WASHINGTON – The National Housing Conference (NHC) supports Senate Banking Committee chairman Mike Crapo’s objectives to “establish stronger levels of taxpayer protection, preserve the 30-year fixed rate mortgage and promote access to affordable housing,” said David M. Dworkin, president and CEO of the National Housing Conference.
“However, we are concerned that the approach implied in the 2019 outline carries too much transition risk and may leave too many Americans behind. We look forward to working with the Chairs and members of both the Senate and House committees to develop legislation that could improve on the current system by fixing what is broken and avoiding breaking what does not need fixing.”
NHC believes reform of America’s mortgage finance system must include a limited, explicit and appropriately compensated government role that encourages private capital participation to ensure reliable access to long-term fixed-rate mortgages and financing for multifamily housing nationwide, including support for the production and preservation of affordable housing, a Duty to Serve requirement in the secondary mortgage market, and appropriate funding for the National Housing Trust Fund and the Capital Magnet Fund.
“Successful resolution to the ten-year conservatorship of Fannie Mae and Freddie Mac requires broad, bipartisan agreement. The future of one sixth of our economy is too important to address any other way.”
Any reform must ensure access to affordable and sustainable mortgage credit to broadly serve homeownership-ready borrowers through a variety of public and private channels, including addressing the homeownership gap for communities of color and the impact of student loan debt on homeownership.
We also believe that housing finance reform should sustain, strengthen and modernize FHA’s capacity and flexibility to meet the nation’s housing financing needs while protecting the taxpayer’s investment.
The National Housing Conference has been defending our American Home since 1931. #OurAmericanHome @natlhousingconf
About NHC: The National Housing Conference has been defending the American Home since 1931. We believe everyone in America should have equal opportunity to live in a quality, affordable home in a thriving community. NHC convenes and collaborates with our diverse membership and the broader housing and community development sectors to advance our policy, research and communications initiatives to effect positive change at the federal, state and local levels. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization.