January 29, 2001
Mr. Robert S. Seiler, Jr.
Manager of Policy Analysis
Office of Federal Housing Enterprise Oversight
1700 ... Washington, DC 20552
Re: Solicitation of Public Comment on Systemic Risk
65 Fed. Reg. 64718-64720 (October 30, 2000)
Dear Mr. Seiler
The Homeownership Alliance welcomes this opportunity to provide our input on the question of systemic risk as it applies to Fannie Mae and Freddie Mac. The former secretaries of the Department of Housing and Urban Development, Jack Kemp and Henry Cisneros, have noted on our web site:
“America has created the most remarkable system for promoting homeownership the world has ever known. It is a vibrant system that benefits consumers. It links home builders, realtists and Realtors, mortgage lenders, government agencies, secondary market companies, mortgage insurers, community groups and nonprofit organizations, all in a shared desire to expand homeownership opportunities to more American families. The role of the secondary market in this system is vital, and unique to America. Without the American secondary market, the 30-year fixed-rate mortgage that we take for granted would be as rare as it is in other developed nations.”
(snip)
Many of those who question the level of investment in housing point to America’s historically high homeownership rate as evidence of their point. While a 68 percent homeownership rate is impressive, the homeownership rate among minorities still less than fifty percent. As America moves into the 21st century, minority families should be given the chance to reap the benefits of homeownership as well. The continuation of a strong secondary market – anchored by Fannie Mae and Freddie Mac – is the best way to help them achieve that dream while minimizing risks. For the sake of these families, we should do nothing to harm what has made America’s housing finance system the envy of the world.
Sincerely,
[signed: Richard H. Davis]
Richard H. Davis
President
The Homeownership Alliance, Inc.
Emphasis:
>>>McCain’s campaign manager, Rick Davis, or his lobbying firm has taken more than $2 million from Fannie Mae and Freddie Mac dating to 2000.<<<
>>>Richard H. Davis
President
The Homeownership Alliance, Inc.<<<