NC Bankers Talk Mortgages In Recovering Housing Market
National housing experts are in Raleigh today to talk about the future of the mortgage market.
The three-day American Mortgage Conference includes speakers like Richard Cordray, director of the Consumer Financial Protection Bureau, and Shaun Donovan, secretary of Housing and Urban Development. This year's conference is focusing on how to keep mortgages affordable as the housing market recovers from the Great Recession.
"I would hope that some major statements will be made here, that it will catch the attention of members of Congress as to the necessity of a working housing mechanism for our country. Maybe there will be some new ideas born here that will help to expedite our delivery of those goals," says NC Bankers Association president Thad Woodard.
Woodard says speakers will talk about the 30-year mortgage structure, and how to create more affordable housing for low and middle-income families.
"Affordable housing in this day and age is going to be a political priority and a practical priority. We must provide this kind of affordable housing to people who need it."
Congress is still considering proposals that would dismantle mortgage giants Fannie Mae and Freddie Mac while preserving the 30-year mortgage.