MATH Briefing - 2nd Quarter 2017: A Secure Financial Future for All Americans: Modernizing Our Broken System of Housing – Access and Affordability
DescriptionStructural reform of the housing finance system by ending the dominance of Fannie and Freddie of the mortgage market can ultimately help expand economic opportunity, access, and affordability for the 21st Century American renter and homeowner. The Milken Institute’s recently released Part III, Affordable Rent and Access to Homeownership, in a series of papers on ‘A Secure Financial Future for All Americans: Modernizing Our Broken System of Housing’ authored by Michael Bright and Ed DeMarco, provides a more in-depth analysis on access and affordability and offers recommendations on how to produce broader and more sustainable access to credit for first-time home buyers and low- and moderate-income Americans as well as how to increase the supply of affordable rental housing. This briefing will explore these policy recommendations within the context of the broader discussion on comprehensive housing finance reform.
Michael Bright is a Director in the Milken Institute’s Center for Financial Markets. Bright worked as a trader of agency mortgage-backed securities and interest rate derivatives for six years, leaving Wachovia’s corporate and investment bank in 2008 at the height of the financial crisis to come to Washington. He worked at the Office of the Comptroller of the Currency in the division of large bank supervision before joining the office of Sen. Bob Corker (R-TN) and serving as a principal author of S.1217, the “Corker-Warner” and later “Johnson-Crapo” housing finance reform bill. Bright has also been involved in the development of several credit risk transfer deals since leaving Capitol Hill.
Ed DeMarco is the President of the Financial Services Roundtable’s Housing Policy Council. DeMarco joined HPC from the Milken Institute’s Center for Financial Markets where he was a Senior Fellow in Residence since 2014. During his time at the Milken Institute, DeMarco was actively engaged in a variety of housing policy issues. Previously, DeMarco was chief operating officer and senior deputy director of the FHFA and its predecessor agency from 2006 to 2009. DeMarco’s federal service also included the Social Security Administration (2003 to 2006), where he was assistant deputy commissioner for policy; the Treasury Department (1994 to 2003), where he was director of the Office of Financial Institutions Policy; and the General Accounting Office (1986 to 1994).
Julia Gordon is the Executive Vice President of the National Community Stabilization Trust, which focuses on federal, state and local policies related to neighborhood stabilization, blight and foreclosure prevention. She also oversees the Neighborhood Stabilization Initiative, a program that provides local community development organizations with a “first look” opportunity to acquire Fannie Mae and Freddie Mac REO properties in 18 different cities. Prior to joining NCST, Gordon served as the Senior Director of Housing and Consumer Finance at the Center for American Progress (CAP). Other positions include managing the single-family policy team at the Federal Housing Finance Agency, serving as senior policy counsel at the Center for Responsible Lending, and working in a variety of positions in the legal aid field.
Doug Holtz-Eakin has a distinguished record as an academic, policy adviser, and strategist. Currently he is the President of the American Action Forum. Since 2001, he has served in a variety of important policy positions. In 2001 and 2002 he was Chief Economist of the President’s Council of Economic Advisers. He was the 6th Director of the non-partisan Congressional Budget Office from 2003 to 2005. During 2007 and 2008 he was Director of Domestic and Economic Policy for the John McCain presidential campaign. More recently he has been and serves as an outside adviser to the U.S. Chamber of Commerce.