Jeff Hayward is Fannie Mae’s executive vice president and head of its multifamily business. For over 30 years, he has led various aspects of the business including credit, quality control, and risk management. Hayward is now responsible for the corporate affordable housing strategy. Fannie Mae is the largest provider of financing for multifamily apartments in the U.S. In 2016, Fannie Mae financed 351,000 low-income units, defined as those affordable to tenants earning up to 80% of the Area Median Income.
[Expert Commentary] The Fair Housing Act changed lives, but it did not change all attitudes. It did not change all behaviors. The legacy of housing discrimination and segregation remains a reality in virtually every community in the United States.
With the Section 8 Housing Choice Voucher Program, low-income renters in the program pay 30% of their incomes toward housing, with the federally funded program paying the balance to the landlord up to a set maximum. Demand is so great, however, that thousands of families can linger for years on waitlists in some cities with no assurance they will ever receive a voucher. Created in the 1970s, it may be time to take a fresh look at the voucher system to ensure we're effectively serving today's households.
Multifamily construction didn’t really rebound after the crash until 2013. Even still, it's playing “catch up.” In addition, construction of subsidized housing has declined as a percentage of all new multifamily construction and now represents only around a fifth of new construction annually – not enough to keep pace with demand. This is the first of a two-part EXCLUSIVE from Fannie Mae to readers of HousingWire.
Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.
The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?
The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.