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Annual Performance Plan 508

Annual Performance Plan 508

A robust housing market

A robust housing market plays a large role in stabilizing our neighborhoods and strengthening our national economy. That is why the downturn of the housing market— with high foreclosure rates that triggered an increase in abandoned properties, which contributed to plummeting home values—was so devastating for families and communities. Although the largest factors contributing to this crisis were market-driven—including stagnant home prices, high-risk subprime and predatory lending, and lax underwriting standards— the American people turned to Congress and the Administration for leadership and action in righting our nation’s housing market. Since the crisis, HUD has played a critical role in this federal recovery strategy—helping American families keep their homes and stabilizing neighborhoods hard hit by foreclosure. HUD continues to build upon this federal leadership and advocate a comprehensive approach to the recovery by supporting mortgage finance reform legislation. In addition, HUD remains committed to ensuring underserved communities have access to credit while managing risk to the FHA portfolio in a way that encourages more private investment in the housing market. This work helps put HUD in a strong position to minimize the negative impact of any future market disruptions. HUD working on homes in the New Orleans area for President Obama’s United We Serve initiative, National Day of Service Strategic Objective: Establish a sustainable housing finance system that provides support during market disruptions, with a properly defined role for the US government. Strategic Objective: Ensure equal access to sustainable housing financing and achieve a more balanced housing market, particularly in underserved communities. Strategic Objective: Restore the Federal Housing Administration’s financial health, while supporting the housing market recovery and access to mortgage financing. 30 Strategic Goal: Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers

Strategic Objective: Housing Market Establish a sustainable housing finance system that provides support during market disruptions, with a properly defined role for the US government. OVERVIEW HUD will work with other agencies, Congress, and stakeholder groups to create a sustainable housing system. In doing so, HUD aims to minimize taxpayer risk by fostering private capital as a primary source of liquidity, and focus government participation to a more targeted market of underserved borrowers while still allowing it to maintain its countercyclical role. The right solution will ensure continued access to homeownership and multifamily investment opportunities for creditworthy borrowers while avoiding the problem of private gains and public losses. STRATEGIES • Create a legislative framework to restructure the government-sponsored enterprises (GSEs) in a measured and careful manner. Through this strategy, HUD intends to foster the increased participation of private capital and to insulate taxpayers from losses. At the same time, access to credit must be maintained. In order to accomplish this, HUD will work with Administration partners to lend its expertise in shaping legislative reform. • Develop the necessary reforms to focus the Federal Housing Administration (FHA) on maintaining access to credit for homeowners and multifamily project owners through all economic cycles. HUD will work to update regulations to allow for access to financing for creditworthy borrowers even during economic downturns. • Shape the regulatory landscape through rulemakings. New rules enhance access to financing for creditworthy borrowers and promote the role of private capital. This new landscape will also include enhanced safety mechanisms for both consumers and investors. LEADING THIS OBJECTIVE Edward Golding Principal Deputy Assistant Secretary Office of Housing FY14 APR PROGRESS UPDATE In addition to finalizing regulations and regulatory coordination in the Federal Register with other agencies [Qualified Mortgages and Qualified Residential Mortgages (QM and QRM)], HUD hit its target for share of FHA mortgages to first-time home buyers. Efforts will continue to engage with stakeholders and policymakers to consider housing finance reform legislation that meets the administration’s housing policy priorities. Strategic Goal: Strengthen the Nation’s Housing Market to Bolster the Economy and Protect Consumers 31

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