Page 19 - JanuaryBuilderBrief
P. 19
A POSITIVE
DEVELOPMENT ON
HOUSING FINANCE
JEB HENSARLING, R-TEXAS REFORM
House Financial Services Committee Chairman that the PATH Act cannot move forward in Congress.
Jeb Hensarling (R-Texas) paved the way to break Moreover, he expressed support for a bipartisan
the bottleneck on housing finance reform when he approach. “I stand ready to negotiate … with
reluctantly acknowledged that Congress is unlikely any other stakeholder that shares my belief that
to pass the PATH Act and that a final package America deserves a sustainable housing finance
would likely contain a limited federal backstop system, and deserves one now.”
that protects the 30-year mortgage. NAHB has been working closely with Hensarling
“I continue to believe that a government guarantee and his committee members as well as their
in the secondary mortgage market remains a bad counterparts on the Senate Committee on
idea, a risky idea, and an unneeded idea,” Hensarling Banking, Housing & Urban Affairs to advance
said at a conference on the future of the U.S. housing housing finance reform in Congress.
market. “I also believe the idea is not going away Just last month, NAHB CEO Jerry Howard testified
anytime soon and I fully expect it to be part of any before the House Financial Services Committee’s
successful reform effort in this Congress.” Subcommittee on Housing and Insurance, where
Hensarling added that “any new government he called on lawmakers to make housing finance
guarantee must be limited to catastrophic losses” reform a top priority.
and said that he has no doubt that policies in a NAHB will continue to remain deeply engaged
reform package will ensure that the 30-year fixed- in the debate and work with Hensarling and other
rate mortgage “both survives and thrives.” House and Senate leaders to move the process
While Hensarling continues to support the PATH forward.
Act, housing finance reform legislation opposed by
NAHB in part because it lacks a federal backstop for
the housing finance system, the chairman conceded NAHB DEC 2017
JANUARY 2018 | GREATER SAN ANTONIO BUILDERS ASSOCIATION 19
