WASHINGTON (2/15/11)--Rep. Judy Biggert (R-Ill.), leader of the House Financial Services Committee’s subcommittee on insurance, housing, and community development, announced the lineup for the subcommittee’s Feb. 16 hearing on ways to facilitate private sector participation in the mortgage market. Biggert in a Monday release said that the hearing will “explore how the government may be driving private capital away from housing while impeding market recovery.” The subcommittee will also examine options for promoting long-term stability and removing barriers to private investment in the housing market, she added. The first panel will be comprised of:
*U.S. Department of Housing and Urban Development Assistant Secretary for Housing David Stevens; *Ginnie Mae President Theodore Tozer; and *U.S. Treasury Homeownership Preservation Office Chief Phyllis Caldwell.
Former Congressional Budget Office Director Douglas Holtz-Eakin, Annaly Capital Management, Inc. President/CEO Michael Farrell, HOPE Now Director Faith Schwartz, and Center for Responsible Lending Senior Policy Counsel Julia Gordon will sit on the second panel. The Obama administration on Friday proposed nearly eliminating the government’s role in the mortgage market as one of several solutions to the current predicament caused by the government’s 2008 conservatorship of Fannie Mae and Freddie Mac. The administration has also proposed limiting the government’s intervention in the mortgage market to times of financial distress and using a system of reinsurance to backstop private mortgage guarantors to a targeted range of mortgages. (See related coverage: Fannie/Freddie portfolios down amid GSE debate)