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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 76 October 2025 J O U R N A L of foreclosure due to administrative error," the letter from Reps. Takano, Pappas, and Budzinski concluded. CONGRESSIONAL REAL ESTATE CAUCUS UNVEILS HOUSING AFFORDABILITY MEASURE R ep. Mark Alford of Missouri was joined by his fellow Co-Chairs of the Congressional Real Estate Cau- cus—Reps. Lou Correa of California, Tracey Mann of Kansas, and Brittany Pettersen of Colorado—in introducing the bipartisan "Saving the American Dream Act." The "Saving the American Dream Act" will create an interagency task force to initiate a whole-of-government ap- proach to solving the housing affordabili- ty crisis to address: • Mortgage costs • Federal housing finance programs and coordination • Housing construction costs, pro- duction barriers, and development incentives • Local regulatory barriers to housing production • Insurance costs and availability affecting housing markets • Downpayment assistance and hous- ing transaction incentives • Disaster resilience and housing recovery coordination "Homeownership is a vital part of achieving the American Dream," Rep. Alford said. "More families should be able to own a home so they can put down roots, build equity, and grow their wealth. Unfortunately, the historic affordability crisis is pushing this dream out of reach for too many. I'm proud to introduce this legislation with our Real Estate Caucus Co-Chairs to unlock a whole-of-govern- ment approach to solve the crisis and reig- nite this pillar of the American Dream." Launched in May 2024, the Congres- sional Real Estate Caucus ensures that congressional debates in the U.S. House of Representatives include a concern for real estate and serves as a forum for members of Congress and real estate professionals to discuss federal policy and its impact on the nation's real estate industry. Real estate represents 16% of the U.S. gross domestic product (GDP), supports approximately 2.8 million jobs, and generates nearly $50 billion in tax revenue. "Owning a home is a key step to building equity and attaining the American Dream. Far too many people, especially young people, can no longer achieve the American Dream. That's why we're introducing the Saving the Ameri- can Dream Act," Rep. Correa said. "This legislation will help Congress tackle the homeownership problem from all angles. We need an all-hands-on-deck approach. This bill begins to get the job done." The bipartisan Congressional Real Estate Caucus, tasked with developing legislation to address home supply and affordability, grew from just four mem- bers last year to more than 50 members. "At the heart of the American Dream is homeownership and the ability to pro- vide a safe, stable home for your family," Rep. Mann said. "Sadly, today, nearly 75% of Americans feel that homeownership is out of reach for the average person. Our bill establishes an interagency task force to address some of the biggest barriers to homeownership and provide real, tangible solutions that lower costs, incen- tivize housing production, and restore the American dream for working and middle-class families." The "Saving the American Dream Act" has broad support from many stake- holders in the housing industry, including the National Association of Realtors (NAR), National Multifamily Housing Council (NMHC), National Apartment Association (NAA), Real Estate Technolo- gy and Transformation Center (RETTC), US Mortgage Insurers (USMI), National Association of Home Builders (NAHB), American Land Title Association (ALTA), National Association of Hispanic Real Es- tate Professionals (NAHREP), American Property Owners Alliance (APOA), and Leading Builders of America. "We are grateful to Representatives Alford, Correa, Mann, and Pettersen for in- troducing the Saving the American Dream Act, a vital step toward improving housing policy," said Shannon McGahn, EVP and Chief Advocacy Officer for NAR. "By ensuring key federal agencies coordinate and share housing-related research and market data, this legislation promotes evi- dence-based policymaking. With housing affordability and accessibility as pressing concerns for millions of Americans, coordinated federal action is essential. This bill addresses critical challenges from con- struction costs and regulatory barriers to homeownership and insurance availability, laying the groundwork for more effective programs and better outcomes for families and communities." Bill Killmer, SVP of Legislative & Political Affairs for the MBA, added: "MBA supports the 'Saving the American Dream Act,' a meaningful proposal that encourag- es interagency collaboration to better align federal housing programs and activities in an effort to reduce barriers to homeowner- ship. We applaud the Real Estate Caucus' leadership for introducing this bipartisan legislation and urge for its swift consid- eration in order to help more Americans achieve the dream of owning a home." Additional co-sponsors of the "Saving the American Dream Act" include Reps. Mike Lawler of New York, Josh Riley of New York, Ken Calvert of California, Rob Witt- man of Virginia, Brad Sherman of Califor- nia, Erin Houchin of Indiana, Angie Craig of Minnesota, Sarah McBride of Delaware, and Suhas Subramanyam of Virginia. BIPARTISAN BILL SEEKS RELIEF FOR FHA BORROWERS' INSURANCE COSTS U .S. Reps. Gregory W. Meeks of New York and Pete Sessions of Texas have reintroduced the bipartisan HR 5508, the Mortgage Insurance Freedom Act, drafted to