Senate Addressees 30-Year Subsidies
Video of Senate hearing on 30-year mortgages
Oct. 24, 2011
By MortgageDaily.com staff
A hearing was held last week on the subsidization of 30-year fixed-rate mortgages.
The hearing, Housing Finance Reform: Continuation of the 30-year Fixed-rate Mortgage, was held by the Senate Committee on Banking, Housing and Urban Affairs on Wednesday.
Chairing the committee was Sen. Tim Johnson (D-S.D.), while committee member Sen. Richard Shelby (R-Ala.) joined him in questioning the speakers.
Several scholars were among those who testified. The discussion was civil, and the witnesses debated the benefits and costs of subsidizing 30-year mortgage rates at the expense of borrowers with other loan products.
