David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement in response to the release of federal housing reform legislation by Representatives John K. Delaney, John Carney, and Jim Himes:
“This legislation is a constructive proposal that will help move the ongoing housing finance reform debate forward. MBA appreciates the chance to have been part of the stakeholder dialogue leading up to the bill’s introduction, and we are pleased that it furthers our primary objectives of ensuring liquidity for all forms of housing while reducing taxpayer risk.
“We particularly appreciate the bill’s approach regarding the appropriate level of private “first-loss” capital required, its mechanisms for the pricing of a federal guarantee, and its recognition of the unique attributes and importance of the multifamily finance market. We look forward to working with the bill’s authors to help them further assess the expanded role envisioned for Ginnie Mae in order to ensure a “level playing” field in both the residential market and the multifamily rental housing market.
“Furthermore, MBA believes the proposal will complement ongoing efforts by the Federal Housing Finance Agency (FHFA) to strengthen the secondary mortgage market. MBA is eager to continue engaging with the leadership of the House Financial Services Committee, the bill’s authors, and other key stakeholders, to advance legislative efforts to reform the government sponsored enterprises and further stabilize the housing finance system for consumers.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.