The latest in a series of housing finance reform bills was introduced this week in the House by Representatives John Carney, D-Del., John Delaney, D-Md., and Jim Himes, D-Conn. The bill winds down the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, but preserves their government guarantee by folding them into Ginnie Mae. The legislation includes a separate title for multifamily that recognizes the unique qualities of the business and preserves key related characteristics of the current system.
The bill would also remove Ginnie Mae from HUD’s umbrella and establish it as an independent entity, as well as transfer control of the Federal Housing Finance Agency to Ginnie Mae. Other housing finance reform legislation under consideration includes the House’s PATH Act and HOME Forward Act, as well as the Senate’s Johnson-Crapo bill.
NMHC/NAA sent a letter to the sponsors of the House legislation and we continue to work closely with lawmakers on housing finance reform to ensure that the multifamily industry is protected and that access to capital is preserved. However, even with the introduction of this latest House bill, we do not expect any action on GSE reform until next year.
- Though Cycle Moves into the Latter Stages, Apartment Industry Is Still Strong
- NMHC Chairwoman Sue Ansel Testimony for March 26, 2019 Senate Banking Hearing on Housing Finance Reform
- FHFA Issues the 2019 Scorecard for the Enterprises
- Housing Industry Pushes Senate to Confirm Kathy Kraninger as Next CFPB Director
- Your Need to Know