FHFA Unveils Plan Scaling Back Fannie and Freddie
On February 21st, the Federal Housing Finance Agency (FHFA) delivered a proposal to leaders of the Senate Banking and House Financial Services Committees laying out steps to scale back Fannie Mae and Freddie Mac. According to FHFA, the two GSEs have received more that $180 billion in taxpayer support since being placed into government conservatorship in September 2008.
In his letter to Committee leaders, Acting FHFA Director Edward DeMarco stated that “with the conservatorship operating for more than three years and no near-term resolution in sight, it is time to update and extend the goals and directions of the conservatorships. FHFA is contemplating next steps to build an infrastructure for the secondary mortgage market that is consistent with existing policy proposals and will support any outcome of the leading legislative proposals.”
FHFA’s plan outlines three goals for the “next phase” of the conservatorships:
• Build. Build a new infrastructure for the secondary market
• Contract. Gradually contract the GSEs’ presence in the marketplace while simplifying and shrinking their operations.
• Maintain. Maintain foreclosure prevention activities and credit availability for new and refinanced mortgages.
Click here to view a copy of the report.
MHI members can contact Jason Boehlert at 703-558-0660 or jboehlert@mfghome.org.
CFPB Seeking Nominations for Consumer Advisory Panel
On February 23rd, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking nominations for members of its Consumer Advisory Board – a panel of consumer experts who will advise the bureau on emerging trends and practices in the financial services and products industry.
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that a Consumer Advisory board be established to advise and consult with the Bureau’s Director on a variety of consumer financial issues. The Board will consist of no fewer than 16 members and will meet at least twice annually.
In a release, the CFPB indicated they are “looking for board members with diverse perspectives and innovative ideas. These nominees may have a background in one or more of the following areas: consumer protection, financial services, fair lending, civil rights, consumer financial products and services, or community development.”
Click here for more information.
MHI members can contact Jason Boehlert at 703-558-0660 or jboehlert@mfghome.org.
New Report Assesses Housing Affordability for Working Families
On February 24th, the Center for Housing Policy released a study indicating that between 2008 and 2010, the cost of housing increased for working families and that falling home prices have not improved housing affordability. The report, which utilizes recent Census data, found that the share of working households paying more than half their income for housing rose significantly from 2008-2010 for both renters and home owners. Click here to access the report.
MHI members can contact Jason Boehlert at 703-558-0660 or jboehlert@mfghome.org.
MHI-PAC Administrative Fund Corporate Fundraising Campaign Underway!
The MHI-PAC Administrative fundraising campaign is in full swing and if you have not yet contributed this year, now is the time. We have had a successful campaign kick-off effort on behalf of the MHI-PAC Administrative Fund; however, we still have a lot of work to do not only towards our financial goal of $50,000, but also towards our overall goal of 100 percent participation among the MHI membership.
MHI’s Administrative Fund provides discretionary funds to support the operating expenses of MHI-PAC such as FEC compliant software, grassroots education, fundraising expenses and other administrative costs.
Your corporate contribution is one way that your company may support its national trade association, and it truly represents an investment in this industry that pays back many dividends. Whether your corporate contribution is large or small, our goal is to reach 100 percent participation – every dollar counts. All of us need to take responsibility to make sure the Manufactured Housing Institute’s political program has the necessary resources to promote our legislative agenda. Your involvement in the political process is absolutely vital. If you haven’t sent in your 2012 corporate contribution to the MHI-PAC Administrative Fund, please mail your check today.
MHI members can contact Rae Ann Bevington at 703-558-0675 or rbevington@mfghome.org.
