The History of MFA

The late Bill Fowler, center, founder of Suburban Mortgage, center, was one of the first mortgage lenders to use Housing New Mexico’s bond money to help low-income families buy homes. He is pictured with his son, Alan Fowler, whose former company, First Mortgage, is also a long-term supporter of Housing New Mexico. Dolly Azar, one oHousing New Mexico's first employees, is pictured at right.

The oversight committee did work diligently with Housing New Mexico’s board. In addition, Housing New Mexico got support from four New Mexico banks that put up letters of credit for its bond issue. With everything finally in place, Housing New Mexico executed its first bond issue in December 1976. That $20 million bond sale was followed by another $38 million bond sale in June 1977. Housing New Mexico was officially launched.

Bill Fowler was with New Mexico Savings and Loan when it issued Housing New Mexico's letter of credit. Soon after, Fowler began Suburban Mortgage in Albuquerque, which was one of the first mortgage lenders to use Housing New Mexico's bond money to help low-income families buy homes. "My dad's staff at Suburban could get the money out the door and into the hands of first-time homebuyers quickly," son Alan Fowler said.