Reform of the nation's housing system is picking up steam, with one regulatory agency set to vote on risk retention exemptions on Tuesday, multiple hearings about the future face of housing underway on Capitol Hill, and the administration on record with its broad outline for change. But, with everything else going on at home and abroad there has been very little media attention to the topic and reform could very well come to public attention as an accomplished fact.
There are however stakeholders who are getting nervous that this forward progress is taking place in a vacuum and that ideologies (take your pick) will ultimately triumph over the industry's interests. For the second time in a week we have seen statements issued from trade associations strongly hinting that they believe they should be sitting at the table. Last week it was Securities Industry and Financial Markets Association and The Community Banking Mortgage Project. Today sixteen associations, including the two just mentioned, have come together to draft "Principles for Restoring Stability to the Nations Housing Finance System," and, yes, suggesting they should be included in determining the outcome.
The Mortgage Bankers Association (MBA) today released a document intended to help policymakers reform and repair the nation's housing finance system. "Central to the principles," the release said, "are the concepts that housing, through homeownership or rental, should be a national policy priority, private capital must be the dominant source of mortgage credit but that a predictable government role is necessary, and changes to the mortgage finance system must be done carefully."
The four principals set forth in the document are:
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Source: http://www.mortgagenewsdaily.com/03282011_housing_finance_reform.asp
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