WASHINGTON, D.C. – August 12, 2013 – (RealEstateRama) — Financial Services Committee Chairman Jeb Hensarling (R-TX) will be the keynote speaker at the Bipartisan Policy Center Housing Commission’s Public Forum on Tuesday, August 13. Chairman Hensarling will discuss legislation to build a sustainable housing finance system – the Protecting American Taxpayers and Homeowners Act (the PATH Act). The committee approved the PATH Act last month. The PATH Act:
- ends the nearly $200 billion bailout of Fannie Mae and Freddie Mac and gradually phases out the troubled Government-Sponsored Enterprises;
- increases competition by ending the federal government’s domination of the housing finance market;
- protects and sustains the 30-year fixed-rate mortgage; and
- gives consumers more choices in determining which mortgage product best suits their needs.
Chairman Hensarling’s remarks will focus on how federal policies led to the financial crisis that devastated millions of American families and how the PATH Act offers a better way toward a housing finance system that is sustainable for current and future homeowners, for taxpayers and for the economy. He will also address how the PATH Act sustains and protects the 30-year fixed rate mortgage, while also allowing for more consumer choice so homebuyers can choose the mortgage that’s right for them.
“Today’s system of boom, bust and bailout is retarding economic growth and helping fuel what all acknowledge as unsustainable levels of national debt,” Chairman Hensarling said. “It’s been nearly five years since the financial crisis, which was caused in large part by Washington policies that incented, mandated and browbeat financial institutions to loan money to people to buy homes they ultimately could not afford. It’s been three years since the Dodd-Frank Act failed to do anything about Fannie Mae and Freddie Mac and their record taxpayer-funded bailout. Now it’s time for action to create a sustainable housing finance system – sustainable for taxpayers, for homeowners and for our economy.”
11:00 a.m. Central – Keynote Remarks: Chairman Jeb Hensarling on “The PATH Home”
Introduction by former Senator and HUD Secretary Mel Martinez
The event will also be webcast by the Bipartisan Policy Center here.