MBA Statement Regarding Passage of Year-End Spending Bill Which Includes the Jumpstart GSE Reform Provision
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (December 18, 2015) - Bill Emerson, Chairman of the Mortgage Bankers Association (MBA) and CEO of Quicken Loans, issued the following statement regarding the inclusion of the Jumpstart GSE reform provision within the year-end spending bill, which would prevent the administration from selling off its stake in Fannie Mae and Freddie Mac (the GSEs) without congressional approval.
"MBA commends Congress for their bipartisan effort in passing the 2016 spending bill which includes portions of the GSE Jumpstart Reform Act. Specifically, this legislation ensures Congress has the additional time necessary to deliberate on structural GSE reform, before Fannie Mae and Freddie Mac are released from conservatorship.
"The provision will also better protect recent changes required by FHFA, designed to level the playing field for all lenders through guarantee fee parity, strengthening the representation and warranty framework, and aligning other business practices to ensure common standards for all lenders regardless of asset size or loan volume. This legislation will also provide time to complete FHFA's strategic goals for 2016, which include providing better access to all creditworthy borrowers. These are all critical steps towards moving the GSE reform dialog forward.
"We look forward to continuing to work with all policymakers and key stakeholders on real-estate finance issues, including GSE reform, in the near future."