NAHB Calls on Congress to Enact Comprehensive Housing Finance Reform

Filed in Capitol Hill, Housing Finance, Leadership by on November 2, 2017 1 Comment
Howard

Jerry Howard (second from left) prepares to testify.

Congress must move swiftly to implement comprehensive reforms to the nation’s housing finance system to ensure that housing credit remains readily available and affordable in the future, NAHB said today.

Testifying before the House Financial Services Subcommittee on Housing and Insurance, NAHB CEO Jerry Howard said that Congress must focus on fixing the structural flaws inherent in Fannie Mae and Freddie Mac’s government charters that led to the breakdown of the housing finance system.

“NAHB calls on Congress to make comprehensive housing finance reform a top priority and pass legislation to ensure the federal government continues to provide a backstop for a reliable and adequate flow of affordable housing credit in all economic and financial conditions,” said Howard.

Howard presented lawmakers specific policy proposals covering both single-family and multifamily housing that would:

  • Establish a new secondary market system for conventional mortgages with a federal government backstop to maintain stability in catastrophic circumstances
  • Preserve the successful multifamily housing finance framework
  • Provide an equal playing field for small lenders
  • Continue the roles of the federal government housing agencies
  • Restart a fully private mortgage-backed securities market
  • Enhance the activities of state and regional sources of housing funding

“Comprehensive legislation is the only way to ensure a stable housing finance system, preserve access to credit and protect taxpayers,” Howard said.

For additional information, contact Scott Meyer.

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  1. Chris Bowles says:

    Strict controls are needed on lending industry. They caused housing problems along with Democrats in Congress and spineless Republicans that failed to stop them. I have already sent message to our Congressman urging him to keep tight control on lending to those who do not have financial ability to pay off debt.

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