Speaking Thursday at the Making Home Affordable five-year anniversary summit, U.S. Treasury Secretary Jacob Lew announced several initiatives designed to spur the flailing housing market.
Lew identified three specific issues that are holding back housing in the United States and announced plans to address each of those issues.
Citing the lack of private capital in the market, the dearth of affordable rental options and the abundance of Americans who are facing foreclosure or are underwater on their mortgages, Lew announced three new plans:
The extension of the Making Home Affordable program until “at least December 31, 2016”
A plan to expand access to credit by working to revive the private-label mortgage-backed securities market
A new partnership between the Treasury and the Department of Housing and Urban Development to build new, affordable rental housing
Lew recognized the progress that the housing market has made in the wake of the crash but said that there is still more work to do.
“Families and neighborhoods across the country continue to recover from the financial crisis, and we must not lose our resolve to help them, even as the economy continues to expand,” said Secretary Lew.