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April 27, 2012
In a week dominated by President Obama's call to freeze interest rates on student loans, MBA swung into action urging both Congress and the administration to resist tapping mortgage guarantee fees to pay for the legislation. MBA's chairman-elect Debra Still also testified this week before a Senate subcommittee examining new legislation that would make it easier for borrowers to refinance their mortgages.
In this Issue:
MBA Chair-Elect Debra Still Testifies at Senate Hearing on Refi Proposal
During an April 25th hearing entitled "Helping Responsible Homeowners Save Money through Refinancing," MBA Chair-Elect Debra Still testified before the Senate Banking Subcommittee on Housing, Transportation, and Community Development concerning MBA's perspective on the draft "Responsible Homeowner Refinancing Act of 2012". Still commended the bill's provisions that address remaining barriers to the industry's recovery, such as asking Fannie Mae and Freddie Mac to standardize borrower eligibility requirements. She positively addressed the lowering of borrowing costs by prohibiting the GSEs from establishing pricing differences based on LTV, income, or employment status as well as the expansion of the streamline refinance program to all lending, not just existing servicers. Still also highlighted areas of concern, including provisions surrounding subordination of second liens and mortgage insurance. For further information on the hearing, please contact Meghan Sullivan, (202) 557-2866.
MBA Joins Trade Association in Safe Harbor Letter to CFPB Director Cordray
MBA joined 22 other trades in sending a letter to CFPB Director Richard Cordray, urging the establishment of a safe harbor with clear standards to implement the qualified mortgage under the forthcoming CFPB ability to repay rule. Signatures included the U.S. Chamber of Commerce, the National Association of Realtors, and the National Association of Home Builders as well as sister trades in the mortgage finance industry. For more information, please contact Ken Markison, (202) 557-2930.
The Mortgage Action Alliance Calls Connecticut to Action
Connecticut Senate Bill 407 is receiving attention this week from lawmakers and concerned constituents alike. The bill seeks to alter the recording process in Connecticut by necessitating the recording of each assignment of debt. The Mortgage Action Alliance (MAA) acted on the opportunity to advocate on behalf of mortgage bankers by suggesting MAA members write letters of opposition to their legislators. MAA pointed to already enacted federal laws that achieve similar results to SB 407, without undue regulation that would slow the industry's recovery. The language of the bill can be found here. For more information, please contact William Kooper, (202) 557-2737.
MBA Launches Congressional Housing and Finance Brief
In conjunction with our National Advocacy Conference, MBA released the first of its monthly newsletters designed to inform congressional offices. The Congressional Housing and Finance Brief delivers an unbiased take on important data and policy developments directly to lawmakers and key staff. The first issue included information and positions on the National Advocacy Conference themes, the most pressing current advocacy issues of the industry. These themes include the future of GSEs and G-fees.
Industry Developments:
Secretary Donovan Testifies on HUD's 2013 Fiscal Year Budget
The Department of Housing and Urban Development's Secretary, Shaun Donovan, testified on April 26th before the Senate Committee on Housing, Banking, and Urban Affairs during a hearing entitled "Legislative Proposals in the United States Department of Housing and Urban Development's FY 2013 Budget." After establishing that the 2013 FY Budget exceeds that of 2012 by $1.4 billion, Donovan fielded questions from Senators Johnson, Shelby, Merkley, and Menendez concerning topics like HUD's contribution to the national deficit, FHA solvency, the burden on local agencies, FHA loan limits, the GSEs, and housing affordability. Throughout his answers, Donovan nailed down previously stances on principal reduction as well as the need for advanced technology to promote FHA efficiency and quality. For questions, please contact Brad Cheney, (202) 557-2913.
MBA Comment and Congressional Letter(s):
MBA Joins Trade Associations in Letter to FASB and IASB on
Proposed Lease Accounting
On Wednesday, April 25, 2012, MBA joined a group of 28 trade associations in a letter to the chairmen of the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) expressing concerns about remaining problems with the lease accounting standards proposal. These substantive concerns include:
- The front-loading of expenses in early years for leases currently treated as operating leases by lessees.
- The need for a simple accounting model for short term leases
- Continuing problems with the definition of renewals and variable/contingent rents.
The letter calls for FASB and IASB to conduct an economic impact study, extensive field testing, and full re-exposure of the entire lease accounting proposal. For more information, please contact Jim Gross, (202) 557-2860.
Congressional Hearings:
April:
Recess
MBA to Hold National Secondary Market Conference and Expo in May 2012
MBA is holding its National Secondary Market Conference and Expo during the 6th through 9th of May in New York, New York. MBA CEO Dave Stevens will be joined by a great list of speakers, including News Correspondent Tucker Carlson and CNN Political Analyst Paul Belaga. For more information or to register for the conference, please click here or contact Michael Carrier,(202) 557-2870.
Click here for Upcoming MBA Conferences and Events |
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Don't miss these great MBA/MW Events
- Navigating Today's Mortgage Environment on May 1 (Residential) Choose to attend morning seminar in VA or afternoon seminar in MD.
- Commercial Real Estate Finance Council's Spring Real Estate Update on May 3 in Washington, DC (Commercial)
Register here for the May 3rd event. Sponsor the CREF Real Estate Update.- Charity Happy Hour on May 10 starting at 6:00pm (Residential)
Location: Uncle Julio's Rio Grande Restaurant in Reston, VA
- Spring Golf Outing on June 7 (Commercial & Residential) Location: 1757 Golf Club, 45120 WaxPool Road, Dulles, VA
- Mid-Atlantic Lender/Broker Conference on October 18 (Residential)
Location: Waterford at Fair Oaks, Fairfax, VA
Exhibitor and Sponsorship registration is now open. Click here for details.
-Mortgage Bankers Reunion on December 5 (Residential)
-Annual Meeting & Holiday Luncheon on December 14 (Commercial & Residential)
Details for these events are being finalized.
Visit our website for additional details and to register: www.mbamw.org
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Mortgage Bankers Association of Metropolitan Washington PO Box 1522, Olney, MD 20830-1522 (301)924-0633 fax (301)924-4124 info@mbamw.org www.mbamw.org   
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