John Sununu is right. In a recent Boston Globe column, he supported a "bipartisan, substantive and bold" solution to the current stalemate in Washington about the future of Fannie Mae and Freddie Mac. On this issue, more than most, such an outcome is possible.
The proposal floated recently by Senators Mark Warner (D-VA) and Bob Corker (R-TN) starts the conversation but it is lacking in some important aspects that Sununu fails to mention in his piece. Corker-Warner offers an explicit federal government guarantee for mortgage lending without a parallel affirmative obligation to serve all communities equitably and responsibly. We have seen over the years, absent such an affirmative obligation, that one of two problems arise. Wall Street financiers either ignore low- and moderate-income communities or they prey on those same neighborhoods, extracting profits and leaving a wake of devastation behind.
DORCHESTER – Monday, June 10, 2013 – Governor Deval Patrick today kicked-off Commonwealth Housing Week by announcing a new compact that creates a goal of providing 10,000 mortgage loans to first-time homebuyers over the next five years. The Home Ownership Compact includes a commitment among lenders to originate a specific number of mortgage loans to first-time home buyers with household incomes below the area median income through the MassHousing and the Massachusetts Housing Partnership programs.
“By giving more young people and families the opportunity to own a home, we retain our talent pool and create sustainable long term economic growth,” said Governor Patrick.
The Massachusetts Homeownership Compact will help accelerate economic recovery and neighborhood stabilization initiatives in the Commonwealth and retain and attract a competitive workforce.
"We couldn’t have purchased our home without Massachusetts Affordable Housing Alliance’s first-time homebuyer program, support from our family, a great mortgage product and a wonderful loan officer," said Rashida Constantine, a Dorchester homeowner and MAHA member. "It was an empowering experience that sets an important example for our kids."
MAHAMassachusetts Affordable Housing Alliance
1803 Dorchester Avenue
Dorchester, MA 02124
By email: firstname.lastname@example.org
By phone: 617-822-9100
By fax: 617-265-7503