By Dave Borsos, Vice President, Finance and Capitla Markets, NMHC
Dave Borsos is Vice President, Capital Markets and has primary responsibility for managing and guiding NMHC’s multifamily finance policy as it relates to federal legislative and regulatory issues impacting housing finance reform, the Federal Housing Administration and the regulation of financial markets.
On March 29, NMHC joined in a coalition of 14 real estate trade associations in submitting a letter to the leaders of the United States Senate and House of Representatives asking that they take action to raise the statutory debt limit of the Federal government. This action is critical to the stability of the financial markets that Congress acts to raise the debt ceiling. Without this action, the U.S. could default on its global debt obligations and permanently damage the financial markets, including the $10.3 trillion in mortgage debt backed by the federal government.
NMHC Viewpoint: NMHC will continue to engage members of Congress to ensure they understand the critical impact to the multifamily industry and the entire financial market should they fail to reach agreement on raising the debt ceiling.
What’s Next: Raising the debt limit can only be achieved through Congressional Action. Members of each chamber are working with Treasury and the Administration to work through outstanding issues that each party believes they must obtain in order to approve the increase. Although there is precedence for pushing the approval to the last minute, the U.S. has never defaulted on its obligations.
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