WHITE HOUSE PRESS RELEASE : https://www.whitehouse.gov/briefings-statements/president-donald-j-trump-reforming-housing-system-help-americans-want-buy-home/
President Donald J. Trump Is Reforming the Housing Finance System to Help Americans Who Want to Buy a Home
Issued on: March 27, 2019 QUOTE:
" 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The Department of Housing and Urban Development’s (HUD) housing programs are exposed to high levels of risk and rely on outdated business processes and systems. PROMOTING COMPETITION AND PROTECTING TAXPAYERS:
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.