News Column

SIFMA Statement on Senate Banking Committee Passage of GSE Reform Bill

May 15, 2014

NEW YORK, May 15 -- The Securities Industry and Financial Markets Association issued the following news release:

SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the passage of the Johnson-Crapo GSE Reform Bill (S. 1217) by the Senate Banking, Housing, and Urban Affairs Committee:

"SIFMA welcomes today's development which brings us one significant step closer to achieving the shared goal of establishing a more sustainable housing finance system. We appreciate the thoughtful approach to reform established by S. 1217 and improved upon over the past few weeks by various Committee members. While additional work remains, we are optimistic about the future of the economy if these kinds of reforms occur.

"In particular, SIFMA is pleased that the bipartisan bill emerging from the Committee today contains flexibility to protect taxpayers from losses by requiring issuers to share risk with the private sector, maintains a focus on preserving the liquidity of and consumer benefits provided by the TBA market, and provides for a reasonable transition period to the new system.

"We support efforts to reform the housing finance system as success in this area leads to economic growth and job creation as well as the restoration of a competitive mortgage market serving all Americans."

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Source: Targeted News Service