Toomey: Congress Must Address ‘Fundamental Flaws in the System’

first_img  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Senate Banking Committee on Tuesday held a virtual hearing titled, “Home = Life: The State of Housing in America,” during which, according to a presser from the Banking Committee, members held “a robust discussion on the issue of housing finance reform.”Ranking Committee Member Pat Toomey (R-Pa.), in conjunction with the hearing, released a set of “guiding principles for housing finance reform.”Senator Toomey in said proposal set the framework for legislation “to end the government-sponsored enterprise (GSE) duopoly and foster a liquid secondary mortgage market while protecting taxpayers and promoting equitable access for all lenders.””The housing finance system remains in urgent need of reform,” Toomey said. “The current system exposes taxpayers to risk of future bailouts, fosters excessive risk taking, and crowds out private capital. I hope my colleagues, the administration, and all interested stakeholders will join me in working to implement these responsible reforms to prevent yet another financial crisis.”Here are key points from Toomey’s plan for housing finance. He aims to:Transition the GSE duopoly toward a competitive secondary market;End the conservatorships of Fannie Mae and Freddie Mac;Establish a level playing field for other sources of private capital that bear mortgage credit risk;Foster a liquid secondary mortgage market that promotes the continued availability of affordable 30-year and other long-term fixed-rate mortgage loans across the United States and throughout the economic cycle;Protect taxpayers by ensuring that significant first-loss private capital stands in front of any government support and that taxpayers are appropriately compensated for that support;Promote equitable access to the secondary mortgage market by mortgage lenders of all sizes, business models, charter types, and locations; andProvide for a smooth transition to the reformed housing finance system by ensuring that reforms are incremental and realistic, leveraging the existing regulatory and market structure.On behalf of the National Association of Realtors (NAR), Charlie Oppler, a Realtor from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International, expressed support for Toomey’s statement and priorities, saying, “The GSEs now support nearly 80% of the U.S. residential market, and it is more important than ever that Fannie and Freddie’s transition from conservatorship be developed collaboratively and deliberately. While some points of disagreement remain, we look forward to working with Senator Toomey and policymakers from both sides of the aisle as these conversations progress over coming months.”In his remarks, Toomey pointed out that the housing market is cyclical.”It’s a question of when—not if—there will eventually be a housing downturn. The GSEs and the housing finance system are not prepared. FHFA Director Calabria and the last Administration made significant progress in reforming the system. Thanks to their good work, the net worth sweep has been suspended, and the GSEs finally have begun to build capital under a constructive new capital rule.”He added that “more than 12 years after the financial crisis, Congress has still not addressed the fundamental flaws in the system that led to the crisis.”Finally, Toomey says, “I know we have significant differences about the role of government in the housing market, but I believe compromise is possible. There is much that can be productively done on a bipartisan basis in this Congress.”Toomey’s entire remarks are recorded at bankingsenate.gov. 2021-03-17 Christina Hughes Babb Toomey: Congress Must Address ‘Fundamental Flaws in the System’ The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Toomey: Congress Must Address ‘Fundamental Flaws in the System’ Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles About Author: Christina Hughes Babb Share Save Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Subscribe Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago March 17, 2021 743 Views Previous: While Forbearance Activity Decreases, Many Homeowners Remain in Plans Next: Housing Market Forecast Remains Bright, Despite Rise in Rates Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

People hate downsizing out of their huge houses, research shows

first_imgHome » News » Housing Market » People hate downsizing out of their huge houses, research shows previous nextHousing MarketPeople hate downsizing out of their huge houses, research showsEven if they don’t need the space, many owners of large homes are reluctant vendors, says My Home Move.The Negotiator16th August 20170806 Views Large family homes are very hard to leave – 43 per cent of UK homeowners experienced a sense of ‘sadness, grief or loss’ after moving house; while 83 per cent feel emotionally attached to their homes.New research from My Home Move found that 62 per cent of homeowners feel an immediate sense of ‘dread or nervousness’ at the thought of selling their home; a combination most acutely experienced by those aged 45+ (av.65.5 per cent).In comparison those aged 18 – 34 were the most ‘excited or happy’ at the thought of selling.Doug Crawford, CEO of My Home Move said, “There has been talk across the market, regarding the lack of stock and the need for people to downsize to free up family-sized homes. What hasn’t been discussed is the emotional attachment people have to their homes.“These buildings represent much more than bricks and mortar, they are the places where memories are made and hold enormous emotional value.A significant percentage of homeowners, especially regarding ‘downsizers’ have a sense of dread – and would rather stay put than face emotional upheaval.”Homeowners in Scotland and the South East are the most reluctant to sell their property, with both areas showing above national average percentages regarding ‘nervousness or dread’ (69.3 and 63.5 per cent).In comparison, homeowners in Wales are the most excited to sell their homes, within 23 per cent expressing this sentiment, closely followed by those in London, the North West, Northern Ireland and the East Midlands, which all rated over 20 per cent.property attachment downsizer shortage downsizing August 16, 2017The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more