September 10, 2024 Five major events reshaped the 2024 U.S. presidential race so quickly that polls were unable to gauge the impact of each new development. While Harris had strong initial polling, the race remains tight with 57 days to go.
Why it matters: The effect of Biden dropping out of the race has been nothing short of monumental. Polling data below compare the state of the race on July 21 (the day President Joe Biden announced his decision to drop out) and today, Sept. 10.
Source: RealClearPolitics.
National Polling: On Sunday, a national poll of likely voters by The New York Times and Siena College demonstrated that the race is a virtual tie, with Former President Trump up one point over Vice President Harris.
The bottom line: Absentee ballots will be mailed later this month, and the 2024 election will be officially underway.
What’s next: Tonight’s debate between Harris and Trump is the first between the candidates. Polling results post the debate may offer the best indicator of where the race stands before Election Day.
Please contact James Montfort (Jmontfort@crefc.org) with any questions.
News Archive
September 10, 2024 Federal banking regulators are expected to release a significantly revised re-proposal of the Basel Endgame Capital Rules in the near term.
Michael Barr, the Fed Vice Chair of Supervision leading the Basel effort, will be speaking today at 10 a.m. ET at Brookings where he “will preview the regulators’ revised proposal and explain the next steps.”
What they’re saying: While Fed Chair Jerome Powell has publicly testified he expects broad and material changes to the original proposal, the rumors have intensified in the past week of an imminent re-proposal.
What’s next: CREFC will closely analyze any new re-proposal, reviewing it against comments CREFC submitted in January 2024.
Contact Sairah Burki (sburki@crefc.org) with questions.
September 10, 2024 On August 22, the Federal Housing Finance Agency (FHFA) proposed single-family and multifamily housing goals for 2025-2027 that Fannie Mae and Freddie Mac (the Enterprises) would be required to meet on an annual basis. Comments on the proposed rule are due Oct. 28, 2024.
Background: Since 2010, FHFA has established annual housing goals for Enterprise purchases of single-family and multifamily mortgages consistent with the requirements of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
The most recent amendments to the housing goals regulation include:
Why it matters: According to FHFA, these goals ensure that the Enterprises, through their mortgage purchases, responsibly promote equitable access to affordable housing.
What they're saying: In a statement accompanying the proposal’s release, FHFA Director Sandra Thompson stated:
“Given persistent challenges in the housing market, FHFA is proposing benchmark levels that reflect these dynamics and continue to ensure that the Enterprises remain focused on supporting key affordable housing segments while operating in a safe and sound manner. The goals proposed today offer a meaningful and realistic calibration that takes into account current and forecasted economic factors.”
The 2025-2027 proposed housing goals include separate categories for single-family and multifamily mortgages on housing affordable to low-income and very low-income families.
By the numbers: The multifamily benchmark levels are summarized below:
Sign up for CREFC's Women's Network. Join
The affairs of CRE Finance Council are managed by a Board of Governors, selected from the general membership, which meets at least two times a year. During the periods the Board is not convened, the Executive Committee has full authority to transact all CRE Finance Council business. The Executive Committee is made up of the chair, chair-elect, vice chair, secretary, treasurer, membership chair, administrative executive, as well as four additional Executive Committee members. View the CREFC By-Laws.
CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product. For questions or to get involved, contact Lisa Pendergast
Overview of Debt Fund Index (presentation slides from CREFC's September 28, 2023 Capital Markets Conference)
Watch the Video (video replay from CREFC's September 28, 2023 Capital Markets Conference)
CREFC’s Government Relations team serves as the primary interface between the CRE Finance industry and policymakers. Through a collaborative process with our members, CREFC engages with legislators, regulators, and other policy stakeholders to advocate for policies that promote the interests of our membership and the broader industry. By joining a CREFC Forum, members are able to participate in the creation of official policy positions and will gain access to regular updates from our Government Relations team on the latest regulatory developments. View our recent policy wins and sign up for a CREFC Forum below to join our advocacy efforts and make a difference in the direction of our industry. Please contact David McCarthy with any questions. Recent Policy Wins (as of Q2 2024) Conflicts of Interest Rule Successfully advocated for narrowing the overly broad scope of the SEC’s Conflicts of Interest in Securitizations rule to target conflicted transactions and relevant parties more appropriately. 144A Bond Data Protection Successfully exempted 144A bonds from a policy change that could have required public disclosure of borrower information already available to 144A investors. Basel Endgame Advocacy Submitted comments and coordinated a real estate industry letter on proposed rules that would raise capital charges on banks with >$100 billion in assets. While the rule is still forthcoming, regulators have telegraphed that the proposal will have significant changes.
Sign Up for Forum
Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing
CREFC’s Policy Tracker includes a variety of visual aids and updates to help members understand, track, and analyze key policy issues affecting the CRE and multifamily finance industry.
CREFC’s Sustainability Initiative seeks to align the objectives of our members and the CRE finance industry with the opportunities and challenges of environmental, social and corporate sustainability.
For our weekly government relations and industry policy briefings, please visit our Document Resource Center. The Document Resource Center contains CREFC position papers, analyses, testimony, and other policy tools.
Sign Up members only
The CRE Finance Council holds two premier conferences each year in the United States: the January Conference in Miami and the June Annual Conference in New York. Conference programming addresses the most relevant topics facing the industry, presented by recognized finance leaders.
Complementing these major conferences are After-Work Seminars, Young Professional, Women's Network, and Educational events held regularly throughout the calendar year, each of which is tailored to fit the constituencies served by CREFC.
Reset/Show All
The mission of the Young Professionals (YP) Network is to provide a platform for junior CRE finance professionals to foster meaningful business relationships and gain relevant industry knowledge through networking events, seminars and panels.
YP programming events are developed by YPs – so the content is current and applicable in their daily work. Each YP educational event includes a networking aspect to build and foster industry relationships with both peers and seasoned industry leaders. YPs are surveyed by region for ideas for future programming to ensure educational and industry needs are met.
Additionally, there are networking only events held in a more relaxed atmosphere where YPs can mingle among their peers.
There is a discounted rate to conferences and seminars for those CREFC Members 30 years of age or younger. To sign up for the 30 and Under Program Rate join the network and ensure that you check off the box “I would like to sign up to receive the “30 and Under Program Rate”. You will be required to submit photo ID to be approved for the discounted program rate. Sign up TodayCREFC members Only
Take your career to the next level with our programming, mentoring, career planning, and continuing education. Sign up
CREFC offers industry participants an unparalleled ability to connect, participate, advocate and learn! Join Now