Washington – Mortgage giants Fannie Mae and Freddie Mac will wind down their roles in the nation’s housing finance market over the next few years while the Federal Housing Administration will expand its capacity to support lending in the affordable rental housing market, according to reform proposals offered by the Obama administration.
See Reforming America’s Housing Finance Market: A Report to Congress, the administration’s Feb. 11 white paper.
The administration envisions a “dramatic” transformation of the federal role in helping the majority of Americans obtain home mortgages, the report says. The government would focus on “robust oversight” and consumer protections and ensuring that families have a full range of affordable options, including targeted assistance for underserved, but creditworthy homebuyers and quality, affordable rental housing. Learn more.
The House Financial Services Committee is scheduled to discuss reform measures on Feb. 16 and March 1.