David Stevens, president and CEO of the Mortgage Bankers Association, commended a bipartisan group of Senators for introducing the 'Jumpstart GSE Reform Act' this week.
"In its current form, this bill would prohibit any raise in the guarantee fee from offsetting other government spending and disallow the sale of preferred shares without congressional approval and structural housing finance reform," Stevens said.
He added, "These types of actions should not be taken without being part of a broader framework. Doing so will only compound current problems and fail to create the real reform needed."
Stevens believes housing industry leaders and regulators should collaborate to create a "comprehensive, transparent process that properly addresses the concerns and objectives of all affected stake holders involved with GSE reform."