Housing News

For the first time in history, Forbes magazine has brought attention to the exceptional female leadership of four women holding key positions at the U.S Department of Housing and Urban Development (HUD), Federal Housing Administration (FHA), Federal Housing Finance Agency (FHFA), and Ginnie Mae.

The HUD Secretary Marcia L. Fudge, FHA Commissioner Julia Gordon, Ginnie Mae President Alana McCargo, and FHFA Director Sandra Thompson are all committed towards making housing more accessible and affordable. The leading business outlet also took note of what all measures they are taking to make housing affordable for low income individuals and families.

It has happened for the first time ever in U.S history that the leaders of four key government agencies are women who are entrusted with the responsibility of overseeing the housing market. Marcia L. Fudge is in charge of the Department of Housing and Urban Development which looks after the policies and programs to create more affordable housing opportunities. Likewise, Sandra L. Thompson looks after the Federal Housing Finance Agency (FHFA).

FHFA was established after the 2008 financial crisis to regulate the federal home loan bank system, Fannie Mae and Freddie Mac. The Ginnie Mae is the federal corporation within HUD whose main work is to attract capital to finance and back federally insured mortgages. Julia Gordon is the commissioner of Federal Housing Administration and is entrusted with the responsibility of providing mortgage insurance on loans by approved lenders.

Together, all four women are given the task of making housing more affordable and accessible, especially at present when the U.S housing market is going through a lot of stress. In the second half of the last year, the total value of residential homes fell $2.3 trillion and the prediction is doing rounds these days that it could go down to another 10% in the next two years. Consequently, prices are out of reach for many potential home buyers.

The rental market also does not offer relief due to the factors like higher construction costs, high warehousing apartments prices, zoning restrictions to homeowners and lack of supply of rental units. It is for the first time in two decades that the national average rent to income ratio has gone to 30% in 2022 which in turn will make the U.S renter more likely to suffer from housing insecurity.

At the same time, Fudge is prioritizing to expand payment assistance, increase housing options and draw attention to discriminatory practices.

Forbes also interviewed these four women recently to find out how they are navigating this difficult era.