tailieunhanh - REFORMING AMERICA’S HOUSING FINANCE MARKET: A REPORT TO CONGRESS

The crisis has highlighted the need to improve risk management strategies at both the system-wide and institutional levels in the financial services industry. It has demonstrated that efforts limited to specific institutions or jurisdictions are insufficient to address a problem that is global in scope. New thinking is required to rebuild a damaged financial system. While other efforts have largely focused on improving risk management in financial services “from the inside out,” this report looks at it “from the outside in” – trying to learn from practices and patterns in domains such as aviation, fisheries, wildfire fighting, immunology/epidemiology, telecommunication and pharmaceuticals. While not all of these. | Reforming America s Housing finance market A Report to Congress February 2011 Introduction This paper lays out the Administration s plan to reform America s housing finance market to better serve families and function more safely in a world that has changed dramatically since its original pillars were put in place nearly eighty years ago. Our plan champions the belief that Americans should have choices in housing that make sense for them and for their families. This means rental options near good schools and good jobs. It means access to credit for those Americans who want to own their own home which has helped millions of middle class families build wealth and achieve the American Dream. And it means a helping hand for lower-income Americans who are burdened by the strain of high housing costs. But our plan also dramatically transforms the role of government in the housing market. In the past the government s financial and tax policies encouraged housing purchases and real estate investment over other sectors of our economy and ultimately left taxpayers responsible for much of the risk incurred by a poorly supervised housing finance market. Going forward the government s primary role should be limited to robust oversight and consumer protection targeted assistance for low- and moderate-income homeowners and renters and carefully designed support for market stability and crisis response. Our plan helps ensure that our nation s economic health will not be jeopardized again by the fundamental flaws in the housing market that existed before the financial crisis. At the same time this plan recognizes the fragile state of our housing market and is designed to ensure that reforms are implemented at a stable and measured pace to support economic recovery over the next several years. Under our plan private markets - subject to strong oversight and standards for consumer and investor protection - will be the primary source of mortgage credit and bear the burden for losses.

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