Federal Housing Finance Agency (FHFA) Director Melvin H.
Watt told an audience of Realtors® today that after some difficult years in
housing a much needed conversation about homeownership has finally begun. The conversation is about both access to and
demand for homeownership which is one of the primary ways that Americans have
accumulated personal wealth and is a means for many families to gain stability
and invest in their communities.
Watt, speaking to a National Association of Realtors® (NAR) conference in
New Orleans said that conversations on the access side always start with the
availability of credit and there is a widespread concern that the
credit markets have swung from reckless spending to the opposite extreme where
only those with the most pristine credit can get a loan. This is evidenced by the diminished overall
market for purchase mortgages and the higher average credit scores required by
lenders across the entire market and within Fannie Mae and Freddie Mac’s guarantee