House Democrats introduced a bill on March 19 that would retain a government guarantee while winding down Fannie Mae and Freddie Mac in five years. The legislation includes a separate title for multifamily that recognizes its unique qualities and preserves key related characteristics of the current system.
The legislation was introduced by Representatives John Carney (D-DE), John Delaney (D-MD) and Jim Himes (D-CT) and would establish an insurance program through Ginnie that maintains the full faith and credit of the Federal Government. However, the bill protects taxpayers from another bailout by requiring adequate private sector capital and accurate pricing of government reinsurance.
NMHC/NAA sent a letter to the bill’s sponsors and continue to work closely with lawmakers. Our goal is to ensure that the multifamily industry is protected in housing finance reform and that access to capital is preserved.
This comes on the heels of a report released by FHFA’s inspector general that found shrinking profits at the GSEs could result in another government bailout.
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