On Aug. 6, 2013, President Obama delivered a speech and released a fact sheet on the Administration’s proposal for housing finance reform. This was the Administration’s most significant discussion on housing finance since the release of the Treasury Department’s 2011 white paper, “Reforming America’s Housing Finance Market."
In the speech, the President outlined key principals of comprehensive housing finance reform, many of which NAR has been advocating since 2009:
- The federal government must clearly, and explicitly, offer a guarantee of some mortgage instruments.
- Any entity should ensure the continued availability of a 30-year fixed rate mortgage.
- Reform should support the historic affordability role of the FHA.
NAR will continue to work with Congress and the Administration to develop policies that ensure mortgage credit is always available at reasonable costs so that everyone who is willing and able to afford a home can do so.