In Op-ed, Professor David Reiss Calls Upon Congress To Act On Housing Finance Reform

In a recent op-ed for The Hill, Professor David Reiss,an expert in Real Estate Finance and Consumer Finance Law, warns that the Trump Administration’s plan to reform housing finance and end the U.S. government’s 11-year conservatorship of mortgage giants Fannie Mae and Freddie Mac, could lead to their return as two “800 pound gorillas.” Unless Congress acts, the administration will carry out the steps under the plan to recapitalize and release the two entities.

“This has been a move that vulture investors who bought in after the two companies entered into their conservatorships [created in the wake of the financial crisis of 2008], have clamored for,” Reiss writes. “Congress should now heed the call of the administration and take up housing finance reform to meet the needs of Americans before we glide into a solution that awards vulture investors first, homeowners second, and perhaps taxpayers last of all.”

A Fellow of the American College of Real Estate Lawyers, Reiss serves as Academic Programs Director of the Center for Urban Business Entrepreneurship (CUBE).  He is a frequently quoted expert on legal developments in the real estate finance sector and is a frequent opinion contributor for The Hill. His popular blog, REFinBlog, offers a roundup of developments in the law and practices related to the real estate finance industry. He is the author of the forthcoming book, Paying for the American Dream: How to Reform the Market for Mortgages (Oxford University Press, 2019). Recently, Reiss was appointed Chair of the New York City Rent Guidelines Board.

Read the full op-ed on The Hill.