Tester Slams Fed Nominee for Extreme Stance on 30-Year Fixed Rate Mortgage

Senator: 30-Year Fixed Rate Mortgage is ticket to the American Dream

(U.S. Senate)-U.S. Senator Jon Tester today issued the following statement after Federal Reserve Board of Governors nominee Dr. Marvin Goodfriend testified that he does not believe the 30-year fixed rate mortgage needs a guarantee from the U.S. government:

“The 30-year fixed rate mortgage has been the ticket to the American Dream of home ownership for generations. Dr. Goodfriend’s extreme stance on the 30-year fixed rate mortgage is dangerous for our economy, could slow down the housing market, and keep millions of families from purchasing their first home. His testimony today tells me he is unqualified for a leadership role at the Fed.”

Tester specifically questioned Goodfriend about the 30-year fixed rate mortgage during his confirmation hearing in front of the Senate Banking Committee today.