TD Cowen's Housing Blueprint Volume 45

Research evidence excerpt

TD Cowen's Housing Blueprint Volume 45

TD Cowen

Global Research July 7, 2026

View From Washington (Jaret Seiberg, Financial Policy Analyst)

▪Housing Bill Still Likely To Become Law. Legislation that would boost manufactured housing, modular

construction and zoning reform is still likely to become law even though President Trump announced he would not

sign the bill into law about 90 minutes before the ceremony was supposed to start. The President has complained

the bill does little though it does codify his policy of barring large institutional investors from increasing their

single-family housing holdings. The President would prefer lower interest rates. The bill likely becomes law on July

11 even without Trump's signature as we see a veto as unlikely.

▪Capital Requirements for Mortgage Lending. Banking industry groups in comment letters called on regulators to

provide additional capital relief for mortgage lending. This includes reducing the capital risk weight on mortgage

servicing assets to 100% from 250% and ensuring the capital charge for warehouse lines does not exceed the

capital required for the mortgages that secure those lines.

▪Kevin Warsh Presides Over First FOMC Meeting. The FOMC met last month for a two-day policy meeting with

Kevin Warsh as the Federal Reserve chair. The FOMC left interest rates unchanged. We continue to watch the

dynamics between President Trump and the Federal Reserve as Trump showed with Jerome Powell that he can

turn on the person he picks to run the Federal Reserve.

▪Bill Pulte Remains Acting DNI. President Trump has delayed the confirmation process for Jay Clayton to be the

next Director of National Intelligence, which means that FHFA Director Bill Pulte is serving as the acting director.