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Financial Services Roundtable Pushes Congress on Housing Reform

NationalMortgageProfessional.com
May 15, 2014
A new bill introduced in the U.S. Senate by Sen. Catherine Cortez Masto (D-NV) and in the House by Rep. Nydia M. Velázquez (D-NY) seeks to reinstate Dodd-Frank Act reporting requirements

The Financial Services Roundtable’s (FSR) Housing Policy Council (HPC) urged Congress to move forward on housing finance reform legislation in a letter to the Senate Banking Committee tonight. “Congress must act to put permanent reforms in place to create a stable housing finance system for the future that works for consumers and protects taxpayers,” said HPC President John Dalton in the letter. “While the Johnson-Crapo Housing Finance Reform legislation is not perfect and certain provisions can be refined, strengthened and clarified, the overall structure of the bill strikes a balanced approach in establishing strong protections for the taxpayers and effective regulation of market participants. It would establish a system that would keep stable mortgage products like the 30 year fixed rate mortgage available for consumers" The government backs nearly 90 percent of mortgages in the country, leaving taxpayers exposed to great risk in the event of another economic downturn. It has been five years since Fannie and Freddie were put under government conservatorship and it’s time to enact reforms that will base the system on private capital and participants with strong protections for the taxpayer. "While the legislation is not perfect and certain provisions can be refined, strengthened and clarified, the overall structure of the bill strikes a balanced approach in establishing strong protections for the taxpayers and effective regulation of market participants," Dalton's letter reads.
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