Tuesday , 26 January 2021

Fed’s Powell on Urgency of Housing Finance Reform

By Jann Swanson

Posted To: MND NewsWire

According to Federal Reserve Governor Jerome H. Powell, the current housing finance status quo may feel comfortable , but it is also unsustainable . Powell, speaking to the American Enterprise Institute on Thursday, called urgent fundamental reform of the system “the great unfinished business of post-financial crisis reform.” He conceded that the Federal Reserve is not charged with designing or evaluating proposals for housing finance reform, but is responsible ensuring the safety and soundness of banking institutions and the stability of the broader financial system. Since a well- capitalized and regulated housing finance is vital to that goal, he said “We need a system that provides mortgage credit in good times and bad to a broad range of creditworthy borrowers.” While there had been some…(read more)

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