Randy Noel, chairman of the National Association of Home Builders (NAHB) and a custom home builder from LaPlace, La., issued the following statement on Senate Banking Committee Chairman Mike Crapo’s housing finance reform proposal:
“NAHB commends Senate Banking Committee Chairman Mike Crapo for taking this important step to move the debate forward on overhauling Fannie Mae and Freddie Mac, and the U.S. housing finance system. He has consistently taken a leadership role on this issue. Sen. Crapo’s plan would maintain a limited federal backstop to the nation’s housing finance system, a critical element recommended by NAHB to achieve meaningful housing finance reform.
“Momentum on overhauling the housing finance system is clearly growing, as the administration is also looking to move forward on this issue. While a legislative solution will ultimately be required to accomplish comprehensive housing finance reform, NAHB looks forward to working with all interested stakeholders to move this process forward. A stable and reliable housing finance system is vital to a vibrant housing market and a strong economy.”