Andrew Cuomo and William Mulrow: Making Homeownership Possible Again

Posted by Admin | October 15th, 2014

In a perfect world, everyone with an income would be able to enjoy the experience of owning a home. Unfortunately, this is not a perfect world, and even with interest rates being at their lowest in recent history, many people still cannot afford to purchase a home.

Governor Andrew Cuomo made it a priority of his administration to make low-cost, affordable mortgage financing available to New York residents in the market to purchase their first home. The governor began addressing the problem in 2012 with the appointment of William Mulrow as the chairman of the State of New York Mortgage Agency. Mulrow, a senior managing director with the Blackstone Group, brought to the agency his three decades of professional experience in investment banking and finance.

As an investment banker, Mulrow earned a national reputation as an expert in the creation of new investment strategies and financing plans for public- and private-sector business and government entities. His professional work made him uniquely qualified to take on the leadership of the lead agency in the governor’s effort to make homeownership affordable in New York.

A one percent difference in a buyer’s mortgage interest rate could mean the difference between owning a home and renting. While one percent might not sound like much, it could have a dramatic effect the monthly mortgage payment. For instance, the difference in the monthly payment of a 30-year loan for $250,000 at 5 percent and the same loan at 4 percent is $148.51. Granted, the difference might not be big deal to some people, but to a low- to moderate-income family, it could end any dreams of owning a home.

One of the misconceptions about SONYMA is that it lends money directly to buyers. The agency is not a direct mortgage lender. SONYMA establishes eligibility and underwriting guidelines that borrowers must meet. Money is lent by participating mortgage lenders with the agency taking on the role of insurer of the loans.

Some of the SONYMA loan programs target neighborhoods that the federal government has designated as economically distressed. Buyers of homes in those neighborhoods may qualify for lower than normal interest rates on SONYMA loans and assistance with down payment requirements.

Another innovative program that William Mulrow has brought to fruition is one in which SONYMA and the New York State Department of Veterans’ Affairs have joined forces to assist retired or active duty members of the military with low-interest financing and down payment assistance programs. What is unique about the programs is that it is not restricted to first-time buyers.

Active military and retired veterans also have access along with first-time buyers who did not serve in the military to a SONYMA program allowing them to borrow the purchase price and estimated renovation costs of a home. This addresses concerns about affordable homes requiring repairs that buyers do not have the money to undertake.

William Mulrow’s in-depth knowledge of domestic finance makes him an invaluable asset

Posted by Admin | September 5th, 2013

William Mulrow’s in-depth knowledge of domestic finance makes him an invaluable asset in his public service endeavors and his private sector positions.

William Mulrow has also provided leadership on the boards of numerous financial organizations and public service groups

Posted by Admin | August 29th, 2013

In addition to his roles in the public and private finance sector, William Mulrow has also provided leadership on the boards of numerous financial organizations and public service groups.

William Mulrow was appointed by Governor Cuomo to serve as Chairman

Posted by Admin | August 22nd, 2013

William Mulrow was appointed by Governor Cuomo to serve as Chairman for five separate New York State financial and housing agencies.

Mulrow works with public agencies and union groups

Posted by Admin | August 15th, 2013

At the Blackstone Group, Mulrow works with public agencies and union groups to find areas of common ground and mutual benefit in the financial sector.

William Mulrow attributes his passion for public services

Posted by Admin | August 8th, 2013

William Mulrow attributes his passion for public services to lessons he learned while studying public finance and administration at Yale University.

What Drives William Mulrow

Posted by Admin | August 1st, 2013

William Mulrow‘s demonstrated commitment to public service is a distinct rarity in the field of high finance. During his more than 30 years in the New York financial world, Mulrow has consistently split his time between high-powered private sector firms and public agencies that include the Federal Home Loan Bank of New York, the New York City Rent Guidelines Board, the Municipal Assistance Corporation for the City of New York and the Westchester County Industrial Development Agency. Mulrow currently serves as the Chairman of the Tobacco Settlement Financing Corporation, the State of New York Municipal Bond Bank Agency, the Affordable Housing Corporation, HFA and SONYMA.

William Mulrow is also a Senior Managing Director at the Blackstone Group, the single largest alternative investment company in the world. The company identifies and develops investment opportunities for a global client list and provides a wide range of real estate, hedge fund, closed-end mutual fund and other investment options.

By dividing his time between private sector employment and public appointments, William Mulrow can pursue his passion for public service while providing valuable support for the Blackstone Group and its ongoing operations. This allows Mulrow to give back to New York by putting his expertise to work in leading and guiding public agencies in creating affordable housing options for the citizens of this great state.

Additional Resources:

William Mulrow :: Listed on Corpprofilecenter.com

William Mulrow :: Article on Elecgateway.com

William Mulrow :: Information on Execfigure.com

William Mulrow :: Article on Inclands.com

William Mulrow :: Listed on Profilegap.com