July 28, 2005

Reid to Oppose Efforts to Limit Homeownership

Reid Calls So-Called Reform an Effort that May Harm the Economy

Democratic Leader Harry Reid released the following statement on the Senate Banking Committee’s housing legislation:

WASHINGTON, DC - “The legislation from the Senate banking committee, passed today on a party-line vote by the Republican majority, includes measures that could cripple the ability of Fannie Mae and Freddie Mac to carry out their mission of expanding homeownership. Ironically, rather than promote the President’s ‘ownership society’ agenda, this legislation would have the opposite effect.

“Strong and effective oversight by our country’s housing regulators is important to the continued vitality of the U.S. housing market and I support efforts to ensure the safety and soundness of Fannie Mae, Freddie Mac and the Federal Home Loan Bank system. These entities have been unquestionably instrumental in bringing homeownership opportunities to a wide swath of Americans and have fueled economic growth.

“Our goal in Congress should be to strengthen the appropriate regulatory measures to ensure the financial health of these entities so that even more Americans can own their own home.

“While I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process.”

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