Affordable Homeownership Advisory Council:
We wanted to ensure you saw that on Friday, MBA submitted comments in response to the FHFA's request for information on the GSEs' Equitable Housing Finance Plans.
MBA's comments centered on the proposed definition of a "First-Generation Homebuyer." While MBA supports the initiative to reduce homeownership barriers, it is concerned that the definition is too restrictive, potentially excluding many underserved borrowers.
MBA also expressed concerns about the data collection burden and liability risks tied to certifying first-generation status, advocating that lenders should not be required to verify self-attested information. Additionally, MBA emphasized the importance of improving access to Special Purpose Credit Programs (SPCPs) for smaller lenders to promote housing equity and reduce the racial wealth gap.
If you have any questions, please contact Darnell Peterson at dpeterson@mba.org.
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Megan McGrath
Executive Assistant (Affordable Housing)
Mortgage Bankers Association
(202) 5572700
mmcgrath@mba.org------------------------------