[Expert commentary] Recently, Reveal News wrote a story lobbing accusations at some banks and mortgage firms of engaging in discriminatory lending practices. Addressing concerns around discrimination is important and this discussion around the issue is long-standing as the nation works to meet the housing needs of American families. Therefore, publishing factual, complete data is critical so the topic can be discussed based on the merit of the facts and without bias.
[Expert commentary] In an exclusive guest post, Mortgage Bankers Association President and CEO David Stevens presents the MBA's view on the "right" reform plan for Fannie Mae, Freddie Mac, and Ginnie Mae. How much should the government be involved in the mortgage market? Stevens presents the MBA case.
[Expert commentary] To be clear, we need a well-regulated lending industry to protect taxpayers, homebuyers, and communities. This is a good thing. But the use of False Claims Act is an inappropriate and harmful response that only reduces access to credit for qualified borrowers. It’s time to stop this.
Today, MBA is releasing a plan detailing how a future secondary mortgage market can work – describing a post-conservator end state for Fannie Mae and Freddie Mac. Our proposal includes transition steps detailing how to get from here to there and is the only paper that comprehensively addresses how the reformed secondary market would serve all Americans along the broad continuum of affordable housing needs.
Responding to the crisis in housing will require aggressive action. Here are three ideas from MBA President and CEO David Stevens to America's next president. When it comes to meeting the housing needs of its people, America has always responded forcefully. Will the next president do the same?
The calls to allow the GSEs to rebuild capital amplify an important issue and are based on valid and reasoned concerns that we all share. Unfortunately allowing them to just recapitalize is simply not a mathematical possibility.
Right now, Fannie Mae and Freddie Mac are providing liquidity in the secondary market for residential mortgage in the absence of private capital. The unbalanced dependence here puts the entire system on untenable ground and presents enormous risks to taxpayers.
"A homecoming for these heroes is something to be celebrated. Sadly, as we continue to recover from the largest economic downturn in generations, many of our veterans face homelessness, health care complications and high unemployment rates," Mortgage Bankers Association President and CEO David Stevens said.
When the housing crisis began, the federal government took measures to stabilize the real estate finance markets, ensure ongoing liquidity and prevent further losses. Congress passed the Dodd-Frank Act that put many of these measures in place, including the establishment of the Consumer Financial Protection Bureau and statutory requirements for federal regulators to create and enforce new regulations to protect consumers and ensure a crisis of this proportion was never allowed to occur again
Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.
The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?
The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.