing and FHA lending at Bellwether Enterprise Real Estate Capital, facilitated a wide-ranging discussion with John Gilmore, managing director of real estate fina

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Bank of America invests $10 billion more on affordable housing

February 4,2021 | By Erickson Ocasio

Bank of America (BoA) announced Wednesday that it would triple its $15 billion commitment in affordable housing over the next five years. In 2019, the second-biggest US lender launched the Bank of America Community Homeownership Commitment – a $5 billion initiative that aims to help 20,000 low- and moderate-income homebuyers through affordable loans and over $180 million in down payment and closing cost grants. The company said that it surpassed this commitment, and in doing so has supported nearly 21,000 individuals and families in purchasing a home. “Homeownership is an incredibly powerful force, helping families to build wealth over time and strengthening our communities. It can be challenging to save enough to buy a home, so it’s no surprise that we’ve seen an overwhelmingly positive response to our progra

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