Written by Chase Majerus
Welcome to This Week Today, your go-to newsletter for the latest insights on the housing and financial markets. Dive into expert analyses, key trends, and actionable tips designed to sharpen your understanding and decision-making. Reading this will literally make you smarter and more informed about the ever-changing market landscape!
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It got to be quite the hectic week for Democratic voters what with President Joe Biden announcing his farewell from the 2024 Presidential election. It’s got a lot of voters wondering, so what’s the deal with Kamala Harris? Let’s check out her track record regarding the housing market:
Kamala Harris has a notable record on housing issues, including the California Homeowner Bill of Rights and securing an $18 billion settlement for homeowners affected by foreclosure fraud in 2012.
As a senator, she introduced the Rent Relief Act to provide tax credits to renters and advocated for the LIFT the Middle Class Act, which offers refundable tax credits to middle- and working-class Americans.
Recently, Harris has been involved in significant housing initiatives through the U.S. Department of Housing and Urban Development (HUD), including an $85 million grant to lower housing and rental costs and a $5.5 billion investment in affordable housing and economic growth.
Her policies aim to address rising homelessness and housing costs, aligning with Biden’s administration efforts. Experts suggest that Harris’ housing proposals, particularly the LIFT Act, may offer more effective relief than proposed rent caps.
THE TLDR:
This summer’s sizzling heatwave has turned the housing market into a literal hot mess, making it almost too hot to handle for home sellers. As buyers melt away from open houses, creative solutions are needed to keep the market cool. From morning showings to virtual tours, here’s how to beat the heat and keep those “For Sale” signs from wilting!
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To maintain a non-biased perspective, it is essential to present and analyze the housing track records of both Democratic and Republican administrations. That being said, here is our breakdown of the Donald Trump administration regarding the housing market:
The Trump Administration pursued significant housing finance reforms, notably aiming to privatize government-sponsored entities (GSEs) like Fannie Mae and Freddie Mac to create a healthier mortgage market.
They introduced a comprehensive housing finance reform plan and a proposal for enterprise capital requirements, though these would only take effect if the GSEs were removed from conservatorship.
In 2019, significant recapitalization efforts were made to reduce the risks posed by GSEs, improving their leverage ratio.
The administration also moved to end the Qualified Mortgage Patch, decreasing systemic risk but potentially limiting mortgage availability for low-income borrowers. During the coronavirus pandemic, the CARES Act provided substantial mortgage forbearance and funding to support vulnerable communities.
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