Issue Position: Housing Finance Reform

Issue Position

I introduced a bill, along with Rep. John Delaney (D-MD) and Rep. Jim Himes (D-CT), that would protect taxpayer dollars, ensure that banks keep offering the 30-year fixed rate mortgage, and maintain access to affordable housing options. The Partnership to Strengthen Homeownership combines the government's unique capacity to accommodate the size of the United States housing finance market with the private sector's superior ability to price and analyze risk. A government guarantee under this system will be explicit, but taxpayer money will be protected through adequate private sector capital and accurate pricing of government reinsurance. The bill makes it so that if another housing crisis happened, private money -- not taxpayer dollars -- would take the biggest hit. It also allocates resources to the long neglected Housing Trust Fund to provide more housing options for low and middle income families.

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