MBA President Testifying Before Senate Banking Committee
On October 31, the Mortgage Bankers Association (MBA) released an update titled MBA’s Stevens to Testify Today Before Senate Banking Committee.
MBA’s Stevens to Testify Today Before Senate Banking Committee
MBA President and CEO David Stevens testifies this morning before Senate Banking Committee.
The hearing on Housing Finance Reform: Essential Elements of a Government Guarantee for Mortgage-Backed Securities, continues a series of Banking Committee hearings on the future of housing finance. The Banking Committee’s leadership–Chairman Tim Johnson, D-S.D., and Ranking Member Michael Crapo, R-Idaho–have pledged to move forward with bipartisan housing finance reform involving the government-sponsored enterprises and FHA in the coming year.
Stevens is expected to discuss MBA’s series of concept payers outlining steps that could be put in place now, without legislative or regulatory action, to reform the secondary mortgage markets. The papers collectively known as MBA’s Key Steps on the Road to GSE Reform (http://www.mortgagebankers.org/GSETransitionPlan.htm), identify five transitional reform steps that should be taken now to help pave the way for a smoother transition with the least long-term disruption to the housing finance system.
Joining Stevens in testimony: Joseph Tracy of the Federal Reserve Bank of New York; and Phillip Swagel of the University of Maryland School of Public Policy.
The hearing begins at 10:00 a.m. ET in 538 Dirksen Senate Office Building. MBA NewsLink will provide coverage.
To view the online release, please click here.
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