Affordable housing: “Taking marginal steps will have a real impact”

“We’re bringing reinsurance capital to support various risk transfer reinsurance transactions focused on these underserved populations.

“We want them to do it profitably, because none of this works if anybody is losing money, but we also want them to recognize that they have stated ESG [Environmental, Social, and Governance] and diversity, equity inclusion goals that might be benefited by doing some of these transactions at a lower margin – in fact, for half of what they would otherwise do. That lowered reduced margin, while profitable, is something that can go back to the borrower.”

Read more: Largescale investors under the spotlight over single-family homes

It’s a bold ambition, and one that has yet to be realized, he admitted, although the aim is to get the pilot scheme launched this year – and not a moment too soon.

With fears of a looming recession mounting, interest rates for 30-year fixes soaring to 5.4%, and home price appreciation at an all-time high (according to the latest reports, median home sale prices reached $450,600 in April, almost 20% up from the year before), Coleman is under no illusion about the size of the challenge.