Lawmakers Urge FHFA to Revive Affordable Housing Funds

January 27, 2014
American Banker 
mortgage lending news
The Federal Housing Finance Agency should provide needed funding for affordable rental housing ahead of broader legislative efforts to reform the housing finance system, according to a group of 33 senators.

In a letter to FHFA director Mel Watt, the lawmakers -- 32 Democrats and one independent -- asked him to resume funding for the National Housing Trust Fund and the Capital Magnet Fund. The programs are financed by Fannie Mae and Freddie Mac, but allocations from the government-sponsored enterprises have been largely suspended since the firms entered into federal conservatorship.

The senators encouraged Watt to fund the trusts with profits from Fannie Mae and Freddie Mac. The FHFA "should not wait until Congress and the President are able to agree on a new [housing-finance] system," the senators wrote in the letter.









Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`