Elyse Cherry is Chief Executive Officer of Boston Community Capital, a sustainable $1 billion national nonprofit organization fighting for social and economic justice. Under her leadership, Boston Community Capital has leveraged $6 billion of public and private investment in underserved communities nationwide.
Recently, HUD announced important, valuable, and substantive changes to its Distressed Asset Stabilization Program, under which the FHA sells off deeply delinquent loans to private investors. The reforms will benefit homeowners, entire neighborhoods, and our economy as a whole – and have the potential to transform the way the private sector approaches the housing market. Here's why.
With the recent turnover in leadership at the Federal Housing Finance Agency, we may be standing at the precipice of great change in the government’s role in supporting the mortgage market through Fannie Mae and Freddie Mac.