U.S. Rep. Randy Hultgren (R-IL) has partnered with U.S. Rep. Gwen Moore (D-WI) on bipartisan legislation that would help maintain mortgage credit access and affordable housing assistance for Americans who depend on the Federal Home Loan Bank (FHLB) System, according to a press release from Hultgren.
Following a new membership rule for the system from the Federal Housing Finance Agency (FHFA), Hultgren and Moore are fighting to ensure that lenders that have positively contributed to the FHLB system will remain members.
The Housing Opportunity Mortgage Expansion (HOME) Act, HR2890, would ensure that lenders that were in the system before the FHFA proposed its new membership rule would be able to stay within the system by demonstrating their history of residential mortgage activities
“The HOME Act recognizes that the Federal Home Loan Bank System is working, especially for my constituents in Illinois who are purchasing a home,” Hultgren said. “It provides a reliable source of financing that community banks and credit unions in my community rely on for providing access to mortgage credit for families, not to mention its commitment to affordable housing through grant programs and down-payment assistance. This legislation clarifies that companies with a history and mission of supporting residential housing should be able to continue to serve our communities.”
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