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Senate Addressees 30-Year Subsidies

Mortgage News

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.

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