MBA Statement on S. 2361, The Housing Opportunity Mortgage Expansion (HOME) Act

MBA Statement on S. 2361, The Housing Opportunity Mortgage Expansion (HOME) Act

WASHINGTON, D.C. (February 5, 2018) – (RealEstateRama) — David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), released the following statement, and sent a letter of support, commending the introduction of S. 2361, the Housing Opportunity Mortgage Expansion (HOME) Act, which amends the Federal Home Loan Bank Act to restore membership for those captive insurance subsidiaries that were removed from the Federal Home Loan Bank (FHLB) System in February 2017, and seeks to continue membership for remaining captive insurers that are scheduled to be forced to exit the system by February 2021.

“I want to commend Senators Tammy Duckworth (D-IL), Ron Johnson (R-WI) and Tim Scott (R-SC), for introducing this important piece of legislation which will restore captive insurance companies membership into the FHLB system. “Captive insurers whose housing focus is aligned with that of the FHLB System act as a stabilizing force in the housing finance market and create a reliable source of capital for lenders and investors. This bill represents an important step forward in recognizing the need for multiple forms of private capital as Congress considers the future of housing finance. “MBA looks forward to continuing to work with these and other key senators to advance this important legislation.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

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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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