‘Devil in the Details’ on Housing Reform Plan

After reviewing the Treasury Department’s plan to reform the housing finance system, former FHA Commissioner and retired Mortgage Bankers Association CEO Dave Stevens said more details are needed. Here is the statement he shared with Mortgage Media.

I applaud the Administration’s efforts to address the conservatorship, now in its 11th year. The release today reflects the complexity of the project.

As we review the document it reminds us that the ‘devil is in the details,’ and many of the critical details clearly need to be explained in order for stakeholders to understand the implications.

With concerns about the economy’s fragility, trade wars, Brexit, Iran, North Korea, and more, it is critical that the administration not disrupt one of the bright spots in the economy, which is housing.

Whether we see next steps with greater detail remains to be seen, given the focus on elections and economic stability.

 

David H. Stevens, CMB, is former SVP of Single Family at Freddie Mac, former EVP at Wells Fargo Home Mortgage, former President and COO of the Long and Foster Realty Companies, former Assistant Secretary of Housing and FHA Commissioner, former CEO of the Mortgage Bankers Association