Massachusetts Mortgage Bankers Underscore Need for Housing Finance Reform

BOSTON, Oct. 26, 2017 /PRNewswire/ -- Leading mortgage bankers from Massachusetts traveled to Denver this week to participate in the 2017 Mortgage Bankers Association (MBA) Annual Convention and Expo where attendees and guest speakers, including Department of Housing and Urban Development (HUD) Secretary Ben Carson and Director of Federal Housing Finance Agency (FHFA) Mel Watt, discussed housing finance reform.

"The need for housing finance reform grows more urgent each day," said Phil DeFronzo, President of Norcom Mortgage. "Affordable housing concerns are real and Congress must lock in the reforms made to Fannie Mae and Freddie Mac, which will protect the citizens of Massachusetts."

According to Make Room USA's analysis of the 2015 American Community Survey (ACS), 25 percent of Massachusetts' renter population (248,000 households) spends more than half their income on rent, ranking 16^th nationwide. This includes, 74,212 families with children, 54,039 senior households, 44,188 households with at least one disabled adult, and 14,124 veteran households. 

"Hearing Secretary Carson and Director Watt reiterate our concerns exemplifies that this is a problem across the country," said DeFronzo. "Massachusetts, in particular, is suffering from an exorbitantly high cost of living. People can't buy homes and they're not able to afford rental prices."

MBA has laid out a proposal to overhaul the current housing finance system, which remains the last piece of unfinished business from the 2008 financial crisis. The plan aims to expand access to credit, promote affordable housing, and support underserved market segments.

"There is no shortage of support for housing finance reform among our representatives," DeFronzo said. "The Trump Administration and Congress both agree that something needs to be done to ensure our housing market remains robust. Hopefully, Congress will work with the Administration to find a bipartisan solution."

SOURCE Mortgage Bankers Association