Hi, I’m Adam De Sanctis with the Mortgage Minute, the latest news from the Mortgage Bankers Association. On Friday, the Trump administration released its fiscal year 2027 budget proposal. Essentially, its annual wish list to Congress outlining priorities as lawmakers begin the appropriations process. As expected, the proposal costs for significant shifts in federal spending. It includes a $73 billion or 10% reduction in non-defense discretionary spending achieved in power by eliminating certain programs and shifting responsibilities back to state and local governments at the same time, proposes a major increase in defense spending requesting $1.5 trillion, a 44% jump for our industry. One of the most notable items is funding for the Department of Housing and Urban Development. The administration is requesting $73.5 billion for HUD, which represents a $10.7 billion or a 13% cut from current levels despite that top line reduction. The proposal does include targeted investments in housing finance that includes $160 million for FHA administrative costs aimed at supporting access to affordable home ownership, along with continued support for Ginnie Mae operations. It’s important to remember that President’s budget is a starting point, not law. Congress will ultimately determine final funding levels. MBA will stay closely engaged with lawmakers and federal housing agencies throughout the FY27 process, and will provide deeper analysis on key provisions and long-term policy implications for our industry. åThat’s it for this week. Thank you for listening.
Adam DeSanctis, VP, Communications at Mortgage Bankers Association
As a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely regarded as an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA’s social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA’s research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA’s organizational public affairs plan, media relations and member communications support for mPower, MBA’s Opens Doors Foundation and MBA’s Diversity, Equity, and Inclusion programs.