Rep. Royce Questions HUD’s Castro on GSE Reform and FHA Market Exodus

June 12, 2015

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WASHINGTON, D.C. – June 12, 2015 – (RealEstateRama) — U.S. Representative Ed Royce (R-Calif.) questioned U.S. Housing and Urban Development Secretary Julian Castro on the need for housing finance reform and the exodus of bank lenders from the Federal Housing Administration (FHA) program at today’s House Financial Services Committee hearing entitled “<a href="http://royce.house.gov/Components/Redirect/r.aspx?ID=467124-67941562" target="_blank">The Future of Housing in America: Oversight of the Department of Housing and Urban Development</a>.”<span id="more-3550"></span></p> <p>Today’s hearing follows both Rep. Royce and Secretary Castro keynoting National Journal’s “<a href="http://royce.house.gov/Components/Redirect/r.aspx?ID=467125-67941562">Sustainable Homeownership: The Future of Housing Finance</a>” forum last week during which Rep. Royce <a href="http://royce.house.gov/Components/Redirect/r.aspx?ID=467126-67941562">endorsed</a>aspects related to housing finance reform of U.S. Senator Richard Shelby’s (R-AL) regulatory relief bill, the Financial Regulatory Improvement Act.</p> <p>“I wanted to get your take on… an increase in private sector credit risk sharing by the GSEs… the creation of a truly Common Securitization Platform which allows for issuance of mortgage-backed securities other than the GSEs, and the development of a common residential mortgage-backed security by Fannie Mae and Freddie Mac. I thought I would just give you the floor to discuss how this might bring private sector capital back into the market and how we might work together to achieve these goals as kind of a building block,” said Rep. Royce to Secretary Castro.</p> <p>“Housing finance reform has been a long and winding road I think it’s fair to say but the Administration is supportive of housing finance reform. In fact I think there’s agreement on some of these issues. The President has made very clear that he does have an interest, as I think all Americans do, in taking taxpayers off the hook in the event that God forbid we did experience the same kind of housing crisis we did go through. Agreed that we can find ways to introduce more private capital into the market. With respect to proposed legislation, I think there’s some common principles that are the foundation to build on and we look forward to working with you,” said Secretary Castro.</p> <p>“We do have a situation where the FHA market share for large banks has recently been cut in half from 61% to 33% and I know that is a concern. Non-banks have increased now, they were 24% and now [several years later] they are 51%. Is this troubling, and do you think legal uncertainty maybe is part of the problem in terms of getting the traditional lenders more involved here and what about the need for a greater certainty around the rep and warranty framework here and looking at that as a way of bringing capital back in?” continued Rep. Royce.</p> <p>“Yes, we are looking at that. We believe it makes sense to take reasonable steps to create more business certainty for lenders. I know this is something that Director Mel Watt at FHFA has worked on, is working on now, it’s something that we’re working on that’s called Blueprint for Access to Credit [for American Families]. We hear from lenders about the uncertainty that does exist regarding potential liability. We look forward to being able to create greater certainty that will help open up the credit box reasonably for responsible Americans to get access to credit.”</p> <p>“Given the percentage of erosion here in market share and especially the fact that it’s thinly capitalized non-banks that are coming in, I think that it needs to be addressed,” concluded Rep. Royce.</p> <p>Click <a href="https://youtu.be/Qf5Lf9b1lqQ">here</a> or on the image below to watch the full exchange:<br />+</p>  <script async src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script><div class="td-g-rec td-g-rec-id-content_bottom"> <script type="text/javascript"> var td_screen_width = document.body.clientWidth; if ( td_screen_width >= 1024 ) { /* large monitors */ document.write('<ins class="adsbygoogle" style="display:inline-block;width:468px;height:60px" data-ad-client="ca-pub-4765318478912403" data-ad-slot="5509231618"></ins>'); (adsbygoogle = window.adsbygoogle || []).push({}); } if ( td_screen_width >= 768 && td_screen_width < 1024 ) { /* portrait tablets */ document.write('<ins class="adsbygoogle" style="display:inline-block;width:468px;height:60px" data-ad-client="ca-pub-4765318478912403" data-ad-slot="5509231618"></ins>'); (adsbygoogle = window.adsbygoogle || []).push({}); } if ( td_screen_width < 768 ) { /* Phones */ document.write('<ins class="adsbygoogle" style="display:inline-block;width:300px;height:250px" data-ad-client="ca-pub-4765318478912403" data-ad-slot="5509231618"></ins>'); (adsbygoogle = window.adsbygoogle || []).push({}); } </script> </div>  </div></div> <footer> <div class="td-post-source-tags td-pb-padding-side"> </div> <div class="td-post-sharing td-post-sharing-bottom td-pb-padding-side"><span class="td-post-share-title">SHARE</span> <div class="td-default-sharing td-with-like"> <a class="td-social-sharing-buttons td-social-facebook" href="http://www.facebook.com/sharer.php?u=https%3A%2F%2Fcalifornia.realestaterama.com%2Frep-royce-questions-huds-castro-on-gse-reform-and-fha-market-exodus-ID03550.html" onclick="window.open(this.href, 'mywin','left=50,top=50,width=600,height=350,toolbar=0'); return false;"><div class="td-sp td-sp-facebook"></div><div class="td-social-but-text">Facebook</div></a> <a class="td-social-sharing-buttons td-social-twitter" href="https://twitter.com/intent/tweet?text=Rep.+Royce+Questions+HUD%E2%80%99s+Castro+on+GSE+Reform+and+FHA+Market+Exodus&url=https%3A%2F%2Fcalifornia.realestaterama.com%2Frep-royce-questions-huds-castro-on-gse-reform-and-fha-market-exodus-ID03550.html&via=California+RealEstateRama"><div class="td-sp td-sp-twitter"></div><div class="td-social-but-text">Twitter</div></a> <a class="td-social-sharing-buttons td-social-google" href="http://plus.google.com/share?url=https://california.realestaterama.com/rep-royce-questions-huds-castro-on-gse-reform-and-fha-market-exodus-ID03550.html" onclick="window.open(this.href, 'mywin','left=50,top=50,width=600,height=350,toolbar=0'); return false;"><div class="td-sp td-sp-googleplus"></div></a> <a class="td-social-sharing-buttons td-social-pinterest" href="http://pinterest.com/pin/create/button/?url=https://california.realestaterama.com/rep-royce-questions-huds-castro-on-gse-reform-and-fha-market-exodus-ID03550.html&media=" onclick="window.open(this.href, 'mywin','left=50,top=50,width=600,height=350,toolbar=0'); return false;"><div class="td-sp td-sp-pinterest"></div></a> </div><div class="td-classic-sharing"><ul><li class="td-classic-facebook"><iframe frameBorder="0" src="https://www.facebook.com/plugins/like.php?href=https://california.realestaterama.com/rep-royce-questions-huds-castro-on-gse-reform-and-fha-market-exodus-ID03550.html&layout=button_count&show_faces=false&width=105&action=like&colorscheme=light&height=21" style="border:none; overflow:hidden; width:105px; height:21px; background-color:transparent;"></iframe></li><li class="td-classic-twitter"><a href="https://twitter.com/share" class="twitter-share-button" data-url="https://california.realestaterama.com/rep-royce-questions-huds-castro-on-gse-reform-and-fha-market-exodus-ID03550.html" data-text="Rep. 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Napolitano (D-El Monte), issued the following statement after the Trump administration announced a new proposal—claiming it to be pro-industry—which would weaken federal clean water rules, putting at risk the health and safety of millions of Americans </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/flood-protection-and-water-storage-ID09937.html" rel="bookmark" title="Flood Protection and Water Storage">Flood Protection and Water Storage</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-04T03:31:39+00:00" >July 4, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/senators-include-legal-protections-for-military-families-in-privatized-housing-in-defense-bill-ID09930.html" rel="bookmark" title="Senators: Include Legal Protections for Military Families in Privatized Housing in Defense Bill">Senators: Include Legal Protections for Military Families in Privatized Housing in...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:24:14+00:00" >April 1, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/mccarthy-introduces-legislation-to-repurpose-high-speed-rail-funding-to-water-infrastructure-projects-ID09929.html" rel="bookmark" title="McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure Projects">McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/congressman-kevin-mccarthy">Congressman Kevin McCarthy</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:20:36+00:00" >April 1, 2019</time></div> </div> </div> </div> </div> </div></div> <aside class="widget widget_archive"><div class="block-title"><span>Government & Nonprofit Press Release Archive</span></div> 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