Senate considers abolishing the GSE’s affordable housing goals

Washington, DC – John Taylor, President and CEO of the National Community Reinvestment Coalition, made the following statement in response a draft of the Senate’s Corker-Warner bill to reform Fannie Mae and Freddie Mac (released Jan 30, 2018). 

“Today, the press released a draft of Congress’s latest assault on America’s working class and it has bipartisan sponsorship from Senator Bob Corker (R-SC) and Senator Mark Warner (D-VA). This bill reforms Fannie Mae and Freddie Mac, but abolishes their affordable housing goals. This should be a dealbreaker for any fair-minded Senator.

If introduced, Democrats and Republicans must lay across the tracks to prevent this bill from becoming law. This is a reward for one-percenters, like Blackstone Group, who will extract a lifetime of rent from the families and millennials who could be building equity and wealth as homeowners. It would be disastrous for the economic future of young Americans.

This is despicable leadership, and demonstrates the power of industry lobbyists as we approach the 2018 midterms.”

For media inquiries please contact:

Jesse Meisenhelter

jmeisenhelter@ncrc.org

202-464-2737

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