Washington, DC – July 19, 2013 – (RealEstateRama) — The Financial Services Roundtable (FSR) and its affiliate, The Housing Policy Council (HPC) released the following statement today regarding House Financial Services Chairman Jeb Hensarling’s PATH ACT discussion draft:
“The current housing finance system is badly broken. Fannie Mae and Freddie Mac need to be replaced with a new system featuring sound mortgages, private markets and private capital, continued consumer access to 30 year fixed rate mortgages, no government support for any particular institution, and necessary backstops to ensure the stability of the secondary market. The FSR also supports reforms to the FHA which will strengthen its solvency, protect taxpayers and focus FHA on serving first-time homebuyers, lower and moderate income borrowers and under-served markets. The FSR additionally supports PATH Act provisions to improve transparency and uniformity in MBS securitization and to improve the Qualified Mortgage (QM) and Risk Retention (QRM) regulations.”
“We applaud Chairman Hensarling’s leadership in putting forward the PATH Act proposal and for taking up the critical issue of housing finance reform. We will remain engaged with the Committee and look forward to working with Congress and the Administration to produce reform that encourages a strong secondary mortgage market that serves homebuyers and protects taxpayers.”
The Housing Policy Council represents 31 of the nation’s largest mortgage origination, servicing and mortgage insurance companies. Those member companies originate an estimated 75 percent and service two-thirds of the mortgages in the United States.
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.
Roundtable member companies provide fuel for America’s economic engine, accounting directly for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.