Andrew Ackerman
speaker
348 appearances
7 recordings
1 series
first heard Mar 2019
last heard Aug 2022
Andrew Ackerman’s voice in public audio — every appearance, attributed to the second.
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Appearances
They tend to cater to a different demographic, but they've made this change already.
FHA just moves at a slower pace and they cater more disproportionately to minority borrowers.
So for the Biden administration, they've come into power and they've made a pledge to address racial equity, particularly in housing.
And one of the levers, one of the policy levers that you want to pull is around this issue.
It's something FHA has been under pressure to do by the industry and by consumer advocates.
And it's one of several policy steps you can do to kind of address the racial gap in homeownership.
The New York Fed a few years ago did some research that did argue that those two phenomena are connected.
So you have a racial home ownership gap and you have just a generation of younger borrowers, people coming out of school, undergraduate, graduate school, and trying to buy their homes and the home ownership rate is depressed in that demographic.
That's particularly important for the FHA program.
More than 80% of the FHA program is for first-time homebuyers.
So the bulk of FHA is for that type of buyer.
It's an open question.
The people I've talked to say that you can make it easier for FHA borrowers to qualify for a loan, but that doesn't do anything to require a seller to pick them.
If there's multiple bids on a property, a lot of properties are, people are buying homes now all cash.
A seller in that situation is going to want to pick somebody who's just going to give them a load of cash instead of someone who has financing that has to be set up.
And there's some research on that.
There's a NAR, a realtor's survey of their members that found, unfortunately, that sellers are a bit more reluctant to take to FHA financed loans than sort of conventional loans from Fannie and Freddie.
Supporters of this policy are hoping that it will qualify for more people.
And there are neighborhoods, you know, in the country where people are looking to buy homes that aren't experiencing the, you know, sort of red hot frenzied housing market where there's just like tremendous demand and very limited supply.
WSJ Your Money Briefing · Mortgage Forbearance Safety Net Misses One Million Borrowers · 17 Sep 2020
podcast
There are a million people who have, for whatever reason, stopped paying their mortgage.
Showing 121–140 of 348 · page 7 of 18
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