National Housing Conference denounces anti-GSE reform attack ads
Ads call GSE reform the "Obamacare of the mortgage industry"
The National Housing Conference and more than a dozen other organizations have joined together to denounce “attack ads” targeting housing finance reforms, like the one authored by Chairman Tim Johnson, D-S.D., and Sen. Mike Crapo, R-Idaho, of the Senate Committee on Banking, Housing, and Urban Affairs.
“Recent attack ads from the 60 Plus Association use scare tactics to get in the way of the housing finance reform that we need to create housing opportunities for Americans,” the National Housing Conference said in a release. The ads target Senators Kay Hagan, D-N.C., James Risch, R-Idaho, Dan Heller, R-Nev., and Crapo and call the Johnson-Crapo plan the “Obamacare for the mortgage industry.”
“The 60 Plus Association, along with hedge funds and other third-party groups who have shown little other interest in housing, is offering misleading information and comparisons in an effort to derail this bipartisan reform effort that has been years in the making,” the NHC says. “These same hedge funds have recently speculated in Fannie Mae and Freddie Mac stock, and they could reap massive profits by keeping the housing finance system in its current state of limbo.
“Failure to create a stable and liquid secondary mortgage market will have far-reaching implications for the overall economy. While legislation remains a work in progress, our coalition collectively believes it is imperative that we continue moving housing finance reform forward.”
The ads from the 60 Plus Association are the second outlet to use the term “Obamacare” as a way to attack GSE reform. Recently, the American Enterprise Institute also called Johnson-Crapo the "ObamaCare of GSE reform."
The NHC’s statement is endorsed by several other organizations including, AFL-CIO Housing Investment Trust, American Bankers Association, Atlanta Neighborhood Development Partnership Center for American Progress, Consumer Federation of America, Financial Services Roundtable, Habitat for Humanity International, Housing Partnership Network, Housing Policy Council, Low Income Investment Fund, Mortgage Bankers Association, National Association of Home Builders, National Council of State Housing Agencies, National Housing Trust, National Low Income Housing Coalition, Opportunity Finance Network and The Realty Alliance.