WASHINGTON, DC - David H. Stevens (top right photo), President and CEO of the Mortgage Bankers Association (MBA), issued the following statement regarding the Federal Housing Finance Agency's (FHFA) proposal for next steps in its conservatorship of Fannie Mae and Freddie Mac, collectively, the Government Sponsored Enterprises (GSEs):
"MBA welcomes FHFA's proposal for the next phase of the conservatorship of Fannie Mae and Freddie Mac. We have been out front on GSE reform issues, and our Council on Ensuring Mortgage Liquidity outlined many of these same types of changes in its September 2009 proposal on the future of the government's role in the secondary mortgage market.
"We greatly appreciate the constructive nature of the proposals outlined by FHFA Acting Director Ed DeMarco (lower left photo) to wind down Fannie and Freddie, only after taking steps to create a new infrastructure for the secondary mortgage market.
“Moving towards a single security, aligning servicing requirements and reducing the retained portfolios while avoiding a fire sale are all moves that we have supported. We look forward to working with policymakers, including FHFA, to refine the roles of the GSEs and to bring private capital back to the market.
"Uncertainty, wherever it exists, must be removed and a clear path forward must be laid out, in order for the housing market in this country to be strong and vibrant. This proposal that FHFA is putting forth shows a strong commitment to doing just that."
Contact: Matt Robinson, (202) 557-2727, mrobinson@mortgagebankers.org
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