Statement from NAHB Chairman Kevin Kelly on FHFA Proposal for Private Mortgage Insurance Companies

July 14, 2014 - Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del., issued the following statement on the Federal Housing Finance Agency’s (FHFA) draft eligibility requirements that private mortgage insurance companies would have to meet in order to insure loans sold to or guaranteed by Fannie Mae and Freddie Mac:

“NAHB is concerned that this proposal could increase the cost and impede the availability of private mortgage insurance at a time when the housing recovery remains fragile. FHFA has provided 60 days to comment on this proposal and NAHB intends to respond. Credit conditions are already extremely tight for qualified home borrowers, particularly those who do not have pristine credit scores. FHFA needs to take great care that these changes are implemented in a careful manner to avoid any unintended consequences that would shut creditworthy buyers out of the housing market.”

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