WASHINGTON, DC – February 25, 2013 – (RealEstateRama) — The Financial Services Roundtable and its Housing Policy Council (HPC) commend the Bipartisan Policy Commission on the release of its report today entitled: Housing America’s Future: New Directions for National Policy.
HPC believes the Commission’s report is a positive contribution to a much-needed debate on reforming America’s housing finance system.
“We are pleased that the Commission recognizes that private capital must play a larger role in any future housing finance system, and that there is a role for clearly-defined government involvement in housing,” said Housing Policy Council President John H. Dalton.
HPC supports several key points made in the Commission’s report including the following:
? Gradually replace the Government Sponsored Enterprises with a new system supported by private capital.
? Support a housing finance system that includes an explicit catastrophic backstop that is accurately priced and limited to mortgage backed securities.
HPC also applauds the Commission’s efforts to include input from a wide variety of stakeholders.
“Gaining perspective from a diverse group of housing market stakeholders, including the Housing Policy Council, is an appropriate step toward comprehensive reform of the secondary mortgage market,” Dalton said. “We urge
Congress and the Administration to study the BPC report and continue their own efforts to advance reform of the system.”
The Roundtable’s Housing Policy Council is made up of thirty-one companies that are among the nation’s leaders in mortgage finance. Member companies originate seventy-five percent of the mortgages for American home buyers. Member companies participate in the Council through the senior mortgage executive in their company.
The Financial Services Roundtable represents 100 integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.
Roundtable member companies provide fuel for America’s economic engine, accounting directly for $98.4 trillion in managed assets, $1.1 trillion in revenue, and 2.4 million jobs.
Elise Brooks Perkins