Posted On July 06, 2017
US Department of Housing and Urban Development (HUD) Secretary Ben Carson hosted a questions and answer session last week on Facebook Live. In his discussion, he addressed homeownership as a core component of the American dream and avoiding a repeat of the Financial Crisis of 2008.
In the Q&A, Secretary Carson was asked about millennial-specific obstacles like low savings, low wages, and high student debt. He also brought up the down payment obstacle, explaining that potential home buyers are struggling to save up for a down payment as home prices increase and inventory levels stay low.
Secretary Carson asserted that these problems should not prevent homeownership. He explained the recent action by Fannie Mae to lower the debt-to-income ratio plus new programs on the loan market should help alleviate student debt and raise the funds for a home purchase.
Secretary Carson continued to triumph his “long-haul” mantra and explained that homeownership is not an act of immediate gratification. Secretary Carson intends to make the goal of homeownership more achievable through policy changes to help homebuilders replenish inventory.