NAHB, Realtors State Housing Finance Reform Position
As the legislative reform of the nation’s government-sponsored enterprises (GSEs) — Fannie Mae, Freddie Mac and the Federal Home Loan Banks — moves forward on Capitol Hill, NAHB and the National Association of Realtors® (NAR) last week issued a joint statement of principles in support of stronger regulation that will boost confidence in the nation’s housing finance system.
The two groups sounded their opposition to “efforts to privatize, withdraw federal support, reduce the capacity or in any other way diminish the ability of the GSEs to provide low-cost housing finance.” The statement was distributed to members of Congress.
“Fannie Mae, Freddie Mac and the Federal Home Loan Banks are the nation’s largest source of capital for home mortgages, so obviously the housing community has a huge stake in the outcome as lawmakers consider new GSE reform measures,” said NAHB President David Wilson.
“NAHB and NAR are committed to working with Congress to enact a meaningful regulatory framework for the GSEs that ensures their continued financial safety and soundness,” said
. “At the same time, we want to make sure that Fannie Mae, Freddie Mac and the Federal Home Loan Banks continue to fulfill their congressional mandate of providing low-cost and readily available housing credit that is so essential to today’s housing market.”
“NAR supports credible and vigorous regulation of the GSEs,” said NAR President Al Mansell. “However, we also believe that any changes to the current regulatory structure must be consistent with our national policies supporting homeownership and housing opportunities for all. Our two organizations are united in our commitment to seeing the GSEs continue to help millions of American families achieve their dreams of homeownership in good times as well as bad, when other market players have left the field.”
Mansell said that NAR will closely monitor efforts to reform GSE regulation and will work to protect the mission that both Fannie Mae and Freddie Mac play in making housing more affordable.
As the legislative debate continues in the coming weeks and months, the two groups said they will be reaching out to lawmakers on both sides of the political aisle to achieve a regulatory framework for the GSEs that is credible and effective and preserves their vital housing mission.
The joint statement is available on the Web sites of NAHB and NAR — www.nahb.org/gsejointstatement or www.realtor.org.
For further information, e-mail Michael Strauss at NAHB or call him at 800-368-5242 x8252; or contact Linda Johnson at NAR, 202-383-7536.