2004 Adopted Resolutions
72nd Annual Meeting
Boston

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SUPPORTING THE GOVERNMENT SPONSORED ENTERPRISES

     WHEREAS, Congress has chartered the Government Sponsored Enterprises (GSEs) – Fannie Mae and Freddie Mac – to serve as a secondary market and thereby bring liquidity to the mortgage market; and

     WHEREAS, Fannie Mae and Freddie Mac, through their prudent mortgage lending, have greatly expanded affordable housing through the purchase of single and multifamily mortgages benefiting low- and moderate-income homebuyers, residents of distressed inner cities and lower-income renters; and

     WHEREAS, mixed-income neighborhoods are critical to the success of cities; and 

     WHEREAS, the GSEs have made renewed commitments to affordable housing and serving low-and moderate-income homebuyers and renters; 

     NOW, THEREFORE, BE IT RESOLVED THAT THE United States Conference of Mayors hereby adopts the following policy regarding the Government Sponsored Enterprises:

·    Any legislation enacted by Congress should ensure that the critical role that the GSEs play in the nation’s housing finance system be maintained and strengthened;

·    Any legislation enacted by Congress should ensure that those with expertise in housing policy hold regulatory authority over the GSE’s housing mission; and

·    Regulations meant to encourage the GSEs to do more for affordable housing must also ensure that the companies are able to meet their mission of providing low-cost credit to middle-income borrowers and mixed-income communities, while pressing the GSEs to continue to do more in low-income communities.