The Case for New Lending Policy

The Congress for New Urbanism has joined the effort to change the lending practices, particularly of government backed mortgage agencies Fannie Mae and Freddie Mac, that discourage investment in Main Streets, in downtowns and in other revitalizing mixed-use neighborhoods.

CNU adds their voice to that of House Financial Services Committee Chair Barney Frank, who recently called for the replacement of Fannie Mae and Freddie Mac’s programs with a new approach to Federal involvement in mortgage lending.

And the evidence suggested for the new policy?

CNU President and CEO John Norquist points to CEOs for Cities research with Joe Cortright, Driven to the Brink, that shows high-transportation costs in exurban locations helped pop the housing bubble, and the subsequent study, Walking the Walk, which showed housing in more centrally located, walkable neighborhoods holds greater real estate value.

See the article here.

  

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