WASHINGTON, D.C. – November 5, 2015 – (RealEstateRama) — David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement urging the House to adopt the Neugebauer-Huizenga amendment to H.R. 22, the DRIVE Act:
“MBA supports this amendment because it would remove an extension of higher Fannie Mae and Freddie Mac guarantee fees. The purpose of these fees is to guard against credit losses at Fannie Mae and Freddie Mac and should only be used to protect taxpayers from mortgage losses.
“The amendment would also remove a harmful proposal to reduce the dividend paid on Federal Reserve stock, which would reduce the amount of capital banks of all sizes have to lend to small businesses and consumers.
“MBA urges the House to pass this amendment in order to protect taxpayers, consumers and the overall health of the housing and finance system.”
MBA also signed a joint trade letter to House Leadership supporting this amendment.
Rob Van Raaphorst
(202) 557- 2799