AFREF joined experts in the field in submitting comments calling on the FHFA Office of Financial Technology to ensure that new applications of fintech to housing finance do not violate consumer protections or fair housing violations. Specific recommendations are made to avoid algorithmic bias and e-signature fraud, along with a general principle of caution when approving new fintech practices.
AFREF joined a letter calling on HUD to increase the affordability of FHA insurance mortgages by lowering the FHA Mortgage Insurance Premium by 25 to 35 basis points and ending the life of loan requirement on the FHA Mortgage Insurance Premiums.
AFREF and 34 allies sent a letter regarding the Safety and Soundness Act, which requires FHFA to establish annual housing goals for mortgages purchased by Fannie Mae and Freddie Mac (the Enterprises). This letter supports the proposal’s move towards a methodology that focuses on the percentage, not number, of affordable housing units financed by the Government Sponsored Enterprises (GSEs). However, the proposal fails to hold the GSEs to adequate lending standards and refine what counts as affordable housing units.
This letter seeks policy reforms that will prevent GSEs from financing loans that contribute to displacement and substandard living conditions for low income tenants and tenants of color. It also objects to FHFA goals being set at levels that are below recent performance by the Enterprises.
AFREF led a letter to the Department of Labor in response to their proposed amendment to prohibited transaction class action exemption 84-14.
AFREF led a letter to President Biden calling on him to adopt contracting standards to: 1) narrow the gaps between CEO and worker pay; 2) reduce wasteful spending on stock buybacks; and 3) support workers’ rights to freedom of association and collective bargaining.
Americans for Financial Reform and allies delivered a petition with over 60,000 signatures to the Federal Reserve Board of Governors (Fed), along with a letter signed by ten organizations. The petition and letter call on the Fed to address climate-related financial risks by issuing climate guidance to big banks. As climate-fueled extreme weather events like