WASHINGTON — The Obama administration's housing policies will focus on consumer protection, targeted assistance and ensure market stability and the ability to respond to crises.
That, and guaranteeing access to the secondary market for credit unions and community banks, will drive the administration’s decisions Under Secretary of the Treasury Jeffrey Goldstein said at CUNA’s Governmental Affairs Conference.
He said the private market will be the primary method for financing housing. But he noted that “reducing the government footprint isn’t enough; the market must be more stable.”
Goldstein said the winding down of FannieMae and FreddieMac would be done with great care so the market isn’t disrupted.
He also said the administration wants to ensure that people who can afford to be homeowners have access to mortgages but limit the risk to taxpayers.
Goldstein also praised credit unions for their work serving the underserved. He said the administration would work to increase access to financial services as part of its implementation of the financial overhaul bill passed last year.