Subcommittee addresses housing crisis

This morning, the Subcommittee on Transportation, Housing and Urban Development, and Related agencies, which is under the Senate Committee on Appropriations, met to discuss the Federal Housing Administration's role in addressing the housing crisis. Assistant Secretary for Housing and Federal Housing Commissioner Brian D. Montgomery, Chief Executive Officer of NeighborWorks America Kenneth D. Wade, and Chairman-Elect of Mortgage Bankers Association David G. Kittle were all on hand to testify.

Chairman of the Subcommittee Patty Murray (WA), said in her opening statement that "this morning we are discussing the Federal Housing Administration and its role in solving our nation's housing crisis." She then states, "The housing crisis has swept across our communities. And some are now calling for the FHA to be the savior of the housing market."

In the testimony of FHA Commissioner Brian Montgomery, he responds to the part his agency has in the housing crisis. He discusses their work in helping homeowners under FHASecure, the recent work to help even more homeowners through the FHA, "the prompt need for FHA Modernization, and the proper way to provide down payment assistance."

The subcommittee took a recess until Thursday, April 17.