Mel Watt, Get to Work

FHFA: Orphaned No More!

Congressman Mel WattIn January 2014, a post to Rooflines by Jodi Weinberger, the Shelterforce blog, encourages Mel Watt, the new leader of the Federal Housing Finance Authority (FHFA) to “Get to Work!

“Organizations have been working for years to recall DeMarco (the former acting director) and have charged Watt with changing things up.”

These organizations include the National Low Income Housing Coalition (NLIHC.) as well as Monarch Housing.

“I urge Mr. Watt to act swiftly to enforce Fannie Mae and Freddie Mac’s statutory obligation to fund the National Housing Trust Fund …The need for the National Housing Trust Fund has never been greater.”

Says, Sheila Crowley at the NLIHC:

And in another Rooflines post a few weeks later, “FHFA: Orphaned No More,” James Carr and Alan Jenkins write of FHFA, “It has operated since its enactment five years ago without a permanent director, in spite of its critical mission of providing oversight to two institutions that manage $5 trillion in mortgage debt.”

Carr and Jenkins go on to write that,

“Rather than unnecessarily denying access to the benefits of homeownership for millions of Americans, the FHFA should work with the Administration to achieve several major reforms as quickly as possible”

The agency’s priorities should include:

“Begin making contributions to the National Housing Trust Fund and Capital Magnet Funds as required by the Housing and Economic Recovery Act of 2008 and provide strong support to finance affordable rental housing.”

Click here for Weinberger’s full blog post.

Click here for Carr and Jenkins’ full blog post.