Johnson-Crapo Draft Bill on GSE Reform Is An Important Next Step
Targeted News Service |
A draft bill released by
"
The new draft, released midday
"Most importantly, the draft bill reaffirms the importance of a federal role to insure that sustainable mortgage credit is made available as broadly as possible to credit worthy borrowers, and that this role must include a federal guarantee of a defined kind of mortgage backed security," Zigas said. "We believe these two ingredients are key to insuring consumers have access to affordable, long-term fixed rate mortgages."
In addition, he noted, the draft bill establishes a new fee of 10 basis points (10/100ths of a percent) on all outstanding guaranteed securities to finance a range of investments in affordable housing and community development; establishes a new
Support for
The Johnson-Crapo bill also would support financing for multifamily housing by building on the current multifamily business lines at
"An adequate supply of capital for affordable rental housing is critical to the millions of Americans who rent their homes, and for emerging new households that cannot or do not wish to become homeowners now," Zigas said.
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