David Dworkin is president and CEO of the National Housing Conference, an alliance of housing leaders including builders, realtors, investors, housing advocates and developers, both for-profit and nonprofit. NHC has been active in U.S. housing policy since 1931.
The Community Reinvestment Act is important to provide fair access to credit and investment, and many financial institutions agree it’s an important tool in their business strategy. But current guidelines render it ineffective, and it’s time regulators institute much-needed change.
[Expert commentary] Housing finance reform remains the single largest piece of unfinished business of the housing crisis. And the single biggest factor standing in the way of that business is getting agreement on how to ensure that the GSEs serve all Americans, not just the wealthy.
[Expert commentary] Nearly 10 years after Fannie Mae and Freddie Mac were placed into conservatorship, housing finance reform remains the single largest piece of unfinished business of the housing crisis. The failure of Fannie and Freddie, the taxpayer bailout and repayment that followed, and their unresolved conservatorship continue to demand final resolution, even if Congress does not.
With the recent turnover in leadership at the Federal Housing Finance Agency, we may be standing at the precipice of great change in the government’s role in supporting the mortgage market through Fannie Mae and Freddie Mac.