NAHB responds to housing finance overhaul
U.S. Senate Banking Committee Chairman Mike Crapo has released a plan that could result in Fannie Mae and Freddie Mac becoming privatized.
As part of a plan to overhaul the housing finance system, and preserve the 30-year fixed mortgages, Fannie Mae and Freddie Mac would no longer be controlled by the federal government.
The National Association of Home Builders (NAHB) has responded to the proposal and issued a statement regarding the possible changes.
NAHB Chairman Randy Noel.
“NAHB commends Senate Banking Committee Chairman Mike Crapo for taking this important step to move the debate forward on overhauling Fannie Mae and Freddie Mac, and the U.S. housing finance system. He has consistently taken a leadership role on this issue. Sen. Crapo’s plan would maintain a limited federal backstop to the nation’s housing finance system, a critical element recommended by NAHB to achieve meaningful housing finance reform,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La.
“Momentum on overhauling the housing finance system is clearly growing, as the administration is also looking to move forward on this issue. While a legislative solution will ultimately be required to accomplish comprehensive housing finance reform, NAHB looks forward to working with all interested stakeholders to move this process forward. A stable and reliable housing finance system is vital to a vibrant housing market and a strong economy,” Noel added.
While details of Crapo’s plan are still be ironed out, in a statement, the Republican Senator said, “We must expeditiously fix our flawed housing finance system.”
As part of a plan to overhaul the housing finance system, and preserve the 30-year fixed mortgages, Fannie Mae and Freddie Mac would no longer be controlled by the federal government.
The National Association of Home Builders (NAHB) has responded to the proposal and issued a statement regarding the possible changes.
NAHB Chairman Randy Noel.“NAHB commends Senate Banking Committee Chairman Mike Crapo for taking this important step to move the debate forward on overhauling Fannie Mae and Freddie Mac, and the U.S. housing finance system. He has consistently taken a leadership role on this issue. Sen. Crapo’s plan would maintain a limited federal backstop to the nation’s housing finance system, a critical element recommended by NAHB to achieve meaningful housing finance reform,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La.
“Momentum on overhauling the housing finance system is clearly growing, as the administration is also looking to move forward on this issue. While a legislative solution will ultimately be required to accomplish comprehensive housing finance reform, NAHB looks forward to working with all interested stakeholders to move this process forward. A stable and reliable housing finance system is vital to a vibrant housing market and a strong economy,” Noel added.
While details of Crapo’s plan are still be ironed out, in a statement, the Republican Senator said, “We must expeditiously fix our flawed housing finance system.”