While they have addressed the economy as a whole, Donald Trump and Hillary Clinton haven’t really discussed issues with homeownership or mortgages in the U.S.
In the lead up to next week’s U.S. Presidential election, Democrat candidate Hillary Clinton and Republican candidate Donald Trump have both laid out their plans for changing the economy. They’ve addressed issues related to tax cuts, job growth, international trade, and immigration.
Clinton and Trump haven’t revealed too much insight about the housing industry, though.
CNBC reports that it is largely unknown how the two candidates intend to fix the falling homeownership rate and mortgage reform.
How do we bring private capital back to the mortgage market? How do we manage the enormous growth of nonbank lenders, which now make up more than half of all new originations? How do we insure safety for borrowers who use these lenders? And how do we create more affordable housing, both rental and owned, for underserved communities?
Trump has a history with multifamily housing, but his thoughts on the single-family market are unknown. Clinton has announced a plan to increase homeownership for underserved communities, where the government would match up to $10,000 in savings for a down payment. But, as experts say, a lack of good credit is the big roadblock for many Americans when it comes to buying a house.