Statement: House Financial Services Committee Approval of Housing Legislation
WASHINGTON — Seth Appleton, President of U.S. Mortgage Insurers (USMI), released the following statement regarding the markup and bipartisan approval of housing legislation in the House Financial Services Committee yesterday:
“The House Financial Services Committee’s markup demonstrates a bipartisan commitment to finding policy solutions to address our nation’s housing supply shortfall and making the American Dream of homeownership more affordable and accessible to working class families. Private mortgage insurance has helped nearly 40 million low down payment households purchase a home or refinance an existing mortgage without having to save for a 20% down payment, all while providing robust credit risk protection to lenders, investors, Fannie Mae and Freddie Mac, and the American taxpayer. Further, private mortgage insurance paid monthly by the borrowers has declined in cost in recent years, while other homebuying and homeownership costs like property taxes, utilities, and homeowners insurance have increased. We look forward to working with the administration and Congress in support of policies that make homeownership more affordable and accessible, while promoting safety and soundness in the housing finance system.”
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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Private mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.
