TCW Securitized Opportunities Strategy

Quarterly Commentary

Are the GSEs Actually Promoting Affordability through Multi-Family Lending?

The partial U.S. government shutdown over year-end affected nearly 800,000 federal employees and drew national attention to workers struggling to make ends meet. Unfortunately, financial stress extends beyond government shutdowns. A joint study by the non-profit housing institute PolicyLink reported that nearly one third of Americans are economically insecure, with household income below 200% of the federal poverty level. Furthermore, the Federal Reserve found that over 40% of Americans cannot afford an emergency $400 expense. Perhaps even more alarming, if not as extensive a survey, CareerBuilder reported that nearly 80% of American workers live paycheck to paycheck....

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