WASHINGTON—Seth Appleton, President of U.S. Mortgage Insurers (USMI), released the following statement on today’s Senate confirmation of Bill Pulte as Federal Housing Finance Agency (FHFA) Director by a bipartisan vote of 56 to 43:  

“USMI congratulates Director Pulte on his Senate confirmation to lead FHFA and oversee critical financial institutions that facilitate more than $8 trillion in funding for the U.S. housing market. The private mortgage insurance industry has long worked with FHFA, Fannie Mae and Freddie Mac (the GSEs), the Federal Home Loan Banks, and other housing finance stakeholders to reduce barriers to homeownership and ensure access to affordable and sustainable mortgage credit backed by private capital. In fact, private mortgage insurance has helped nearly 40 million low down payment borrowers become homeowners, $1.4 trillion in GSE mortgages currently outstanding have protection from MI coverage, and private mortgage insurers have paid nearly $60 billion in claims since the GSEs entered conservatorship. USMI strongly agrees with Director Pulte’s statement in his nomination hearing that taking risk away from the taxpayers and giving it to the private market is a win and USMI and its members look forward to working with Director Pulte and his team at FHFA to accomplish that goal while also prudently ensuring access to sustainable mortgage credit for first-time homebuyers.” 

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.