WASHINGTON, Jan. 4, 2017 /PRNewswire/ -- Dr. Doug Duncan, Exec VP and Chief Economic Officer of Fannie Mae recently invited long time real estate investors Tom Wilson and Bruce Norris from California to their headquarters in Washington D.C. for their quarterly strategy meeting. The audience consisted of 60 employees and officers from Fannie Mae, including 25 VPs and the CEO, Tim Mayopoulos. This is the first time that guests outside Capital Hill have been invited to this meeting.
Mr. Wilson and Mr. Norris represented the perspective and experience of investors and main street community to discuss the issue of single family rental loans, which have been more restrictive since the economic crisis and, therefore, have made it more difficult for investors and landlords to be economically motivated to provide sufficient housing. During the period between the peak of the housing bubble to now, home ownership has dropped from 69.4% to 63.5%. Investors and rental properties are needed to provide housing for this widening gap, and most of this needed inventory is for low and middle-income families.
Topics the meeting included Fannie Mae's limit on the number of loans to a single investor, contacts with FinTech firms who are creating product offerings in this space, and Fannie Mae's affordable housing responsibilities which include both owned and rented properties. Fannie is gathering information on the landscape in this area as the market has changed post-crisis.
It's great to see our government taking a genuine interest in the investor's perspective. We are optimistic for the future of single family non-owner occupant loans to be based more on the income of the property, versus the borrower.
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgages in the form of mortgage-backed securities(MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations. (source: Wikipedia)
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