MBA's Stevens Critical of FHFA Securitization Platform Proposal

The Mortgage Bankers Association (MBA) has reacted harshly to an announcement made yesterday by Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency. In a speech before an economic conference DeMarco said that FHFA, in its role as conservator of Freddie Mac and Fannie Mae (the GSEs) would be setting up an independent business entity to manage a new securitization platform for the secondary market . MBA's President and CEO David H. Stevens issued a formal statement this afternoon...

DeMarco Outlines Plan to Merge Fannie, Freddie into New Securitization Firm

Edward J. DeMarco announced that the Federal Housing Finance Agency plans to establish a new entity, independent of Fannie Mae and Freddie Mac (GSEs), to design and implement a new securitization platform for the secondary market. The entity, initially owned and funded by the GSEs, it would have an independent CEO and Board of Directors and would be housed in a separate location from the two companies. His announcement was made in a speech to member of the National Association of Business Economics...

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