Statement by National Housing Conference president and CEO Conrad Egan on HR 3221MortgagePress.comNational Housing Conference, HR 3221, Conrad Egan, Housing and Economy Recovery Act, GSEs
"Today the comprehensive Housing and Economy Recovery Act was
signed into law by President Bush after being passed with
bi-partisan support in the U.S. Senate and House of Representatives
last week. This new law will usher in much needed relief for the
current foreclosure crisis and is critically important to helping
keep families that are at-risk for foreclosure in their homes.
"In addition, the nearly $4 billion in emergency neighborhood
stabilization funding provided will help ensure that communities
with high foreclosure rates are able to recapture their former
strength and vitality. [National Housing Conference] NHC, along
with its members and partners across the nation, has worked hard to
ensure passage of the housing bill, and, in particular, the
neighborhood stabilization funding funding that faced a distinct
and sustained veto threat by the Administration.
"NHC is also pleased that the regulations extend support to
Fannie Mae and Freddie Mac, support that will ensure that the
agencies continue to play a critical role in the U.S. housing
market and its recovery. Fannie and Freddie have long helped
maintain affordable housing for America's families, in both the
single-family market and the multi-family housing finance system,
with approximately $5 trillion in mortgages currently being held or
guaranteed by them.
We look forward to working with the U.S. Department of Housing
and Urban Development on the swift implementation of these
regulations. Any delay would mean more families facing foreclosure,
further unnecessary neighborhood deterioration and continued
negative consequences for the economy."
For more information, visit www.nhc.org.