Source: National Mortgage News —
The $1.5 trillion omnibus spending bill President Biden was expected to sign at deadline Friday promises to bring relief to the single- and multifamily mortgage markets by heading off several threats to operations supporting the flow of funds into U.S. housing.
In addition to funding broad, systemic risk-management measures like a 72-hour cyberattack reporting requirement, the 2,741-page bill avoids a federal shutdown, which could’ve impeded the functioning of a domestic housing-finance market largely dependent on its government ties. Although government and industry stakeholders have made strides in their preparedness for business continuity concerns after having to navigate several large-scale natural disasters, the pandemic and past lapses in federal funding authorization, government shutdowns have remained a significant threat to the housing market.
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