February 28, 2019
The Honorable Mitch McConnell
Majority Leader
United States Senate
S-230, U.S. Capitol
Washington, DC 20510
The Honorable Chuck Schumer
Minority Leader
United States Senate
S-221, U.S. Capitol
Washington, DC 20510
Dear Majority Leader McConnell and Leader Schumer:
The Community Mortgage Lenders of America is the only Washington, DC-based Association dedicated solely to strong, effective representation of mid-size and small, independent mortgage lenders, banks, and credit unions that provide home financing to local home buyers.
The CMLA ensures the concerns of our members are heard as policy makers address pivotal issues in housing finance policy and regulation.
The Community Mortgage Lenders of America (The CMLA) is pleased to recommend Dr. Mark Calabria be confirmed by the full Senate to the Director of the Federal Housing Finance Agency. Based on his experience and his recent testimony in front of the Senate Banking Committee, community lenders believe he will pursue policy objectives that keep US housing safe and vibrant, while also allowing Main Street lenders to effectively serve local families wishing to own their homes.
The CMLA has long urged that Fannie Mae and Freddie Mac start to build sufficient capital immediately–that capital on the books has long been the first element of financial institutions’ safety and soundness.
The CMLA has long advocated that Fannie Mae and Freddie continue to evolve to a utility model, with closely regulated fees, a cap on equity returns, and a payment for their federal backing. The CMLA also testified in front of Senate Banking in 2017 that additional guarantors would increase a regulatory burden for small lenders while not increasing system safety and soundness.
Respectfully,
Kim Curtis – Chair, The CMLA
President, Tidewater Home Funding
North Chesapeake, VA
Ed F Wallace, Jr
Executive Director, The CMLA
Atlanta, GA