In early February Republican Senator Crapo, Chairman of the Senate Banking Committee, released an outline laying out a structure for Housing Finance Reform. The release reinvigorated the debate about what to do with the GSEs, and the broader role of the government’s role in housing.
Since then, we have heard in testimony from the FHFA nominee and the Treasury Secretary more support for congressional reform.
Whatever comes next, the reality is that Congress is likely to play a significant role in the future of a post-conservatorship role for Fannie and Freddie.
Today the Urban Institute released a paper that I helped write with Jim Parrott and Mark Zandi, analyzing the Crapo outline, and laying out how the structure could work. We also look at key questions that need to be answered.
I encourage all stakeholders to take time to look at our commentary and consider the contours of how we approach at this important subject in the early phase, while legislation may be drafted.
By David Stevens, Senior Advisor at Mortgage Media
David H. Stevens, CMB, is Senior Advisor at Mortgage Media, and 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