WASHINGTON, D.C. – December 19, 2012 – (RealEstateRama) — Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA) today announced that the Association has assembled a task force of MBA members to revisit MBA’s groundbreaking 2009 proposal for the future of the secondary mortgage market and the Government Sponsored Enterprises (Fannie Mae and Freddie Mac, or “the GSEs”). MBA’s GSE Single Family Task Force will be led by Tim Dale, Executive Vice President – Mortgage Lending at BB&T and a former chairman of MBA’s Residential Board of Governors (RESBOG).
“In 2009, MBA was first out of the box and the original thought-leader with its proposal for the future of the GSEs and the secondary mortgage market,” said Still. “The concepts contained in the MBA proposal became central to the most serious discussions over the future role of the government in housing finance. However, four years later, Fannie Mae and Freddie Mac are still in conservatorship, with no end in sight.”
MBA’s GSE Single Family Task Force will work in two phases. In the first phase, the task force will revisit MBA’s end-state policy position from 2009. Also during phase one, task force members will identify issues that will need to be considered during transition. The second phase will include the creation of a roadmap document that will detail how each of the prioritized transition issues should be addressed in getting to the end state. At each step, the task force will engage with critical stakeholder groups to solicit input and create buy-in.
“The oversized government role in the residential market, and the uncertainty surrounding Fannie Mae and Freddie Mac, have created an unhealthy and unsustainable mortgage market,” said Dale. “Most stakeholders agree that we need to re-engage private capital in the market, but that won’t happen until the fundamental questions around the GSEs and the government role is resolved. Our diverse task force of industry leaders will tackle these issues, with a key focus on transition.”
The members of MBA’s GSE Single Family Task Force are:
• Timothy C. Dale, CMB (Chairman), BB&T
• Richard A. Aneshansel, U.S. Bank Home Mortgage
• Jon K. Baymiller, NYCB Mortgage Company
• Byron L. Boston, Dynex Capital
• Donald G. Calcaterra, CMB, Towne Mortgage Company
• Garry Cipponeri, Chase
• Jordan D. Dorchuck, CMB, Homeward Residential
• William E. Emerson, Quicken Loans
• Robert G. Gaither, PNC Bank
• Adolfo F. Marzol, Essent Guaranty
• Tom Millon, CMB, Capital Markets Cooperative
• David Motley, CMB, Colonial National Mortgage
• Bob Ryan, Wells Fargo Home Mortgage
• Jerry Schiano, New Penn Financial
• Patrick Sinks, Mortgage Guaranty Insurance Corporation (MGIC)
• David A. Spector, PennyMac Loan Services
• Keith Tibbles, Cobalt Mortgage
MBA’s GSE Single Family Task Force will coordinate closely with MBA’s GSE Multifamily Task Force, which released its white paper earlier this month.
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 2,200 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. For additional information, visit MBA’s Web site: www.mortgagebankers.org.
John Mechem (202) 557-2924