In a press release Wednesday, April 14, 2010, the Obama Administration released questions for the public to comment on the future of the housing finance system which includes Fannie Mae and Freddie Mac, and the general role of the federal government in housing policy. The Administration is hoping to get input on these questions from a wide variety of constituents such as market participants, industry groups, academic experts, and consumer and community organizations. You will also be able to find the questions published in a Federal Register notice which requests public comments, and the information on the process for submitting comments will also be included in that notice.
Treasury Secretary Tim Geithner stated, "A well-functioning housing finance system is critical to the long term stability of the housing market...Hearing from a wide variety of perspectives as we embark on this process is an important part of establishing a more stable and sound housing finance system for the American people."
The Obama Administration is setting up two ways to get input. The first is an online site, www.regulations.gov, where participants can submit written responses to the questions published in the Federal Register. The second includes a series of public forums across the United States on housing finance reform. The hope is that these opportunities will give the public a chance to voice their opinion on the housing finance reform and help the federal government better understand the issues facing the people, molding the policy response as it moves forward. U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan said, "This open process will help shape the future of our housing finance system...the Obama administration is committed to engaging the public as we consider proposals for reforming the housing finance system in the context of our broader housing policy goals, and the best steps to get from where we are today to a stronger housing finance system."
The Following are the Questions Open for Public Input:
1. How should federal housing finance objectives be prioritized in the context of the broader objectives of housing policy?
2. What role should the federal government play in supporting a stable, well-functioning housing finance system and what risks, if any, should the federal government bear in meeting its housing finance objectives?
3. Should the government approach differ across different segments of the market, and if so, how?
4. How should the current organization of the housing finance system be improved?
5. How should the housing finance system support sound market practices?
6. What is the best way for the housing finance system to help ensure consumers are protected from unfair, abusive or deceptive practices?
7. Do housing finance systems in other countries offer insights that can help inform US reform choices?
What are your thoughts? Does this sound like a good idea from the administration? With president's poll numbers sinking, will further regulatory reform bring him back to his former popularity levels?
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