In the Federal Housing Finance Agency’s annual report to Congress issued today, the agency outlined several legislative steps it is seeking to reform the nation’s housing finance system.
“Only Congress has the authority to enact the legislative reforms necessary to address the structural flaws in the current model,” FHFA Director Mark Calabria wrote in a cover letter to the report. “To that end, in this report, I reiterate my recommendation that Congress remove unnecessary statutory exemptions and other advantages afforded the Enterprises and grant FHFA the authorities, similar to those of other financial regulators, to develop capital standards for the Enterprises and to issue new enterprise charters.”
The report also included a comprehensive overview of the steps FHFA has taken to respond to the coronavirus pandemic and ensure the continued functioning of the housing market, including enacting foreclosure and eviction preventions, providing resources for homeowners and renters and granting relief to mortgage originators and homebuyers.
