Industry leaders advocate for tax policies and financing solutions that support long-term growth
The Mortgage Bankers Association (MBA) is stepping up efforts to shape policy and tax decisions that impact the commercial and multifamily real estate finance industry, according to MBA president and CEO Bob Broeksmit.
Speaking at the 2025 Commercial/Multifamily Finance Convention and Expo, Broeksmit highlighted the critical role of investment-friendly policies, GSE reform, and legislative engagement in keeping the market strong.
With new leadership in Washington, the MBA has been actively engaging policymakers across the White House, Congress, and regulatory agencies to ensure that commercial and multifamily real estate finance remains a priority.
“Now is the time to invest in communities, promoting vibrant commercial areas and plenty of housing, including multifamily,” Broeksmit said, stressing the need for public and private sector collaboration.
Broeksmit added that MBA has forged connections with new and existing decision-makers, including Federal Housing Finance Agency (FHFA) director nominee Bill Pulte and HUD Secretary Scott Turner, who have expressed strong interest in supporting housing investment and regulatory efficiency.
The Opportunity Zones (OZ) program, first introduced under President Trump, is also gaining renewed interest, with support from key Congressional leaders and administration officials.
“OZs are getting renewed interest – whether to provide more affordable rental housing or to help convert obsolete office properties,” Broeksmit said in his remarks.
Housing affordability and GSE reform
A major focus of the MBA’s advocacy efforts is ensuring that Fannie Mae and Freddie Mac (GSEs) remain focused on their core mission of providing liquidity to the housing market.
The association is pushing back against what Broeksmit calls the “HUD-ification” of the GSEs, arguing that regulatory overreach should not distract them from stabilizing single-family and multifamily financing.
Broeksmit also signaled growing momentum for GSEs to exit conservatorship, but cautioned against a rushed transition.
“The market needs an explicit government guarantee on mortgage-backed securities. Without it, there’s no way to ensure the liquidity through all economic cycles that supports affordable single-family and multifamily lending,” he said.
Read more: What will happen to Fannie Mae and Freddie Mac under Trump?
Tax policy and capital flow
With the expiration of 2017 Trump tax cuts approaching, MBA is actively engaging with policymakers to protect key tax provisions that drive real estate investment.
“The most important, by far, is the major tax policy debate driven by the expiring Trump tax cuts – something that has to pass before the end of the year,” Broeksmit said.
MBA is advocating for the continuation of:
- 1031 Like-Kind Exchange – Essential for property sales and reinvestment.
- Section 199A Pass-Through Deduction – A key incentive for real estate businesses.
- Business Interest Deductibility – Ensures capital-intensive commercial real estate projects remain viable.
Broeksmit encouraged industry professionals to actively participate in policy discussions, emphasizing that direct engagement with lawmakers can significantly impact legislation.
“When a vote’s coming up and victory is on the line, nothing is more effective than a message from you,” he said, urging attendees to join the Mortgage Action Alliance (MAA), MBA’s grassroots advocacy platform.
Additionally, the National Advocacy Conference (NAC) in April will provide opportunities for industry leaders to meet face-to-face with policymakers on key commercial real estate finance (CREF) issues.
REF distinguished service award
MBA also honored Smriti L. Popenoe, Co-CEO, president, and chief investment officer at Dynex Capital, with the 2025 Commercial Real Estate Finance (CREF) Distinguished Service Award.
“Smriti has been an integral member within the MBA, bringing decades of expertise in finance, capital markets, and risk management to advance our industry,” said Laura Escobar, 2025 MBA chair and president of Lennar Mortgage.
Popenoe, who oversees Dynex Capital’s investment portfolio of agency and non-agency RMBS, CMBS, and financing arrangements, has been an active MBA member and leader on multiple committees and councils. She currently serves on MBA’s 2025 Commercial Real Estate Board of Governors.
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