The Mortgage Bankers Association (MBA) has formed a task force to revisit its 2009 proposal for the future Freddie Mac and Fannie Mae, the two government sponsored enterprises (GSEs) and the secondary mortgage market.  The GSE Single Family Task Force will be led by Tim Dale, Executive Vice President of Mortgage Lending at BB&T and a former chairman of MBA's Residential Board of Governors.

The Task Force will conduct its work in two phases.  In the first it will revisit MBA's end-state policy position from 2009 and identify issues that will need to be considered during transition.  The second phase will include a detailed plan for accomplishing each of the most important transition issues in moving toward the end state.  The task force plans to invite participation from other stakeholders during the process and will coordinate closely with MBA's GSE Multifamily Task Force, which released its own white paper earlier this month.

MBA's Chairperson Debra W. Still said that MBA's 2009 proposal contained concepts that "became central to the most serious discussions over the future role of the government in housing finance.  However, four years later, Fannie Mae and Freddie Mac are still in conservatorship, with no end in sight."    

"The oversized government role in the residential market, and the uncertainty surrounding Fannie Mae and Freddie Mac, have created an unhealthy and unsustainable mortgage market," said Dale.  "Most stakeholders agree that we need to re-engage private capital in the market, but that won't happen until the fundamental questions around the GSEs and the government role is resolved.  Our diverse task force of industry leaders will tackle these issues, with a key focus on transition."      

The members of MBA's GSE Single Family Task Force are:

  • Timothy C. Dale, CMB (Chairman), BB&T
  • Richard A. Aneshansel, U.S. Bank Home Mortgage
  • Jon K. Baymiller, NYCB Mortgage Company
  • Byron L. Boston, Dynex Capital
  • Donald G. Calcaterra, CMB, Towne Mortgage Company
  • Garry Cipponeri, Chase
  • Jordan D. Dorchuck, CMB, Homeward Residential
  • William E. Emerson, Quicken Loans
  • Robert G. Gaither, PNC Bank
  • Adolfo F. Marzol, Essent Guaranty
  • Tom Millon, CMB, Capital Markets Cooperative
  • David Motley, CMB, Colonial National Mortgage
  • Bob Ryan, Wells Fargo Home Mortgage
  • Jerry Schiano, New Penn Financial
  • Patrick Sinks, Mortgage Guaranty Insurance Corporation (MGIC)
  • David A. Spector, PennyMac Loan Services
  • Keith Tibbles, Cobalt Mortgage