Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

Mortgage Bankers Association : MBA Statement Regarding FHFA's Annual Report to Congress

share with twitter share with LinkedIn share with facebook
share via e-mail
06/20/2017 | 12:36am CEST

WASHINGTON, D.C. (June 19, 2017) - David H. Stevens, CMB, President & CEO of the Mortgage Bankers Association (MBA), released a statement following the Federal Housing Finance Agency's (FHFA) annual report to Congress.

'We strongly support a number of the recommendations made in this report, including the need for comprehensive housing finance reform as well as measures to reduce barriers to investor participation in credit risk transfers. Both of these recommendations would facilitate liquidity in the secondary markets, which ultimately benefits borrowers, lenders, and investors.

'However, MBA vigorously objects to FHFA's request that Congress grant it examination authority over nonbank servicers. In its role as conservator, FHFA already has the ability to set GSE counterparty requirements on servicers and the CFPB's comprehensive mortgage servicing rules apply to all mortgage servicers. By statutory design, this is also an area of significant state authority and examination activity. Granting FHFA this additional authority absent preemption of duplicative state requirements would result in an even more burdensome regulatory regime in a space that has already seen spiraling costs due to regulatory duplication.

'Also, FHFA's mention of the Financial Stability Oversight Council's (FSOC) concern regarding the security of third party service providers is, in our view, irrelevant because the FSOC's recommendation was made specifically in the context of cybersecurity concerns, and does not reference mortgage servicers or any risks that are inherent to the business of servicing loans.

'MBA remains committed to working with FHFA and Congress on all of these matters to foster strong, vibrant, and resilient mortgage markets.'

Mortgage Bankers Association published this content on 19 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 June 2017 22:36:07 UTC.

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
03:03a DEPARTMENT OF TREASURY AUSTRALIAN GOVERNMENT : Small business, consumers central in transition to dispute resolution
02:52a Italy, France, Germany ask EU to boost powers to block foreign acquisitions -reports
02:48aDJWHAT'S NEWS : World-Wide -- WSJ
02:48aDJWHAT'S NEWS : Business & Finance -- WSJ
02:43a ISE IRISH STOCK EXCHANGE : Petrofac sells stake in Pánuco contract
02:43a 4LIFE RESEARCH LLC : Indonesia Launches Seven Products
02:33a MINISTRY OF DEFENSE OF ISLAMIC REPUBLIC OF AFG : Press office Release Number 252 Date Aug 21, 2017
02:33a Oil prices rise on signs of gradually tightening market
02:32a Oil prices rise on signs of gradually tightening market
02:28a MINISTRY OF FOREIGN AFFAIRS AND TRADE OF REPUB : ROK Plays Leading Role in Devising Asia-Pacific’s New Rural D...
Latest news "Economy & Forex"