#housing-finance

#housing-finance

Mr. Sertich knows CalHFA and, even more importantly, knows the state's housing finance ecosystem from nearly every perspective, CalHFA Board Chair Jim Cervantes said in a statement. With CalHFA and its sister agencies moving into a new era under the umbrella of the California Housing and Homelessness Agency, Mr. Sertich's experience and expertise will be invaluable. Per a release from the agency, CalHFA helped 7,000 first-time and first-generation homebuyers in the last fiscal year.

The program, called Section 610, allowed landlords to collect the full value of a federal rent voucher when it was more than the rent. But money came from the federal Section 8 program. In March, when Section 8 funding appeared in jeopardy, the city paused authorizations. In July, New York State's housing department seemed to put the final nail in the coffin, ending authorizations for landlords who receive certain city subsidies.

In his blog, posted on Thursday, Broeksmit warned that a Fannie-Freddie merger would harm competition and increase risks in the U.S. housing finance system, noting that a similar idea was put forward by the National Economic Council in September 2016 and received careful review across the industry before ultimately being rejected. Competition between Fannie Mae and Freddie Mac has been central to their success in providing liquidity and stability to the mortgage market, Broeksmit wrote.

CHLA argues the current loan originator (LO) compensation rules have made it harder for lenders to compete, discouraging long-term borrower relationships and impacting low-income lending.