New York City's housing commissioner--until his appointment by the Obama administration--Donovan told his NYU audience that 95% of housing liquidity must come from GSEs or FHA. Among other things, Donovan spoke to the need for broad industry-wide loan modifications, targeted bankruptcy reforms, greater synergies between municipalities to fight blighted areas and the insurance of capital availability for purchasing mortgages as well as opening up HUD's programs to private capital.
"HUD's programs are a generation behind where they should be," Donavon told the audience. He added that the mortgage system was also due for a makeover and that the process should be transparent, fair and simple to the average consumer.
Donovan assured the group that President Obama would keep his pledge to fund a National Housing Trust Fund, setting off applause throughout large sections of the room. He told the crowd that "through all its programs, HUD impacts one in 10 homes in the country."
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