Democrats Propose Mortgage Aid
8 octobre 2007 – 0:07WASHINGTON — Expressing concern that turmoil in the mortgage markets will get worse, the chairman of a House committee overseeing the banking industry said Fannie Mae and Freddie Mac should be allowed to do more now to ease the credit crunch.
House Financial Services Committee Chairman Barney Frank (D., Mass.) said he would support a temporary increase in the portfolios held by the two mortgage giants. Just two weeks ago he said such a change should come only as part of broader regulatory reform for the government-sponsored enterprises.
But Mr. Frank said any change must be limited and temporary, and he said there was still a need for broader regulatory reform for the companies.
The government slightly increased the investment portfolio caps for Fannie Mae and Freddie Mac last month, but the action didn’t go as far as Democrats had hoped.
Sen. Charles E. Schumer (D., N.Y.) has introduced a bill that would temporarily lift the caps. “As soon as the Senate does it, we would be ready to do it,” Mr. Frank said.
The changes might allow Fannie Mae and Freddie Mac to increase their portfolios by 10%, or almost $150 billion, for one year.
A White House spokesman said that any changes to the limits on Fannie Mae and Freddie Mac should only come in conjunction with comprehensive regulatory reform at the companies.
To combat Democratic criticism, the White House issued a statement questioning why Congress had not yet acted to take up the measure legislatively. “Why hasn’t Congress passed legislation reforming the Government Sponsored Enterprises (GSEs), which has…been bottled up all year?” the White House said in its statement.
Nearly $600 billion in adjustable-rate subprime mortgages are expected to reset to higher monthly payments by the end of next year, and credit market problems are leading to foreclosures and major losses at Wall Street banks and investment firms.
Mr. Frank joined House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid in calling on the Bush administration to appoint a senior adviser charged with limiting the record number of homeowners entering the foreclosure process. The Democratic leaders also added their support for the plan to raise Fannie Mae and Freddie Mac’s portfolio limits.
The Bush administration has been under fire for problems in the housing and credit markets, prompting President Bush to say several times this summer that specific actions should be taken. Democrats have issued numerous proposals, but yesterday’s news conference marked the first time the Democratic leadership has offered a comprehensive plan.
Mr. Frank said the White House should appoint former Housing and Urban Development Secretary Jack Kemp to lead the administration’s efforts to prevent foreclosures. The White House dismissed the idea of such a position.
“Why are Democrats calling for a ‘housing czar’ when [Housing and Urban Development Secretary Alphonso Jackson and Treasury Secretary Henry Paulson] are calling for key legislative reforms and meeting with mortgage counselors, lenders, and servicers to discuss the best way to contact troubled borrowers and educate them on their options?” the White House said in a statement.
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