Preserving 30-Year Mortgages, TBA Market High on Finance Reform List

Posted To: MND NewsWire

The Senate Committee on Banking, Housing, and Urban Affairs held another hearing on housing finance reform on Thursday. In his opening statements, committee chairperson Mike Crapo (R-ID) said "A housing finance system dependent on two government sponsored enterprises in perpetual conservatorship is not the solution," but he added, "Recapitalizing the enterprises and releasing them back into the market without significant reforms is also not a solution." Crapo set forth several principals for reform that he said share bipartisan support. These include preserving the to-be-announced (TBA) market and an affordable, accessible 30-year fixed rate mortgage and ensuring that small lenders have equal access to the secondary market. Testifying at the hearing were: David H. Stevens, President and CEO...(read more)

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