Report: Recovery Hampered Until Lawmakers Focus on Housing Policy

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Is this a list of much needed changes that should bypass congress and be implemented immediately by presidential decree or is it case of private companies trying to get more business for themselves? For a more detailed look at this subject – please read the article below.

The FHA Condos Approval Company, Inc.

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According to some, there are many issues with the U.S. government, but housing policy ranks highest. A new report published by the Opportunity Agenda, National Fair Housing Alliance, and the National Association of Real Estate Brokers (NAREB) claims that the U.S. housing policy is broken, denying millions of would-be homeowners the credit and financing they need to achieve the American Dream. This broken system can be repaired with immediate executive and administrative action in Washington, D.C., sidestepping a glacially slow and highly partisan Congress, according to the authors of the study.

The report includes ten administrative actions that the Federal Housing Finance Agency (FHFA) should take. These actions would require no legislative support and still achieve housing finance reform, according to the organization.

“Credit worthy American families, currently barred from the conventional market unnecessarily, should not be forced to wait for a legislative process that could take years,” said Jim Carr, author of the policy report and fellow at the Opportunity Agenda, a national organization that works to expand opportunity in housing and homeownership.

An in-depth look at the new roles of the GSEs should also be a key focus of the government as the recovery continues. According to the report, the elimination of Fannie Mae and Freddie Mac is at the core of almost every major proposal aimed at revamping the mortgage finance system. Yet, housing finance reform that requires the wholesale replacement of the government-sponsored enterprises (GSEs), will take many years to approve and to establish. The report suggests a five-year time horizon is a reasonable estimate even under the best circumstances.

To read the complete article – please use the link below.

Recovery Hampered

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