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House Financial Services Committee Holds Hearing on Housing Finance

Arlene Conn, PHADA Policy Analyst

On October 22 the House Committee on Financial Services held a hearing, “The End of Affordable Housing? A Review of the Trump Administration’s Plans to Change Housing Finance in America.” Testimony was provided by Federal Housing Finance Agency (FHFA) Director Mark Calabria, U.S. Treasury Secretary Steve Mnuchin, and Housing and Urban Development (HUD) Secretary Ben Carson. The hearing covered a number of topics, with a focus on the impact of FHFA’s plans on housing affordability, and also offered insights on the process to end conservatorships of Fannie Mae and Freddie Mac.

In her opening statement, Chairwoman of the U.S. House Committee on Financial Services Maxine Waters (D-CA) said the Trump administration’s housing finance reform plan would be “disastrous” for the housing system. She called the plan “reckless” and said it would “create turmoil” in the market, blocking families across the country from attaining home ownership. The Chairwoman said that many of the recommendations would abolish affordable housing goals and undermine the Federal Housing Administration’s (FHA) ability to create affordable home ownership opportunities, particularly the 30-year fixed rate mortgage.

 

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