Another party, this time from the progressive side of the debate, has chimed in with its prescription for reforming the nation's housing finance system. The Center for American Progress, a liberal research institution with close ties to the Obama Administration, today released their proposal, A Responsible Market for Housing Finance.
The report details the heavy reliance of housing markets on the federal government since the collapse of those markets. We have the knowledge and tools, it says, to create an American housing finance system that, while relying on private capital, will be stable over the ups and down of the economy, equitably serve its stakeholders and promote residential integration, eliminate housing discrimination, and provide safe, decent and affordable housing in all locations. The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was the first stop towards this end.
According to the report, the next step is to move away from what is now an almost totally nationalized system toward one that again relies on private sector capital. The goals must be to preserve the availability of the 30-year fixed-rate mortgage, rebalance U.S. housing policy so that private markets are the primary source of decent and affordable rental housing, and ensure that a broad array of small and large lenders have access to secondary market financing for both single and multi-family agencies. The resulting system must be governed by five "overarching" principles; liquidity, stability, transparency and standardization, affordability, and consumer protection.'s recommendations.
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Source: http://www.mortgagenewsdaily.com/01272011_proposal_for_gse_reform.asp
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