MBA Applauds Introduction of H.R. 3808

WASHINGTON, D.C. – October 23, 2015 – (RealEstateRama) — David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement applauding the introduction of H.R. 3808, legislation to require the withdrawal and study of the Federal Housing Finance Agency’s proposed rule on Federal Home Loan Bank membership, introduced by Representatives Blaine Luetkemeyer (R-MO), Denny Heck (D-WA), Patrick McHenry (R-NC), and John Carney (D-DE):

“The Federal Home Loan Bank System is a critical part of our housing infrastructure, providing its members with a strong, reliable source of capital to serve the housing needs of their communities. This legislation would preserve today’s membership and prevent costly disruption by ensuring community banks and captive insurers remain members of their regional Home Loan Bank.

“Captive insurers facilitate substantial investment in the housing finance market, including by financing the origination and purchase of mortgages and mortgage-backed securities by Real Estate Investment Trusts (REITs). Mortgage REITs represent a growing and necessary segment of the housing finance market, and their access to the Federal Home Loan Bank System facilitates greater credit availability while simultaneously reducing financial risk to the taxpayer.

“Policymakers and stakeholders must work together to ensure that the System is able to best serve the needs of our evolving housing finance market.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

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MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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