CREFC GSE/Multifamily Lenders Forum

February 22, 2022

Meet our leadership team:

Bill Fecteau
Executive Director,
Capital Markets
PGIM Real Estate
Emily Schultz
Managing Director,
Head of Fannie Mae

Michael Case
VP - MF Capital
Markets, Loan Pricing
Freddie Mac

Together, Bill, Emily and Michael form the “Leadership Working Group” for CREFC’s GSE/Multifamily Lenders Forum. Importantly this group sets the agendas and priorities for the Forum, as well as represents their constituencies on CREFC’s Policy Committee.

Conversations at CREFC’s January conference focused initially on great multifamily fundamentals and how well they have performed during COVID. While the crisis isn’t over, multifamily is expected to do quite well for the foreseeable future—with an abundance of equity that needs to be deployed, and an abundance of debt available to lever.

Affordable housing market demand/trends are also top of mind with the need for the agencies to serve the mission goals with more affordable and workforce housing, especially in high-cost areas. Finding affordable projects—with lower availability in recent years coupled with migration—is key.

Recent market volatility caused by the imminent Fed tightening cycle and the Russia-Ukraine crisis has reduced demand for duration products such as ACMBS. The near-term challenge for Fannie and Freddie will be to adjust credit spreads to be competitive. The good news is that while Jan-Feb 2022 ACMBS issuance is lower than 2021, issuance is still higher than pre-COVID levels.

Looking ahead, for opportunities, the leaders have discussed ESG with green and social bonds. Challenges for the year include managing the FHFA’s cap and goals for affordability, and whether they will produce enough for lenders to serve their non-mission driven clients.

Additionally, these recent policy issues are of interest for GSE/Multifamily Lenders:

Forum leaders are currently considering nominations for the next incoming chair to join their leadership slate and formulating the agenda for the forum session at CREFC's Annual Conference in June.

To join the GSE/Multifamily Lenders Forum, please register here. For any forum related questions, please contact Kathleen Olin.


Kathleen Olin
Managing Director, Industry Initiatives
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. © 2022 CRE Finance Council. All rights reserved.

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