MBA Statement on S. 2361, The Housing Opportunity Mortgage Expansion (HOME) Act
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (February 1, 2018) - David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), released the following statement, and sent a letter of support, commending the introduction of S. 2361, the Housing Opportunity Mortgage Expansion (HOME) Act, which amends the Federal Home Loan Bank Act to restore membership for those captive insurance subsidiaries that were removed from the Federal Home Loan Bank (FHLB) System in February 2017, and seeks to continue membership for remaining captive insurers that are scheduled to be forced to exit the system by February 2021.
"I want to commend Senators Tammy Duckworth (D-IL), Ron Johnson (R-WI) and Tim Scott (R-SC), for introducing this important piece of legislation which will restore captive insurance companies membership into the FHLB system. "Captive insurers whose housing focus is aligned with that of the FHLB System act as a stabilizing force in the housing finance market and create a reliable source of capital for lenders and investors. This bill represents an important step forward in recognizing the need for multiple forms of private capital as Congress considers the future of housing finance. "MBA looks forward to continuing to work with these and other key senators to advance this important legislation."