One of the reasons that the private securitization market is not properly functioning is because the government is crowding out the private market through loan programs that make 90 percent of borrowers eligible for a below-market-rate government-guaranteed mortgage loan.
Royce discusses government programs hindering private mortgage market competition.
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I would like to thank Mr. Engel of New York for his friendship for over 20 years on the committee, but also for his shared leadership over the last 6 years on this committee. I would also like to thank him for his commitment over the years…
I hope this Administration and this Congress have learned something from this failed duopoly and do the hard work necessary to reform our housing finance system.
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