A new system must first and foremost meet the housing finance needs of America’s families, providing broad liquidity, stability, transparency, access, affordability, and consumer protection. S. 1217 offers a strong purpose statement calling for the new system to serve all regions and all eligible borrowers throughout all economic cycles, and the bill includes numerous provisions to advance these goals. With some critical changes, CFA believes the S. 1217 framework can potentially create a system to provide sustainable, affordable credit to eligible borrowers in all parts of this great country.