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navycmdr Member Level  Wednesday, 03/27/19 02:22:33 PM
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President Donald J. Trump Is Reforming the Housing Finance System to Help Americans Who Want to Buy a Home

Issued on: March 27, 2019


" We’re lifting up forgotten communities, creating exciting new opportunities, and helping every American find their path to the American Dream — the dream of a great job, a safe home, and a better life for their children. "

President Donald J. Trump

REFORMING THE HOUSING FINANCE SYSTEM: The United States housing finance system is in need of reform to help Americans who want to buy a home.

-- Today, the President Donald J. Trump is signing a Presidential memorandum initiating overdue reform of the housing finance system.

-- During the financial crisis, Fannie Mae and Freddie Mac suffered significant losses and were bailed out by the Federal Government with billions of taxpayer dollars.

-- Fannie Mae and Freddie Mac have been in conservatorship since September 2008.

-- In the decade since the financial crisis, there has been no comprehensive reform of the housing finance system despite the need for it, leaving taxpayers exposed to future bailouts.

-- Fannie Mae and Freddie Mac have grown in size and scope and face no competition from the private sector.

-- The Department of Housing and Urban Development’s (HUD) housing programs are exposed to high levels of risk and rely on outdated business processes and systems.

Administration will work to promote competition in the housing finance market and protect taxpayer dollars.

-- The President is directing relevant agencies to develop a reform plan for the housing finance system. These reforms will aim to:

-- End the conservatorship of Fannie Mae and Freddie Mac and improve regulatory oversight over them.

-- Promote competition in the housing finance market and create a system that encourages sustainable homeownership and protects taxpayers against bailouts.

-- The President is directing the Secretary of the Treasury and the Secretary of Housing and Urban Development to craft administrative and legislative options for housing finance reform.

-- Treasury will prepare a reform plan for Fannie Mae and Freddie Mac.

-- HUD will prepare a reform plan for the housing finance agencies it oversees.

-- The Presidential memorandum calls for reform plans to be submitted to the President for approval as soon as practicable.

-- Critically, the Administration wants to work with Congress to achieve comprehensive reform that improves our housing finance system.

HELPING PEOPLE ACHIEVE THE AMERICAN DREAM: These reforms will help more Americans fulfill their goal of buying a home.

-- President Trump is working to improve Americans’ access to sustainable home mortgages.

-- The Presidential memorandum aims to preserve the 30-year fixed-rate mortgage.

-- The Administration is committed to enabling Americans to access Federal housing programs that help finance the purchase of their first home.

-- Sustainable homeownership is the benchmark of success for comprehensive reforms to Government housing programs.

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