Mortgage bankers say that reforming housing finance should be their priority now that the tax plan has been signed into law
Mortgage bankers say that reforming housing finance should be their priority now that the tax plan has been signed into law.
The Mortgage Bankers Association has reacted to the letter sent to Senate Banking Committee leaders this week by FHFA director Mel Watt in which he sets out his views on reforms.
They include Fannie Mae and Freddie Mac being returned to the private sector and safeguards put in place by the government to protect the secondary mortgage market.
In a statement, MBA said:
"MBA applauds FHFA Director Mel Watt for releasing this important paper which reinforces the need for comprehensive legislative housing finance reform. There are many similarities between this proposal and MBA's own plan including the need for a government guarantee behind MBS to support single-family and multifamily finance, two or more competing guarantors, the use of a single security in the single family market, and a level playing field for lenders of all sizes and business models. We look forward to continuing to work with Congressional leaders, the Administration, Director Watt, and other stakeholders to create a secondary mortgage market that provides a more stable system and broad, sustainable access to credit for all qualified borrowers."
Meanwhile, mortgage lenders in Nevada have called for Congress to prioritize reform of housing finance.
"It's time for Congress to stop avoiding housing finance reform," said Jon Gedde, Chairman of the Nevada Mortgage Lenders Association and Senior Loan Advisor at Alderus Mortgage "Fannie Mae and Freddie Mac have been ignored for far too long and their long-term future must be addressed."
The reform plan proposed by the Mortgage Bankers Association is well-balanced and should be considered by lawmakers Gedde added.
The Mortgage Bankers Association has reacted to the letter sent to Senate Banking Committee leaders this week by FHFA director Mel Watt in which he sets out his views on reforms.
They include Fannie Mae and Freddie Mac being returned to the private sector and safeguards put in place by the government to protect the secondary mortgage market.
In a statement, MBA said:
"MBA applauds FHFA Director Mel Watt for releasing this important paper which reinforces the need for comprehensive legislative housing finance reform. There are many similarities between this proposal and MBA's own plan including the need for a government guarantee behind MBS to support single-family and multifamily finance, two or more competing guarantors, the use of a single security in the single family market, and a level playing field for lenders of all sizes and business models. We look forward to continuing to work with Congressional leaders, the Administration, Director Watt, and other stakeholders to create a secondary mortgage market that provides a more stable system and broad, sustainable access to credit for all qualified borrowers."
Meanwhile, mortgage lenders in Nevada have called for Congress to prioritize reform of housing finance.
"It's time for Congress to stop avoiding housing finance reform," said Jon Gedde, Chairman of the Nevada Mortgage Lenders Association and Senior Loan Advisor at Alderus Mortgage "Fannie Mae and Freddie Mac have been ignored for far too long and their long-term future must be addressed."
The reform plan proposed by the Mortgage Bankers Association is well-balanced and should be considered by lawmakers Gedde added.
