NMP - October 2016 - 33

to coordinate policy so as to encourage lenders to lend to qualified borrowers. To untangle and refocus a national effort on housing America's families will require a President to make a certain and forceful pivot that leaves little doubt about this issue. That pivot cannot happen without a clearly articulated policy and someone empowered to use all the authority of the White House to make it happen." Neither Clinton nor Trump commented on the Stevens proposal, but that should hardly be seen as unexpected. Ralph McLaughlin, chief economist at Trulia, did not expect either candidate to put a priority level of attention on housing issues. "Voters shouldn't necessarily be surprised by the little attention that Hillary Clinton and Donald Trump have paid to housing this election cycle," McLaughlin said. "Eight years ago, housing and the economy were the main talking points of Obama and McCain because millions of homeowners were going through foreclosure and the economy was in shambles. Today, the housing market and U.S. economy look much healthier, and as such, candidates have turned their attention to more popular issues such as immigration, gun control, and national security." But at the end of the day, the next president's impact on the housing, real estate and mortgage industries-for better or worse- may not be as immediate as many people would like to imagine. "While homeowner anxiety over the election is clearly mounting, the likelihood of an immediate shock to the market is slim," said Nela Richardson, chief economist at Redfin. "It will take considerable time for our next commander-inchief to implement policies that have any impact on housing." 33 NationalMortgageProfessional.com n National Mortgage Professional Magazine n OCTOBER 2016 presidential election. One-third of the economists said Clinton would have a somewhat or very positive effect on their home value forecast, while 16 percent said her election would have a somewhat or very negative impact. But when it came to Trump, 59 percent of the economists said their overall economic outlook would be very or somewhat negatively impacted by a Trump presidency, and 48 percent said their expectations for housing finance reform would be somewhat or very negatively impacted if the GOP candidate was in the White House. The same economists were also negative about Sanders and Ted Cruz, but were positive in their view of what John Kasich would do for housing. While bold public endorsements are hard to find, the presidential race can still offer an opportunity to discuss big picture issues. For example, in an op-ed column published in August in The Hill, Mortgage Bankers Association (MBA) President and CEO David H. Stevens suggested that the next president create a new position within the executive branch that would focus exclusively on housing. "Undoubtedly, the next administration needs to create incentives through marketing and public messaging, down payment assistance or savings reward programs, tax incentives, or credits for appropriate real estate development," Stevens continued. "Efforts to expand the development of affordable rental housing needs a firm Administration commitment via the expansion of the Low-Income Housing Tax Credit and public/private partnerships to encourage the development of safe, sustainable, and affordable rental workforce housing." Stevens also stated that lenders were "being discouraged from lending to first-time home buyers by unclear rules and overly aggressive and inappropriate enforcement actions by the government agencies"-although he stopped short of openly identifying the regulatory agencies. In advocating for a White Housebased director on housing policy, Stevens envisioned a strong leader to take on this new role. "This individual should report directly to the President and have clear principal level authority to call meetings, drive results, and measure progress," Stevens said. "He or she will play an indispensable role not just in identifying conflict points, but working with multiple agencies and compelling independent regulators http://www.NationalMortgageProfessional.com http://www.prmg.net

Table of Contents for the Digital Edition of NMP - October 2016

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NMP - October 2016 - 1
NMP - October 2016 - Table of Contents
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