“CMLA applauds the action taken today to allow Fannie Mae and Freddie Mac to maintain a capital buffer. The U.S. Treasury and the Federal Housing Finance Agency are to be commended for their foresight in their prudent decision to permit a $3 billion capital buffer for each enterprise,” said Glen Corso, CMLA Executive Director. “This action should help prevent unnecessary …
CMLA Supports Bipartisanship Call for GSE Capital Cushion
Washington, DC, September 14, 2017 – The Community Mortgage Lenders of America (CMLA) today issued a statement of support for the bipartisan call for permitting Fannie Mae and Freddie Mac to build a capital cushion, rather than face a zero-capital situation on January 1st, 2018. “CMLA calls upon the U.S. Treasury Department and the Federal Housing Finance Agency (FHFA) to …
CMLA Urges Specific, Narrowly-Scoped Changes for GSE Reform
Testimony says most of GSE Reform has already been accomplished Washington, DC, July 20, 2017 – In testimony before the Senate Banking Committee, the Community Mortgage Lenders of America (CMLA) urged Congress to enact narrowly-scoped, targeted legislation to complete the job of housing finance reform, and urged administrative action by the Federal Housing Finance Agency (FHFA) to set capital standards and oversee the recapitalization …
CMLA/Joint Statement on GSE Reform Principles
MAIN STREET GSE REFORM COALITION COMMON GSE REFORM PRINCIPLES Introduction For a variety of reasons, the time has come to end the conservatorships of Fannie Mae and Freddie Mac. The nation’s homeownership rate is hovering near a 50-year low, and the gap between the demand for and availability of affordable rental housing continues to widen. [View as pdf] As Congress …
As capital dwindles, trouble looms for Fannie Mae and Freddie Mac
Federal Housing Finance Agency (FHFA) Director Mel Watt recently delivered two direct messages to Congress: First, it is dangerous to operate the two institutions that undergird half of the U.S. mortgage market and support over $5 trillion in mortgage backed securities with little to no capital. Second, as the safety and soundness regulator, he intends to take steps to reverse …