The Treasury Department released the Trump Administration’s long-awaited plan for reforming the nation’s housing finance system on Thursday. Treasury says the Plan “includes nearly 50 recommended legislative and administrative reforms to define a limited role for the Federal Government in the housing finance system, enhance taxpayer protections against future bailouts, and promote competition in the housing finance system.”
The plan is a response to a March 2019 Presidential Memorandum directing Treasury Secretary Steven T. Mnuchin to develop a framework for administrative and legislative reforms to address what it called the last unfinished business of the financial crisis. The Treasury Department said it met with a wide range of stakeholders including affordable housing advocates; broker-dealers; investors; mortgage lenders, servicers, and insurers; think tanks; trade associations; and other interested parties in developing the plan. The Department also consulted with Federal Housing Finance Agency (FHFA), the Department of Housing and Urban Development (HUD), and other government agencies.
Treasury says it prefers that Congress enact comprehensive reform legislation and would support legislation that authorizes an explicit, paid-for government guarantee limited to paying principal and interest on mortgage-backed securities (MBS), but adds that the housing finance system has functioned for some time, and continues to function, without such a guarantee. Preferred legislation could also achieve lasting structural reform that tailors an explicit guarantee to support the secondary market, repeals Fannie Mae and Freddie Mac’s (the GSE’s) congressional charters and other privileges that advantage them over the private sector.
by: Jann Swanson
Sep 6 2019, 9:16AM
http://www.mortgagenewsdaily.com/09062019_housing_finance_reform.asp
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