Elizabeth Warren Lays Out Housing Finance Reform Priorities
Tuesday, October 29, 2013
Senator Warren explained that "aligning the interests of servicers, trustees, and investors in both the guaranteed and the private-label markets is critical because it will have an impact on the size and depth of any housing downturn. Increasing beneficial loan modifications and reducing unnecessary foreclosures can be the difference between a short, mild downturn and a lengthy, nationwide crisis." She went on to emphasize that "either collectively or individually, issuers of mortgage-backed securities that are government-guaranteed should have a clear and enforceable duty to serve the entire primary market." In outlining catalysts of the crisis, the Senator also made clear that while government sponsored enterprises made major mistakes that cost taxpayers, Fannie and Freddie's affordable housing goals were not to blame for crisis' underlying cause.
Senator Warren made the case for protecting the role of smaller financial institutions in housing finance because, "a housing market dominated by a handful of Too Big to Fail institutions would reduce access to mortgages in rural and poorer urban areas. It would also increase systemic risk and reduce innovation and customization in the primary market. Any future housing finance system must ensure not only that smaller lenders can sell their loans into the secondary market, but also that they can do so at competitive rates and remain viable players in the primary market."
The Senator applauded Senators Corker and Warner for their role in advancing the housing finance reform debate and said that she welcomed Chairman Johnson and Senator Crapo's efforts to schedule hearings on the issue this fall. "Housing finance reform is a complex puzzle, and it will take a lot of work from a lot of people to make sure the pieces fit correctly... if we approach the task with seriousness and a hard look at the data and the facts, I believe we can temper the boom-bust cycle while maintaining the qualities that set the American housing market apart from the rest of the world."
Related Slideshow: 100 Fall Bests In Central Massachusetts
7 Best Bike Rides
One of the best ways to get out and see the local fall scenery is on two wheels. We've rounded up a set of great routes for riders of every level. So get out there and pedal, Central Mass.
Photo: The Ware River Trail gets you out and into the foliage.
25 Best Apple Spots
They are one of the best autumn flavors, and from fresh eating to baking pies, you'll want to enjoy the bounty of fresh apple picking throughout the region. Check out these 25 great farms all over the region where you'll find the varieties you love the best (and some you may not have tried yet).
Photo: Don't miss the juicy red apples at Berlin Orchards.
7 Great Fall Events
Fall is a great season for concerts, festivals, and more, and you won't want to miss these top events that are coming up this month. From Rock & Shock in Worcester to Field to Table Festival at Old Sturbridge Village, take part in Central Mass's big fall events.
Photo: A must-do for Fall is the EcoTarium's Great Pumpkin Fest on October 19th.
6 Perfect Pumpkin Patches
It's peak pumpkin season, and now's the time to hit the patch and pick your perfect pumpkin. We've got 6 of the best local farms for fun for the whole family. Pick a new favorite!
Photo: The sprawling patches of Bolton Farm yield 30 different varieties for picking… better bring a wagon!
12 Best Adventures
As the weather cools, your sense of adventure does not have to! Here are 12 thrilling outdoor activities across New England that you can enjoy this Columbus Day weekend and beyond. Whether you are a beginner or an expert outdoors, each of these events are excellent opportunities to channel your inner adventurer.
Photo: Mount Washington State Forest in Western MA has all kinds of natural splendors to explore.
22 Best Halloween Events
Here comes Halloween, and whether you’ve got little ones and need a more mellow fright or you are thirsty for fear, you are in the right place. New England, with its history of witch trials and hauntings, is the perfect place to celebrate. Check out these 22 spookfests… all within an hour's drive of Central Mass.
Photo: Don't miss the scary paths of Hick's Corn Maze in Charlemont.
8 Best Corn Mazes
Massachusetts is home to beautiful farmlands and orchards, and quite a few of them boast corn mazes of their own. Check out our list to see where you should go to get lost in Massachusetts--it's a great family activity for a Fall weekend.
Photo: Ready to get lost in a corn maze? Consider Kimball Farm's "Boston Strong" maze.
9 Best Foliage Drives
Pack up your beloveds in the car and take a gander at nature's splendor with these 9 great foliage drives close to home and farther afield. Combine your trip with some pumpkin or apple picking, and you've got pretty much the perfect fall expedition.
Photo: Right here in Central Mass, take a scenic drive that skirts Quabbin Reservoir.
4 Fantastic Festivals
Fall Festivals are still up and running this month, and our guide to the season's best has 4 great events still coming up. From seafood in Rhode Island to harvest dining in Maine, plan your next getaway, here.
Photo: Who doesn't love a Fall festival? These kids know where it's at.
- MA Borrowers Finally Get Relief Under Mortgage Settlement
- Elizabeth Warren Buys $740,000 DC Condo
- Mortgage Rate Trends
- Elizabeth Warren MIA in Central Mass
- Elizabeth Warren: Undocumented Lawyer