Ohio Mortgage Bankers Association
A note from Bill Cosgrove - MBA Vice Chairman regarding GSE Reform Policy
Dear friends & industry colleague:
As you know, the policy discussion in Washington regarding housing finance reform has gained significant momentum in recent months, with action underway in both the U.S. House and Senate on comprehensive bills – and a much higher level of engagement by the Obama administration. Needless to say, the results of this debate will have profound implications for community lenders, our business models, and our customers for years to come. I’m reminded of the old expression: if you’re not at the table, you’re likely on the menu.
Despite attempts by some groups to promote industry divisions in the press, as Vice-Chairman of the MBA, and as a Independent mortgage banker, I want to assure you that the association is not only firmly at the table on behalf of small & midsize lenders, but is leading the policy making debate in Washington to fight for parity in every area from Loan Officer Licensing to level guarantee fees. Opinions on individual lobbying strategies and tactics will always vary, but I believe it’s incumbent on a major player like the MBA to do much more than just say “no.” That’s why we’ve been in open dialogue and constant communication with key policymakers in the White House and the Congress on GSE reform (e.g., Hensarling, Waters, Johnson, Crapo, Corker, Warner, and many other key Reps/Senators) providing technical support and advocating our core principles, including the need for more private first loss capital – but with an explicit, well-defined federal guarantee, and the need to preserve viable access to the federally backed secondary market for community lenders through provisions that allow for single loan execution and a cash window.
MBA has emphasized these concerns consistently, both publicly through Dave Stevens’ congressional testimony, letters to the Hill, in the press, and privately in numerous and ongoing meetings with key stakeholders. Rest assured we’ll continue to do so as the GSE debate unfolds throughout this year and next -- it’ll be a marathon, not a sprint. If you have any questions or concerns about MBA’s positioning, feel free to drop me a note or give me a call.
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