Listen: Director, N. H., GSE discussed on Real Estate Today
"Stay red hot fueled by today's super low mortgage interest rates for. along with the weather in much of the United States. we'll talk to the pros about what you can expect in the fall mark that straight ahead but first let's go to the real estate today newsroom with bill Thompson hi Steven the fed has lowered short term interest rates again by a quarter point for the second time in two months and some economists predict the fed may drop them again at the December meeting that while the fed's actions don't directly move mortgage rates their decisions can have an impact and with mortgage rates continuing to fall anything the fed does is closely scrutinized by the housing industry the trump administration is pressing Congress to help reform the nation's housing finance system earlier this month the White House announced a plan to privatize Fannie Mae and Freddie Mac and released the government sponsored enterprises or GSEs from conservatorship treasury secretary Stephen minutes and testified before the Senate banking committee our priority is to make sure we maintain affordable housing and duty to serve but also to make sure that the taxpayers are not a continued risk and we don't have a nother Balla out of these entities housing secretary Dr Ben Carson emphasized our reform plan will reduce the federal government's outsize role in housing finance and protect taxpayers I'm Marc Cooper the director of the federal housing finance agency which oversees the GSEs told the committee that the time to act is now the enterprise is sure of low down payment and high debt to income mortgages back to their two thousand four levels fueling rapidly rising house prices with easy mortgage credit from under capitalized enterprises is a mistake and it will end in disaster in their current financial condition the enterprises are not equipped to withstand a downturn in the housing market the administration says if Congress fails to act there are things the executive branch can do all its own the national association of home builders is among the industry groups watching the GSE reform effort carefully and any H. B. chief lobbyist Jim Tobin has a renewed sense of optimism ahead of the twenty twenty elections we haven't seen. president devote this much time and attention to housing in our careers you couple that with the Democrats running for the presidency talking about housing as well this is a real opportunity for our industry and importantly any H. B. to leave the housing sector in the political and the policy wrong when it comes to how do we solve the issues facing our industry Tobin spoken a podcast produced by the N. H. B. some of the largest mortgage lenders in America are calling on the government to."