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Release of Pandora Papers Sparks New Legislation

October 12, 2021

On October 3, the International Consortium of Investigative Journalists (ICIJ) released what is known as the Pandora Papers, which are comprised of 11.9 million confidential documents that detail the financial secrets and offshore dealings of dozens of heads of state, public officials, and politicians from 91 countries and territories.

The Pandora Papers detail how these public officials, as well as billionaires and celebrities, use offshore companies to acquire mansions, private jets, and stakes in companies, with little or no transparency.

Read more from Bloomberg about What the Pandora Papers Reveal about Offshore Wealth.

In response to these revelations, Members of Congress introduced new legislation, called the ENABLERS Act, to make it more difficult for lawyers and accountants to help corrupt politicians and other bad actors hide their money.

Representatives Tom Malinowski and John Curtis of the Congressional Caucus against Foreign Corruption and Kleptocracy said of the release of the Pandora Papers:

Disclosures within the Pandora Papers are the clearest demonstration yet of the historic threat posed by foreign corruption. Billions of dollars of dirty money belonging to adversarial actors are flooding the United States, undermining our national security. It is imperative that we take all necessary measures to stem this tide... The United States must also work closely with its democratic allies to ensure that dirty money does not simply seek out the lowest common denominator. It is incumbent upon us democracies to purge the dirty money in our systems, deny corrupt foreign officials safe haven, and stand with the victims of kleptocracy.

Contact

JUSTIN AILES
Managing Director, Government Relations
202.448.0853
jailes@crefc.org
The Pandora Papers detail how these public officials, as well as billionaires and celebrities, to acquire mansions, private jets, and stakes in companies, with little or no transparency.
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2021 CRE Finance Council. All rights reserved.
Release of Pandora Papers Sparks New Legislation
October 14, 2021
The bipartisan infrastructure bill continues to be negotiated by a group of 22 senators with an end possibly in sight.

News Alert

Alert: Key Provisions in 2022 Multifamily Caps

October 13, 2021

Today, October 13, 2021, the Federal Housing Finance Agency (FHFA) published the 2022 Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac. The volume caps for each GSE will increase from $70 billion to $78 billion for a $156 billion total, up from $140 billion in 2021. FHFA largely maintained the mission-driven requirements, with 50% of all purchased loans required to satisfy mission-driven criteria. Note that mission-driven definitions were expanded (see below). FHFA slightly raised the requirement that 25% of the purchased loans be affordable at the 60% area median income (AMI) (up from 20% in 2021).

Click here for CREFC’s Side-by-Side Analysis of the 2022 Multifamily Caps. The document includes a detailed chart on how the mission-driven criteria changed in the new caps.

2022 Multifamily Caps Overview

  • Volume Caps total $156 billion ($78 billion each), which is an increase from $140 billion ($70 billion each);
  • 50% of GSE multifamily loans must be mission-driven (same as 2021, but mission-driven definition has changed in several places, see below);
  • 25% of the purchased loans must be affordable at the 60% AMI

Mission-Driven Definition Changes

  • Loans on affordable units in cost-burdened renter markets can qualify if rents are affordable at 100% AMI and 120% AMI (cost-burdened and very cost-burdened). Previously, an 80% threshold was used across the board.
  • Loans to finance energy or water efficiency improvements can qualify as mission-driven if affordability and energy/water reduction metrics are satisfied. The GSEs’ various green programs can qualify under the new definition.
  • The general 80% AMI affordability floor was removed for the “targeted affordable housing” definition, and case-by-case inclusion is allowed when loans do not meet the exact criteria outlined in that definition.
CREFC will continue to analyze the new caps and mission-driven criteria. Please contact Sairah Burki or David McCarthy with any questions.

Click here for CREFC’s Multifamily Caps Side-by-Side.

 

Contact

Sairuh Burki
Managing Director, Regulatory Affairs
703.201.4294
SBurki@crefc.org


David McCarthy
Managing Director, Head of Policy
202.448.0855
DMcCarthy@crefc.org
The volume caps for each GSE will increase from $70 billion to $78 billion for a $156 billion total, up from $140 billion in 2021.
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2021 CRE Finance Council. All rights reserved.
Alert: Key Provisions in 2022 Multifamily Caps
October 13, 2021
Today, October 13, 2021, the Federal Housing Finance Agency (FHFA) published the 2022 Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac. The volume caps for each GSE will increase from $70 billion to $78 billion for a $156 billion total,

News

LIBOR Update – Quarles Gives Firm Warning on Year-End Deadline; Walker & Dunlop Announces First SOFR Leveraged Loan

October 12, 2021

On October 5, Federal Reserve Governor and Vice Chair for Supervision Randal Quarles delivered a strong warning to market participants that they must transition away from LIBOR. Speaking at the Structured Finance Association Conference in Las Vegas, Quarles reinforced that LIBOR will not be available for new contracts after the end of the year and that the Fed will be watching.

Reviewing banks' cessation of LIBOR use after year-end will be one of the highest priorities of the Fed's bank supervisors in the coming months.

FHFA Housing Proposal and Current Level

Contact

JUSTIN AILES
Managing Director, Government Relations
202.448.0853
jailes@crefc.org
Randal Quarles a strong warning to market participants that they must transition away from LIBOR.
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2021 CRE Finance Council. All rights reserved.
LIBOR Update – Quarles Gives Firm Warning on Year-End Deadline; First SOFR Leveraged Loan Announced
October 12, 2021
On October 5, Federal Reserve Governor and Vice Chair for Supervision Randal Quarles delivered a strong warning to market participants that they must transition away from LIBOR. Speaking at the Structured Finance Association Conference in Las Vegas,

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