Peters Introduces Bipartisan Measure to Modernize Mortgage Industry and Promote Energy Efficiency

WASHINGTON, D.C. – May 12, 2014 – (RealEstateRama) — Today, U.S. Representative Gary Peters (D-MI) joined his colleagues Representatives Ed Perlmutter (D-CO), Peter Welch (D-VT), David McKinley (R-WV) and Peter King (R-NY) to introduce the Sensible Accounting to Value Energy (SAVE) Act. The SAVE Act, supported by the National Association of Realtors and the U.S. Chamber of Commerce, brings our nation’s mortgage industry into the 21st century by providing lower rate mortgage financing for homeowners and builders to make cost effective energy improvements to their homes. At no cost to taxpayers, Peters’ bill encourages private investment in green infrastructure, lowers utility costs for American households, promotes job creation in construction and manufacturing and modernizes the nation’s mortgage system. His statement follows:

Peters said, “This common sense approach to conservation allows home owners across Michigan to make energy efficient modifications to their homes, while cutting their monthly household bills. By incentivizing sustainability and the construction of energy efficient homes, we are promoting job creation for homebuilders and manufacturers while also protecting our natural resources. I am proud to work across the aisle on a measure that will lower costs for middle class families trying to make smart energy usage decisions in their homes.”

The SAVE Act modifies federal mortgage underwriting and appraisal standards to better account for savings realized by energy efficiency and renewable energy modifications made to homes. Currently, investing in energy efficiency technology when building or modifying buildings to reduce energy costs is not factored into appraisals which makes this technology cost prohibitive for most borrowers. Peters’ legislation is supported by a broad spectrum of business and environmental organizations including the National Association of Home Builders, the National Association of Realtors, the U.S. Chamber of Commerce, the Appraisal Institute, the U.S. Green Building Council, the Leading Builders of America and the Natural Resources Defense Council.

Since coming to Congress, Peters has championed both conservation efforts and measures to strengthen the mortgage industry. In Michigan, Peters has been leading the fight for developing a comprehensive solution on how to properly store petcoke and study the long-term health and safety implications of petcoke. Peters introduced the Petroleum Coke Transparency and Public Health Study Act that calls for a federal study on public health and environmental impacts of the byproduct. Peters has also fought to protect the 30-year fixed rate mortgage and responsibly wind down Fannie Mae and Freddie Mac. In 2011, Peters worked with Republican Congressman John Campbell on a bipartisan plan to overhaul the federal mortgage system to prevent taxpayer funded bailouts and ensure access to affordable homeownership. The Wall Street Journal hailed their efforts, praising “the compromise proposed by Rep. John Campbell (R.,Calif.) and Rep. Gary Peters (D.,Mich) may be the only plan likely to attract sufficient support from both parties…at a time when gridlock looms over issues such as how to curb federal spending.”