FHFA

NCRC Applauds FHFA Principal Reduction Modification Program

Washington, DC – Today, in reaction to the announcement by the Federal Housing Finance Agency (FHFA) that Fannie Mae and Freddie Mac will offer principal reduction to certain seriously delinquent, underwater borrowers, NCRC President and CEO John Taylor made the following statement: “We applaud FHFA and Director Watt for taking this important step in the …

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NCRC Reacts to Final Affordable Housing Goals Issued by Federal Housing Finance Agency

Washington, DC – Today, in response to the Federal Housing Finance Agency’s (FHFA) release of its final affordable housing goal rule for Fannie Mae and Freddie Mac for 2015-2017, National Community Reinvestment Coalition (NCRC) President and CEO John Taylor made the following statement: “The affordable housing goal rule announced by FHFA today falls short of …

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NCRC Reacts to Reduction in FHA Premiums

Washington, DC – Today, in reaction to President Obama’s announcement that the Federal Housing Administration (FHA) will lower mortgage insurance premiums by 0.5 percentage points for FHA loans, NCRC President and CEO John Taylor made the following statement: “We applaud President Obama for this positive step, which will be beneficial to working families striving to …

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NCRC Calls for Strengthening of FHFA’s Proposed Affordable Housing Goals

Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) submitted a comment letter on the Federal Housing Finance Agency’s proposed 2015-2017 Enterprise Housing Goals. “The affordable housing goals proposed by FHFA fall far short of what will be needed to ensure that all creditworthy Americans have access to mortgages,” said NCRC President and CEO …

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NCRC Statement on FHFA Effort to Expand Credit Access

Washington, DC – Today, in response to Federal Housing Finance Agency (FHFA) Director Mel Watt’s announcement that FHFA has revised and clarified the Representation and Warranty framework, and will be developing new guidelines for mortgages with loan-to-value ratios between 95 and 97 percent, NCRC President and CEO John Taylor made the following statement: “We applaud …

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NCRC Statement on FHFA Director Mel Watt’s Remarks at the Brookings Institution

Washington, D.C. – Today, in response to Federal Housing Finance Agency Director Mel Watt’s speech revealing his plans for the future of Fannie Mae and Freddie Mac, including clarifying the rules that require banks to buy back faulty home loans and the entities’ underwriting requirements, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor …

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NCRC Applauds Senate Confirmation of Mel Watt as Director of the FHFA

Washington, DC – Today, in reaction to the Senate’s confirmation of Mel Watt as Director of the Federal Housing Finance Agency (FHFA), National Community Reinvestment Coalition (NCRC) President and CEO John Taylor made the following statement: “We applaud the confirmation of Mel Watt as Director of the FHFA. He is a well-qualified, pragmatic leader who …

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NCRC Statement on Mel Watt Nomination Cloture Vote

Washington, DC – Today, in reaction to the filibuster of the nomination of Representative Mel Watt to head the Federal Housing Finance Agency (FHFA), NCRC President and CEO John Taylor made the following statement: “This is another demonstration of the continued dysfunction of Congress. It is truly troubling that the nomination of Representative Watt, who …

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NCRC Applauds Nomination of Mel Watt to Head FHFA

Washington, DC – Today, the National Community Reinvestment Coalition applauded the nomination of Representative Mel Watt to lead the Federal Housing Finance Agency (FHFA). NCRC President and CEO John Taylor made the following statement: “Mel Watt is an excellent choice to lead the FHFA. He is well qualified and sure to be a strong leader …

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FCIC Report Puts Blame Where It Belongs: On Wall Street & Regulators

 Going Forward, Two Big Lessons Learned: Don’t Put the Fox in the Henhouse, and Regulation Matters

Washington, DC — John Taylor, President and CEO of the National Community Reinvestment Coalition, released this statement today about the Financial GSE picCrisis Inquiry Commission report and proposals to return the government-sponsored entities to the private sector without affordable housing goals:

This report puts the blame where it belongs on Wall Street and the federal regulators who looked the other way. It also puts to rest the myth that making capital available to low or moderate-income borrowers was a cause of the crisis.

While the report may be a day late and a dollar short, the lessons going forward are that regulators need the authority and the resources to stay on top of financial innovations and make sure risk taking does not become reckless. The other very important lesson is that regulation matters when it comes to protecting consumers.  There is an appropriate and necessary federal role in ensuring access to capital and markets for nontraditional borrowers, which is why the affordable housing goals must remain a part of the mission of the government-sponsored entities.