According to nationalmortgagenews, newly elected Representative John Delaney (D-MD) will take his seat on the House Financial Services Committee with an eye on reforming the nation’s housing finance system and reducing government intervention. With a background including establishment of a healthcare finance company and organizer of BancAlliance, a community loan bank cooperative, Delaney sees opportunity to tweak Dodd-Frank. Believing lawmakers can deal with risks in the industry in other ways, he says “We have a lot of implementation to do, and then we have to understand how it all works and continue to make adjustments. These things are really living regulations. You don’t pour the concrete to never look at it again.” He wants to reduce the role of the GSEs because the government tends to crowd out private capital in some cases. As MHProNews has learned, he sees the government’s role as providing an environment for the private sector to become more successful, which will in turn lead to job growth. One of the wealthiest members of Congress, colleagues laud his skill in complex negotiations, a trait that should serve him well in his new role.
