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Obama administration shows promise with location-efficient mortgage reform | Congress for the New Urbanism

Obama administration shows promise with location-efficient mortgage reform

Submitted by rgallentine on Mon, 02/01/2010 - 12:36pm

DC Streets Blog had an important follow-up from last week's CNU Statement on Fannie Mae and Freddie Mac, pointing out that the Obama administration has showed preliminary interest in making the necessary reforms in our broken mortgage loan markets.

"The Obama administration's new inter-agency sustainable communities task force plans to spend some of its initial $150 million allocation on encouraging the issuance of 'location-efficient' mortgages that take lower transportation costs into account, rewarding borrowers who move to more walkable or transit-rich areas."

These reforms are a step in the right direction for an issue that is both necessary and urgent for Congress to address. The longer mortgage backers are encouraged not to provide loans for mixed-use properties, the harder it will be to take back Main St, USA. We urge lawmakers to take action immediately.

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