WASHINGTON, DC – February 14, 2011 – (RealEstateRama) — Today, after the U.S. Treasury Department issued a white paper proposing several pathways to reform the mortgage markets, U.S. Senator Jack Reed (D-RI) issued the following statement:
“There is bipartisan agreement that we need to restructure Fannie and Freddie and limit the government’s role in the mortgage market. But we have to be careful and get this right. Changing the home financing landscape is going to have a major impact on consumers, construction workers, taxpayers – everyone — and if we act precipitously, as some in the House have suggested, the housing market and the overall economy could be severely affected.
“Today, the Obama Administration laid out several thoughtful pathways to shrink the government’s involvement in the mortgage business.
“Congress must carefully examine the impact these proposals could have on middle-class homeowners, renters, and the economy.
“The Senate Banking Committee will hold hearings on these issues in the months ahead. I know Chairman Johnson will work to build consensus on reforming our housing finance system and providing access to decent, safe, and affordable housing for all Americans.
“I was particularly pleased the report focuses on achieving a better balance in the U.S. housing market to provide for a wider range of choices for all households. This includes access to home ownership for those who are in a position to take on mortgages and a more robust and affordable rental housing sector, which would include something similar to a national Housing Trust Fund, which I created to support and develop affordable rental housing for more Americans.”
