Page 26 - The GSE Report March-April 2018

FANNIE MAE AND FREDDIE MAC MJARN.U-ARPYR.20210818
...On January 6, 2019 my term will end. For me, one who started in a house with no electricity or inside plumbing and now heads an agency that oversees trillions of dollars of our nation’s housing finance, it has been quite an amazing journey. Many will probably think of my story as an “American-Dream” story.
So as I close, I want to make several specific points that are not academic or based on theory or conjecture, but are based instead on experience.
First, I want to encourage you to own the life experiences and the crossroads and decision points that led you into this industry and to never forget where you came from and how you got here. What you learned yesterday is invaluable and will make you a better professional tomorrow. No two people in this room today have identical experiences, but each one of
us has valuable experiences, valuable knowledge and valuable roles to play. Share your experiences and your knowledge in meetings like this. Sharing will help each of us learn how to perform our current roles better and sharing will allow others to see what is possible and what they can aspire to achieve.
Second, I know it sounds trite, but I strongly believe that a strong measure of success is how many times you get up after you’re knocked down and how you respond to adversity. As my mother says: “If it don’t kill you, it’s likely to make you stronger.” I dare say that there’s not a person in this room who has not experienced adversity and challenge. I’ve experienced it throughout my journey and I continue to experience it every day as Director of FHFA. Somehow, we seem never to be perceived to be quite good enough or quite smart enough. Or maybe some people still think we are “still just a little ahead of our time.” If my life experiences have taught me anything, they’ve certainly taught me that I have to keep getting up and I have to keep showing up. This is not an easy industry to work and advance in. To succeed you must “know your stuff” and really be exceptional at what you do, and you must keep getting up and showing up.
Third, use your experience and professionalism to advance homeownership that is sustainable. Using every tool at your disposal to enhance a borrower’s ability to obtain and be able to repay a mortgage is commendable and requires the knowledge and skills of a professional. But getting anyone into a mortgage to buy a home who cannot reasonably be expected to have or to maintain the ability to repay the mortgage is irresponsible. As a professional you are required to know the difference and to use your experience to benefit the borrower, not just to make money.
Fourth, home ownership can be financially rewarding, even in neighborhoods that are not financially-elite. The bulk of the wealth of minorities is still in homes – usually not in gated
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