MarketWatch
By Aarthi Swaminathan
Fannie Mae CEO Priscilla Almodovar has worked in the housing-finance industry for decades, including during the 2007-09 financial crisis. The current market is unlike any she’s ever seen, she said.
After two decades working in housing policy, Priscilla Almodovar is intimately familiar with the challenges the U.S. faces when it comes to housing.
The Brooklyn native took the reins of the New York State Housing Finance Agency in 2007 amid a financial crisis that was fueled by a crash in subprime mortgages. Today, buyers are facing the opposite problem: Demand for homes is so insatiable that even as mortgage rates remain elevated and home-insurance costs soar, home prices keep inching up to new record highs.
As the chief executive of Fannie Mae FNMA 3.70%, a government-sponsored enterprise that backs one in four residential mortgages in the U.S., Almodovar, 57, has a front-row seat to it all. That lands her on the MarketWatch 50 list of the most influential people in markets.
“It’s a highly unaffordable market right now. We are monitoring and following all these trends, things that we’ve never seen before,” Almodovar told MarketWatch in an interview. “You have home prices the highest we’ve seen in two decades,” she said.
Home sales on track for worst year since 1995
Home buyers and renters are facing record-high housing costs. The issue has become such a big priority for average Americans that the presidential candidates are proposing various solutions to make homeownership more affordable.
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