U.S. housing finance system 'unsustainable': Fed's Powell

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U.S. housing finance system ‘unsustainable’: Fed’s Powell

U.S. housing finance system ‘unsustainable’: Fed’s Powell

Reuters-

The U.S. housing finance system continues to put taxpayers at risk in a market dominated by government-backed agencies, Federal Reserve Governor Jerome Powell said on Thursday, calling for further reform of an “unsustainable” situation.

A decade after doubts about the creditworthiness of mortgage-backed securities helped trigger the worst financial crisis since the Great Depression, systemic risk remains given the concentration of mortgages in Fannie Mae (FNMA.PK) and Freddie Mac (FMCC.PK), he said.

“We’re almost at a now-or-never moment,” Powell told a conference in Washington, arguing that the window for political action on an overhaul of housing finance may not stay open for long.

Key lawmakers in the House and Senate have started to examine proposals to overhaul housing finance, and U.S. Treasury Secretary Steven Mnuchin has also indicated the issue a top priority. Policymakers have struggled for years to craft legislation to significantly reform Fannie and Freddie.

[REUTERS]

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2 Responses to “U.S. housing finance system ‘unsustainable’: Fed’s Powell”

  1. perpetualWAR says:

    Gee….unsustainable?

    After 18.2 million American homes unlawfully foreclosed…..homes sold to hedge funds in bulk purchases…..rents increased where 146% of Americans report they cannot pay…..and ONLY NOW they call it “unsustainable!?!

  2. Carl Collicott says:

    The TARP “funds” were used to bail-out “Banking Organizations”. Banking Organizations are limited to “foreign investments”! Furthermore, “Bank Holding Companies” are a division of the “Bank for International Settlement”, have no PUBLIC DEALINGS, and are not permitted to operate in the several states.
    SOURCE
    Jones Day | TARP and SBLF Repayments by *Bank Holding Companies
    http://www.jonesday.com › … › News & Knowledge › Publications › Jones Day Publications
    1.
    2.
    The Treasury invested $204.9 billion in 707 banking organizations pursuant to the Troubled Asset Relief Program (“TARP”) Capital Purchase Program (“CPP”).

    Title 12 Banks and Banking Parts 220 to 229 (Revised as of January …
    https://books.google.com/books?isbn=0160922321
    Office of The Federal Register, Enhanced by IntraWEB, LLC – 2014 – ?Law
    Notwithstanding the foregoing, the full amount of TARP Subordinated Securities … provided that thebanking organization must include the TARP Subordinated …
    Code of Federal Regulations: 2000- – Page 240 – Google Books Result
    https://books.google.com/books?id=y5jczX_1FVUC
    2010 – ?Administrative law
    Notwithstanding the foregoing, the full amount of TARP Subordinated Securities … provided that the banking organization must include the TARP Subordinated …

    Troubled Asset Recovery Plan (TARP) Capital Purchase Plan (CPP …
    https://www.legis.iowa.gov/docs/publications/SD/9834.pdf
    TARP is a federal program that is administered by the US. Treasury. … 51 Iowa based banking organizations applied for the TARP CPP. Most of those banks.

    Also referred to as a “Financial Institution”, a “Financial Institution” is a “Bankers Bank”, and have no “Public dealings.
    A Retrospective of the Troubled Asset Relief Program – Wolters Kluwer …
    https://business.cch.com/bankingFinance/focus/News/TARPwhitepaper.pdf
    1.
    2.
    by K Bianco – ?Cited by 2 – ?Related articles
    the Senate Banking Committee on September 23 to ask Congress to promptly give … ensuring that all *financial institutions were eligible to participate in TARP.

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