Wednesday, Mar. 9, 2004

 

NAHB, NAR issue joint statement on GSE reform

The National Association of Home Builders and the National Association of Realtorsissued a joint statement of principles that reflects the housing industry's priorities regarding how the government-sponsored enterprises (GSEs) — Fannie Mae, Freddie Mac and the Federal Home Loan Banks — are regulated. The statement was distributed to members of Congress.

"Fannie Mae, Freddie Mac and the Federal Home Loan Banks are the nation's largest source of capital for home mortgages, so obviously the housing community has a huge stake in the outcome as lawmakers consider new GSE reform measures," said NAHB Executive Vice President and CEO Jerry Howard. "NAHB and NAR are committed to working with Congress to enact a meaningful regulatory framework for the GSEs that ensures their continued financial safety and soundness. At the same time, we want to make sure that Fannie Mae, Freddie Mac and the Federal Home Loan Banks continue to fulfill their congressional mandate of providing low-cost and readily available housing credit that is so essential to today's housing market."

"NAR supports credible and vigorous regulation of the GSEs. However, we also believe that any changes to the current regulatory structure must be consistent with our national policies supporting homeownership and housing opportunities for all. Our two organizations are united in our commitment to seeing the GSEs continue to help millions of American families achieve their dreams of homeownership in good times as well as bad, when other market players have left the field. NAR will closely monitor efforts to reform GSE regulation and we will work to protect the mission that both Fannie Mae and Freddie Mac play in making housing more affordable for families," said NAR President Al Mansell, president of Coldwell Banker Residential Brokerage in Salt Lake City.

As the legislative debate on housing finance reform moves forward in the coming weeks and months, NAHB and NAR will be reaching out to lawmakers on both sides of the political aisle to achieve a regulatory framework for the GSEs that is credible and effective and preserves their vital housing mission.

The joint statement is available at www.nahb.org/gsejointstatement or www.realtor.org.