Congressman Carney today released the following statement in reaction to the draft proposal released today by Financial Services Committee Chairman Jeb Hensarling (R-TX):
"For generations, owning a home has been part of the American dream. The 30-year mortgage is what's enabled people to afford one.
"My number one priority in reforming our housing finance system is preserving the 30-year fixed rate mortgage. Chairman Hensarling's draft proposal fails to do that. It jeopardizes the ability of lenders to provide long-term mortgages at an affordable cost to homebuyers throughout the country.
"Right now, the federal government supports over 90 percent of all home ownership. That's not sustainable. We have to reduce the government's role in the housing market, but we have to do it in a smart way. The draft proposal released today doesn't meet that test.
"I plan to continue working with my colleagues on both sides of the aisle on meaningful housing reform that protects taxpayers but also provides stability and access to credit for homebuyers."