MBA creates 'task force' to design secondary mortgage market of the future
Group will present proposal by end of 2016
In the wake of the financial crisis, the secondary mortgage market is still trying to establish its new normal.
With that in mind, the Mortgage Bankers Association announced Friday that it is forming a “task force” to help conceptualize what the secondary mortgage market of the future will look like.
According to the MBA, the task force’s objective is to develop a proposal that will address the future of the secondary mortgage market, and in particular, an end-state model that can also fulfill an affordable housing/duty to serve mission.
The MBA said that the members of this task force come from MBA member companies, and represent a “broad cross-section” of the residential and multifamily real estate finance industries, including entities of varying sizes and business models.
According to the MBA, Rodrigo Lopez, executive chairman of NorthMarq Capital Finance and chairman-elect of MBA, will lead the task force.
“A strong, sound secondary mortgage market is paramount to the overall success of the real estate finance industry,” Lopez said. “That is why it is of the utmost importance that policymakers and stakeholders create a strong and stable system that ensures liquidity, affordable mortgage credit and serves consumers.”
Joining Lopez on the task force will be:
David Battany, Guild Mortgage Company
Scott Bassin, PNC Real Estate
Jon Baymiller, NYCB Mortgage Company
Teresa Bryce Bazemore, Radian Guaranty
Keith Bickel, Bank of America Home Loans
Byron Boston, Dynex Capital
Jeff Bode, Mid America Mortgage
Michael Bright, PennyMac Financial Services
Pete Carroll, Quicken Loans
Hank Cunningham, First Mortgage Company
Denise DesRosiers, JPMorgan Chase
Peter Donovan, CBRE Capital Markets
David Durning, Prudential Mortgage Capital Company
Tari Flannery, M&T Realty Capital Corporation
Raghu Kakumanu, Wells Fargo Home Mortgage
Angela Mago, KeyBank Real Estate Capital
Mike May, Cantor Commercial Real Estate
Tom Millon, Capital Markets Cooperative
A.W. Pickel, III, LeaderOne Financial Corporation
Julie Piepho, Cornerstone Home Lending
Pat Sinks, Mortgage Guaranty Insurance Corporation
Debra Still, Pulte Mortgage
Bob Stout, Q10 Capital
According to the MBA, the task force plans to complete its proposal for remaking the secondary market by the end of year.