Senate Banking Committee Holds Two Hearings on Housing Finance Reform

On March 26 and 27 the full Senate Committee on Banking, Housing and Urban Affairs held hearings on Chairman Mike Crapo’s (R-ID) Housing Finance Reform Outline.

The witnesses from the March 26 hearing were: Sue Ansel on behalf of The National Multifamily Housing Council and the National Apartment Association; Edward DeMarco with the Housing Policy Council; Greg Ugalde with the National Association of Home Builders; Dr. Mark Zandi with Moody’s Analytics; Hilary Shelton with the Washington Bureau Director and NAACP; and Adam Levitin with the Georgetown University Law Center. At this hearing Chairman Crapo said he wants to “bring to a close the conservatorship era.” Former Acting FHFA Director Edward DeMarco stated that “the outline captures the consensus elements of prior reform proposals and serves as a solid workable foundation from which to develop legislation.”

The witnesses from the March 27 hearing were: Michael Bright with the Structured Finance Industry Group; Robert Broeksmit with the Mortgage Bankers Association; Lindsey Johnson with the U.S. Mortgage Insurers; Vince Malta with the National Association of Realtors; Carrie Hunt with the National Association of Federally-Insured Credit Unions; and Michael Calhoun with the Center for Responsible Lending. At this hearing Chairman Crapo said he “considers Housing Finance Reform to be a top priority for the Banking Committee this Congress” and that “the status quo is simply not a valid viable option.”