ABA President and CEO Frank Keating made remakes on the Protecting American Taxpayers and Homeowners Act introduced by Chairman Hensarling earlier this week.
We commend Chairman Hensarling for this thoughtful measure to begin the essential work of reforming our nation's housing finance system and protecting taxpayers, which includes reforming Fannie Mae and Freddie Mac and refocusing the Federal Housing Administration.
We strongly support provisions of the Chairman’s bill that would delay implementation of pending mortgage rules, including Qualified Mortgage, and provide some important and needed changes to that rule. More time is needed to ensure that banks can comply with these complex new rules to avoid unintended effects on credit availability.
Read Keating’s full statement.