USMI submitted a statement for the record to the U.S. Senate Committee on Finance for its July 20 hearing, “The Role of Tax Incentives in Affordable Housing.” USMI writes “that there are tax policies that can be improved in order to help American family achieve the American Dream of homeownership. More specifically, we strongly support S. 3590, the Middle Class Mortgage Insurance Premium Act of 2022, a bipartisan bill introduced by Senators Maggie Hassan and Roy Blunt.” See here for the full letter.
Author: Karl Howley
Letter: Statement to House Committee on Ways and Means’ Hearing, “Nowhere to Live: Profits, Disinvestment, and the American Housing Crisis”
Message from the Chairman: Private Mortgage Insurance – Serving the U.S. Housing Finance System for Over 65 Years
Statement: FHFA’s Release of Fannie Mae and Freddie Mac’s “Equitable Housing Finance Plans for 2022-2024”
WASHINGTON — Adolfo Marzol, Chairman of U.S. Mortgage Insurers (USMI), today issued the following statement on the Federal Housing Finance Agency’s (FHFA) public release of Fannie Mae and Freddie Mac’s “Equitable Housing Finance Plans for 2022-2024,” which outline the government-sponsored enterprises’ (GSEs) proposed actions over the next three years to advance equity in housing finance.
“USMI commends the commitment considered in the GSEs’ Equitable Housing Finance Plans toward sustainable approaches that will meaningfully address racial and ethnic disparities in the housing finance system. Our members support efforts to remove barriers to homeownership, increase access and affordability, and promote sustainable homeownership for minority homebuyers. For 65 years, private mortgage insurance has provided access to mortgage financing for millions of borrowers, while also protecting American taxpayers from mortgage credit risk. As an industry focused on serving low down payment homebuyers, we look forward to continued collaboration with FHFA, the GSEs, and other industry stakeholders to advance policies that promote responsible access to equitable and sustainable homeownership while also supporting the GSEs’ safety and soundness.
“As the GSEs develop and implement programs and pilots to promote equitable access to affordable and sustainable housing, it is paramount that they carefully balance access to credit with policies that prudently manage risk to the GSEs. USMI welcomes the FHFA’s creation of the pilot transparency framework and supports increased oversight and accountability of pilots launched in furtherance of the GSEs’ Equitable Housing Finance Plans.”
Since 1957, the private MI industry has exclusively served low down payment borrowers and made sustainable homeownership available for more than 37 million borrowers. On October 25, 2021, USMI submitted a comment letter in response to the FHFA’s Request for Input (RFI) on the “Enterprise Equitable Housing Finance Plans,” detailing actions the GSEs should consider to promote sustainable homeownership and level the playing field for underserved 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.
