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WASHINGTON (March 16, 2021) – National Association of Realtors® President Charlie Oppler issued the following statement after Senate Banking Committee Ranking Member Pat Toomey on Monday formally unveiled his principles for ongoing housing finance reform conversations. NAR's official policy aligns with many of Senator Toomey's priorities for the GSE reform, including prudent taxpayer protections, preservation of a liquid secondary mortgage market and incremental reforms to ensure a smooth transition out of conservatorship.
"NAR applauds Senator Toomey for proactively and constructively outlining his vision for housing finance reform," said Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International. "The GSEs now support nearly 80% of the U.S. residential market, and it is more important than ever that Fannie and Freddie's transition from conservatorship be developed collaboratively and deliberately. While some points of disagreement remain, we look forward to working with Senator Toomey and policymakers from both sides of the aisle as these conversations progress over coming months."
NAR proposed its utility model for Fannie and Freddie reform in the winter of 2019, arguing this designation would balance the need to protect taxpayers while allowing for GSEs to take advantage of innovation in the private market. The nation's largest trade association expanded on that proposal during an event held this January, offering specifics on how Fannie and Freddie can attract investors, minimize risk and keep costs down as they transition into mortgage market utilities. Many industry experts have noted that the GSEs' somewhat conflicting role as "shareholder-held" and "congressionally-chartered" entities make them perfectly suited for the "utility" designation.
The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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