Brown Blasts Trump Administration Plan that Would Make Housing More Expensive for Working Families

President Trump’s Housing Plan Makes Mortgages More Expensive, Harder to Get

WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH) hosted a news conference call as he pushes back on the Trump Administration’s newly-released housing plan, which would make housing more expensive and harder to get for Ohioans. President Trump’s housing plan would hurt working Ohioans across the state – from Ohioans renting and wanting to buy a home to Ohioans who own a home and someday want to sell it.

  • Earlier this month, the Administration released a housing plan, which would make mortgages more expensive and harder to get.

“Ultimately this plan is the same as every other Trump Administration plan – it’s about making it easier for Wall Street to profit off hardworking families,” said Brown. “We don’t need to make it easier for Wall Street to get richer. We need to make it easier for every family to find an affordable place to call home, because that home is the foundation for opportunity.”

Earlier this month, the Department of Treasury and the Department of Housing and Urban Development released housing proposals that, taken together, represent the Administration’s housing plan. If the administrative proposals from both plans are fully implemented, they could significantly reduce the availability of affordable housing credit, undermine efforts to serve underserved borrowers, reduce consumers’ housing options, and decrease oversight of lenders.

In addition to raising housing costs for Ohioans, the Administration’s plan would also make it harder for small lenders to compete and gut tools currently available to help working families find an affordable apartment or own their first home.

Earlier this month, the Washington Post reported that fair housing and lending groups say that the Trump Administration’s proposed housing finance plan will make mortgages more expensive for minority borrowers and homebuyers in the South, Midwest and rural communities.

Brown was joined on the call today by Tom Fraser, CEO of First Federal Lakewood, to talk about how the Trump Administration’s plans will make it harder for working Ohioans across the state to find an affordable mortgage or apartment.

“Housing finance reform requires thoughtful legislative discernment to ensure that all impacted parties — existing homeowners, first time buyers, builders, realtors, and lenders of all sizes — have equitable representation in the reform debate. The Administration’s housing finance proposals by-pass the legislative process and ignore low and moderate income neighborhood interests. The proposals compromise affordability and broad access to mortgage lending,” said Fraser.

Brown, ranking member of the Senate Banking, Housing and Urban Affairs Committee, has pushed for reforms that increase housing accessibility and affordability. Instead, the Trump Administration’s plan benefits Wall Street and makes it easier for Wall Street to profit off hardworking families.