White House Chimes in on Housing Finance Reboot

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Posted To: MND NewsWire

As the Senate Banking Committee wound up its second day of hearings on Chairman Mike Crapo's (R-ID) outline for housing finance reform the White House issued its own memorandum. In a memo addressed to all cabinet members and the heads of several housing related agencies, the President laid out the recent history of the system including the conservatorship of Fannie Mae and Freddie Mac (the GSEs) and the Treasury's involvement in supporting them during the housing crisis. It then says it is time for the country to reform the system "to reduce taxpayer risks, expand the private sector's role, modernize government housing programs, and make sustainable home ownership for American families our benchmark of success." The White House memo differs from the Crapo outline in that its recommendations...(read more)

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