James Martin

Prior to serving as an Adams County Commissioner, I helped countless families find their forever home. With today’s real estate prices approaching all-time highs, however, it’s been very difficult for first-time home buyers to break into such a costly and competitive market. By keeping taxes low, I’ve worked to help lower housing costs in my official capacity as a county commissioner, but more work lies ahead. Thankfully, economic relief is on the way. Under a new capital requirements plan proposed by the Federal Reserve, OCC and FDIC, we are on the verge of simplifying a complex framework that has hindered bank lending. This will help expand credit access while also reducing the cost of borrowing. Most importantly, these efforts will help reduce mortgage costs for homebuyers. Banks have largely vacated the mortgage market for years, allowing specialist non-bank firms like Rocket Mortgage to dominate the market. The new proposal, however, will allow banks to step back in and offer more mortgage products at significantly lower interest rates. As a result, this will increase the number of lenders offering mortgages, creating more competition and thereby driving costs down for borrowers. It will also open the door to a wide variety of borrowers, including those who would have otherwise been squeezed out of the mortgage market due to high monthly payments. This is especially important for families looking to buy their first home, as it is a major purchase that sets them up to build generational wealth. Additionally, the proposal will help bring down the cost of lending in the United States so that it’s closer to those of other developed countries. For well over a decade, banks within the U.S. have had to manage exorbitantly high capital requirements, leading to more expensive mortgage loans. But with this new rule, we can lower the cost of credit, make mortgages more affordable, and create a more level playing field with the rest of the world. I encourage you to consider all options on the table, such as reviewing other capital requirements to make mortgages more affordable for families, and finalize this proposal.