Ranking Member Waters’ Statement on Republican Housing Finance Reform Proposal
Today, in response to Financial Services Chairman Jeb Hensarling's release of a proposal to reform the nation's housing finance system, Financial Services Committee Ranking Member Maxine Waters released the following statement:
"I am strongly disappointed in the Chairman's legislation, which is little more than an attempt to reinvent America's housing finance system using the same kind of right-wing ideology that has eroded America's middle class for decades. This bill eliminates the 30-year fixed rate mortgage as we know it and consigns future generations of homeowners to the types of high interest, balloon-payment mortgages that caused the financial crisis. This is by no means a bipartisan bill. By presenting such an extreme proposal—with no input from Democrats—the Chairman stands in stark contrast with his colleagues in the Senate and has made it clear that bipartisan housing finance reform is not his priority."