NAHB Commends Trump Memorandum on Housing Finance Reform

Filed in Capitol Hill, Housing Finance by on March 27, 2019 2 Comments

NAHB today commended President Trump for putting housing finance reform at the top of the national agenda and signing a memorandum directing relevant agencies to develop a plan that will help more Americans achieve the dream of homeownership.

NAHB has been working diligently on this issue in recent months, and thanks to our efforts both the White House and Congress are making housing finance reform a top policy agenda.

“We applaud the president for taking an active leadership role to revamp the nation’s housing finance system,” said NAHB Chairman Greg Ugalde. “NAHB is especially pleased that his memorandum specifically cites the importance of preserving the 30-year, fixed-rate mortgage, which has enabled millions of American families to build wealth and financial security through homeownership.”

The president’s announcement follows two days of hearings before the Senate Banking Committee earlier this week on Sen. Mike Crapo’s proposal to overhaul the housing finance system. Ugalde testified on this issue yesterday before the panel and these developments should build momentum for the administration and Congress to work together to achieve comprehensive reform that improves the nation’s housing finance system.

“The right reforms are critical to maintain a healthy housing market and ensure that single-family and multifamily housing credit for sale and rental properties remains readily available,” said Ugalde.

The next step is for Congress to move this process forward to revamp the housing finance system in a way that won’t interrupt the flow of credit.

“NAHB looks forward to working with the White House and Democratic and Republican leaders in Congress to pass bipartisan housing finance legislation that provide certainty to the marketplace while maintaining the proper level of government support for housing in all economic and financial market conditions.”

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  1. Lynne says:

    Really? Weren’t Clinton/Schumer involved in doing the same thing and it resulted in the biggest housing melt down ever?

  2. Tim W. says:

    Not to mention that tax reform nearly doubled the standard deduction, making the mortgage interest tax incentive obsolete for many. Fannie May is geared to benefit lower income households and help them take advantage of tax benefits (previously a benefit to home owners in a lower bracket). Now that the tax benefits are essentially gone for all but those who can take advantage of an itemized return (higher income households), what good is it to deregulate? To Lynne’s point, it seems risky. To my point, commending a sitting president and congress for deregulating Fannie and Freddie is like commending someone for offering you a tissue after they’ve punched you in the nose!

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