Statement: ROAD to Housing Act
U.S. Mortgage Insurers (USMI) welcomes the recent introduction of Senator Tim Scott’s (R-SC) ROAD to Housing Act, S. 5027, and the focus of Congress on solutions to address our nation’s housing affordability challenges.
The ROAD to Housing Act includes important measures that would enhance the frequency and level of detail in data reported by the Federal Housing Administration and institute a formal mechanism for the HUD Secretary to appear before Congress on an annual basis, both of which align with USMI’s longstanding advocacy in support of a consistent, transparent, and coordinated approach to the federal government’s housing policy among regulators, policymakers, and other stakeholders.
Private mortgage insurance enables access to affordable homeownership for borrowers without large cash down payments, while protecting taxpayers from undue credit risk. We look forward to continuing to work with Sen. Scott and members on both sides of the aisle in the Senate and House in pursuit of housing policies that enable access to affordable and sustainable homeownership and promote safety and soundness in the housing finance system.
