The Administration welcomes today's strong bipartisan vote in support of the Housing Finance Reform and Taxpayer Protection Act of 2014 through the Senate Banking Committee. Todays vote is an important step toward achieving a more sustainable housing finance system that helps protect the American dream of homeownership, and we applaud Chairman Johnson, Ranking Member Crapo and Senators Corker and Warner for their leadership on this issue. Todays vote marks important progress toward completing one of the biggest remaining pieces of post-Recession reform of the financial system.

The President has been clear about his commitment to preserving the American dream of sustainable homeownership for all creditworthy borrowers. That means ensuring that affordable rental options are widely available, and preserving access to mortgage credit during severe downturns while protecting taxpayers from substantial losses in the housing sector. We have worked closely with the Senate Banking Committee to provide policy, technical, and analytical support throughout the process to achieve these goals, and going forward, we will continue to work with the Senate to address affordability and access to broaden support for reform.