[Federal Register Volume 75, Number 77 (Thursday, April 22, 2010)]
[Notices]
[Pages 21146-21147]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-9309]
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DEPARTMENT OF THE TREASURY
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[eDocket Number: TREAS-DO-2010-0001; eDocket Number: HUD-2010-0029]
Public Input on Reform of the Housing Finance System
AGENCIES: Office of the Undersecretary for Domestic Finance, Department
of the Treasury; Office of the Assistant Secretary for Policy
Development and Research, HUD.
ACTION: Notice and Request for Information.
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SUMMARY: Consistent with the Obama Administration's commitment to
openness and transparency and the President's Open Government
Initiative, the Department of the Treasury (Treasury) and the
Department of Housing and Urban Development (HUD) seek public input on
establishing a more stable and sound housing finance system.
DATES: Comment Due Date: July 21, 2010.
ADDRESSES: Interested persons are invited to submit comments regarding
this notice according to the instructions for ``Electronic Submission
of Comments'' below. All submissions must refer to the document title
and one of the above docket numbers. Treasury and HUD encourage the
early submission of comments.
Electronic Submission of Comments. Interested persons must submit
comments electronically through the Federal eRulemaking Portal at
http://www.regulations.gov. Electronic submission of comments allows
the commenter maximum time to prepare and submit a comment, ensures
timely receipt, and enables Treasury or HUD to make them available to
the public. Comments submitted electronically through the http://www.regulations.gov Web site can be viewed by other commenters and
interested members of the public. Commenters should follow the
instructions provided on that site to submit comments electronically.
Note: To receive consideration as public comments, comments
must be submitted through the method specified above. Again, all
submissions must refer to the docket number and title of the notice.
No Facsimile Comments. Facsimile (FAX) comments are not acceptable.
Public Inspection of Public Comments. All properly submitted
comments will be available for inspection and downloading at http://www.regulations.gov.
Additional Instructions. Please note the number of the question to
which you are responding at the top of each response. Though the
responses will be screened for obscenities and appropriateness, in
general comments received, including attachments and other supporting
materials, are part of the public record and are immediately available
to the public. Do not enclose any information in your comment or
supporting materials that you consider confidential or inappropriate
for public disclosure.
FOR FURTHER INFORMATION CONTACT: For general inquiries, submission
process questions or any additional information, please call 202-622-
7653. All responses to this Notice and Request for Information should
be submitted via http://www.regulations.gov to ensure consideration.
SUPPLEMENTARY INFORMATION: Treasury and HUD seek public comment on the
following questions:
1. How should federal housing finance objectives be prioritized in
the context of the broader objectives of housing policy? Commentary
could address: Policy for sustainable homeownership; rental policy;
balancing rental and ownership; how to account for regional
differences; and affordability goals.
2. What role should the federal government play in supporting a
stable, well-functioning housing finance system and what risks, if any,
should the federal government bear in meeting its housing finance
objectives? Commentary could address: Level of government involvement
and type of support provided; role of government
[[Page 21147]]
agencies; role of private vs. public capital; role of any explicit
government guarantees; role of direct subsidies and other fiscal
support and mechanisms to convey such support; monitoring and
management of risks including how to balance the retention and
distribution of risk; incentives to encourage appropriate alignment of
risk bearing in the private sector; mechanisms for dealing with
episodes of market stress; and how to promote market discipline.
3. Should the government approach differ across different segments
of the market, and if so, how? Commentary could address:
Differentiation of approach based on mortgage size or other
characteristics; rationale for integration or separation of functions
related to the single-family and multi-family market; whether there
should be an emphasis on supporting the production of subsidized
multifamily housing; differentiation in mechanism to convey subsidies,
if any.
4. How should the current organization of the housing finance
system be improved? Commentary could address: What aspects should be
preserved, changed, eliminated or added; regulatory considerations;
optimal general organizational design and market structure; capital
market functions; sources of funding; mortgage origination,
distribution and servicing; the role of the existing government-
sponsored enterprises; and the challenges of transitioning from the
current system to a desired future system.
5. How should the housing finance system support sound market
practices? Commentary could address: Underwriting standards; how best
to balance risk and access; and extent to which housing finance systems
that reference certain standards and mortgage products contribute to
this objective.
6. What is the best way for the housing finance system to help
ensure consumers are protected from unfair, abusive or deceptive
practices? Commentary could address: Level of consumer protections and
limitation; supervising agencies; specific restrictions; and role of
consumer education.
7. Do housing finance systems in other countries offer insights
that can help inform U.S. reform choices?
Dated: April 16, 2010.
Alastair Fitzpayne,
Acting Executive Secretary, Department of the Treasury.
James Parrott,
Counselor to the Secretary, Department of Housing and Urban
Development.
[FR Doc. 2010-9309 Filed 4-21-10; 8:45 am]
BILLING CODE 4810-25-P; 4210-67-P