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75 on significant structural changes, we as professionals and leaders in the housing market should keep a close watch to see how these initiatives stack up against the four principles outlined above and be vocal in our advocacy. is kind of oversight is especially important because of the complicated and interconnected nature of the housing finance market. We do not want to be in a position where we take our eyes off the ball, lose our place, and then wonder where things went awry. Housing markets are driven by an almost unlimited number of factors: global and domestic monetary policy, global climate trends, population shifts, changes in job markets, technological innovations and advancements, the cost and availability of raw materials, the attractiveness of competing asset classes for investors, consumer confidence levels, and the list goes on and on. In a perfect world, Congress would tackle housing reform in a way that considers the complexity and interconnectedness of the housing market, so the possibility of adverse unintended outcomes would be mitigated. Another question you may be wondering about is, "How should we think about reform at a time when it is most likely to happen via regulatory action?" First and foremost, regulatory actions should be measured against the four principles of housing reform. Let's take a look at bank risk-based capital as a purely hypothetical example. Imagine if bank regulators significantly reduced the amount of capital their institutions needed to hold against mortgaged risk. A move like that would have obvious implications for regulated banks. Just as important, it would also have implications for the GSEs, the Federal Housing Administration, nonbank mortgage lenders, mortgage insurers, homebuilders, and virtually every participant in the housing finance system. ese implications are not lost on regulators. However, with the possible exception of the Federal Reserve, no regulator is charged with a mandate to assess regulatory changes against any set of principles, let alone the four principles of housing reform outlined above. To overcome this shortcoming while we wait for Congress to take up legislative reform, why shouldn't we consider a simple framework that could be used by the key housing regulators (United States Department of Housing and Urban Development, Federal Housing Finance Agency, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Reserve) to help ensure that decisions are being made in a consistent and coordinated way when it comes to housing related matters? If executed in the appropriate manner, a principles-based framework could simplify and streamline regulatory activity. It also would create an informal but effective way to drive coordinated policy and avoid creating opportunities for regulatory arbitrage. Ultimately, this framework could serve as a starting point for developing a legislative reform package that would include a means to formalize inter-regulator cooperation and collaboration. At the end of the day, the central point of the housing reform discussion is all about ensuring that the market and economy remain stable, consumers are protected, transparency is maintained, and access to affordable homeownership for all Americans is not compromised or diminished. If we, as businesses, regulators, legislators, policy makers, and advocates, can keep this common vision at the forefront of each reform conversation and step, we can make great strides in advancing housing reform—today and going forward. Rohit Gupta is President and CEO of Genworth's U.S. Mortgage Insurance Business, where he works with lenders, regulators, and policy leaders to advocate for the value of mortgage insurance to a sustainable housing finance system. Along with his advocacy, Gupta served as Chairman and remains a board member of the U.S. Mortgage Insurers trade association. He also serves on the Boards of the Mortgage Bankers Association Residential Board of Governors and Housing Policy Executive Council. Additionally, Gupta is a catalyst for community change and serves as a Board member of the Genworth Foundation Board, American Cancer Society Triangle Leadership Council, and Pratham USA. e statements provided are the opinions of Rohit Gupta and do not reflect the views of Genworth or its management. This kind of oversight is especially important because of the complicated and interconnected nature of the housing finance market. We do not want to be in a position where we take our eyes off the ball, lose our place, and then wonder where things went awry.