What Would Housing Finance Reform Look Like Under Clinton?

first_imgHome / Daily Dose / What Would Housing Finance Reform Look Like Under Clinton? Tagged with: Gene Sperling GSE Reform Hillary Clinton Housing Finance Policy The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: CFPB Plans Further Servicing Rules Updates Next: Counsel’s Corner: Reversal of the “Free House” Decision Hillary ClintonThe possibility of Hillary Clinton winning the Democratic nomination for the presidency is becoming more of a likelihood and GSE reform has become more and more of a hot button topic as of late.A few months ago, Clinton laid out her plan to provide “a fair shot at homeownership” for everyone, but has not spoken on the possibility of GSE reform—nor have any of the presidential candidates. The closest they have come was earlier this week when presumptive Republican nominee Donald Trump said that in a couple of weeks he would overhaul the controversial Dodd-Frank Act if he is elected.Clinton may have indirectly commented on a plan for GSE reform with the hiring of Gene Sperling, who was Director of the National Economic Council under Clinton’s husband and Obama and also served as Counselor to former Treasury Secretary Timothy Geithner, as her top economic adviser. Sperling and noted economists Jim Parrott, Lewis Ranieri, Mark Zandi, and Barry Zigas in March authored a white paper for Urban Institute titled “A More Promising Road to GSE Reform” in which they not only proposed to merge Fannie Mae and Freddie Mac into one government entity, but they highlighted the urgency of the situation, saying that the FHFA is helping Fannie Mae and Freddie Mac “tread water” and that “the situation is not healthy.” They insisted, “Let’s not wait until the next crisis” for GSE reform.Gene SperlingIn that paper, the authors contend that a government corporation titled the National Mortgage Reinsurance Corporation (NMRC) would replace Fannie Mae and Freddie Mac and would perform the same functions as the GSEs do currently—it would purchase conforming single-family and multi-family mortgages and issue securities backing the loans through a single issuing platform operated by the NMRC—but unlike the GSEs, would be required to transfer all non-catastrophic debt risk on the securities it issues to a broad range of private entities.Perhaps the most important difference between the NMRC and the current GSEs is that the NMRC “would be motivated neither by profit nor market share, but by a mandate to balance broad access to credit with the safety and soundness of the mortgage market.”The plan offered by Sperling and his co-authors is similar to a plan offered earlier by Senators Tim Johnson (D-South Dakota) and Mike Crapo (R-Idaho) when the two were, respectively, Chairman and Ranking Member of the Senate Banking Committee. That plan included a government backstop for any catastrophic losses the mortgage industry might incur.There is speculation that if Clinton is elected, she would likely tackle GSE reform at some point during her first 18 months in office. The hiring of Sperling as a top economic adviser would seem to indicate that she would share his views on housing policy reform. Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Subscribecenter_img What Would Housing Finance Reform Look Like Under Clinton? Servicers Navigate the Post-Pandemic World 2 days ago May 20, 2016 1,513 Views Gene Sperling GSE Reform Hillary Clinton Housing Finance Policy 2016-05-20 Brian Honea Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save  Print This Post Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Home minister to ban on-street campaign rallies, convoys for 2020 regional elections

first_imgHome Minister Tito Karnavian is set to ban on-street and large-scale campaign rallies for candidates running in the upcoming regional elections this year due to the COVID-19 pandemic.He also urged all parties to prioritize the implementation of health protocols at every stage of the race, highlighting that campaign events should not invite crowds that could heighten the risk of virus transmission.”I and the General Elections Commission [KPU] will strictly ban on-street campaign rallies and convoys. Town hall meetings will also be limited to 50 people only,” Tito said in a statement on Wednesday. The Elections Supervisory Agency (Bawaslu) will fine any candidate who violates health protocols during any stage of the elections, which will be held simultaneously in the country’s 270 regions, with voting day scheduled for Dec. 9.Candidates were rather expected to use their political campaigns as a means to show their innovations and ideas in handling the impact of the pandemic, he added.Read also: Majority of public wants regional elections delayed: Surveys”We should build the big theme [for the campaign] together, [namely] the role of regional leaders in mitigating COVID-19 and its economic impact,” Tito said as quoted by tribunnews.com. In July, the KPU had urged candidates in the regional elections to refrain from hosting campaign rallies in person and instead take them online, especially if their constituencies still have a high risk of COVID-19 transmission.The commission, however, allows candidates to host in-person rallies in locations where the infection rate has slowed down. But all in-person campaign events must be held in open-air spaces and under strict health protocols, which include physical distancing and not exceeding half of the location’s maximum occupancy.Candidates are also required to obtain permission from the COVID-19 task force in their region prior to hosting a campaign rally.President Joko “Jokowi” Widodo conveyed his concerns that the election would spawn new clusters of the coronavirus, as people would gather in polling stations on voting day.“Health protocols should be implemented at every stage of the regional elections. We should have elections that are safe from COVID-19. The most important thing is to assure voters that the KPU and the government are concerned about their health” Jokowi said on Wednesday. (nal)Topics :last_img read more