July 10th, 2015 by WCBC Radio
Five years ago this month an important step towards consumer and investor protection was taken as the Dodd-Frank Wall Street Reform Act was signed into law. Passed after the greatest financial crisis since the Great Depression, the law increased consumer and investor protections, created the Consumer Financial Protection Bureau and gave the Securities and Exchange Committee new enforcement authority. However, Congress has not passed housing finance reform. During the financial crisis over 11 million Americans were displaced by foreclosures. In September of 2008 Fannie Mae and Freddie Mac were placed into conservatorship. Seven years later, their legal status has not changed.
This year, Congressman John K. Delaney (MD-6), with his colleagues Rep. Jim Himes (CT-4) and Rep. John Carney (DE- At large) introduced the Partnership to Strengthen Homeownership, legislation to protect the fixed-rate 30-year mortgage and shield American taxpayers from future bailouts by reforming the housing finance system.
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