FHFA Prepared Remarks on “Getting Our House In Order”
On October 24, the Federal Housing Finance Agency (FHFA) released the prepared remarks of Edward J. DeMarco, acting director, titled Zillow and and the Bipartisan Policy Center: Getting Our House In Order.
Zillow and and the Bipartisan Policy Center: Getting Our House In Order
The Five-Year Anniversary of the Conservatorships of Fannie Mae and Freddie Mac: No Time to Celebrate
Thank you for inviting me to speak this afternoon. On September 6, our Nation reached the five-year anniversary of the establishment of the conservatorships of Fannie Mae and Freddie Mac, or as I will refer to them, the Enterprises.
Over those five years much has been accomplished. The Nation’s secondary mortgage market has continued to function. The Enterprises’ financial positions have stabilized. We have made significant progress resolving the pre-conservatorship book of business. The Enterprises have played an important role in providing foreclosure prevention and refinancing options to borrowers. And through the Federal Housing Finance Agency (FHFA) Strategic Plan for Enterprise Conservatorships (Strategic Plan), we have begun the process of building for a future housing finance system.
However, even with those accomplishments, much remains to be done. The single-family mortgage market remains heavily supported by taxpayers. While there is progress on the legislative front, the timing of broader housing finance reform remains uncertain.
Today I will provide a brief review of the failure of the Fannie Mae and Freddie Mac GSE business model, the steps FHFA has taken in the intervening five-years, and provide a look ahead at what to expect in the coming years if we remain without a legislative solution.
Please click on the link to view the remarks in their entirety:
Remarks of Edward J. DeMarco, Acting Director, Federal Housing Finance Agency, Zillow and the Bipartisan Policy Center: Getting Our House In Order, Washington, D.C.
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