WASHINGTON, Aug. 12 -- The Mortgage Bankers Association issued the following news release:
Today, David H. Stevens, president and CEO of the Mortgage Bankers Association (MBA), issued the following statement in reaction to the Federal Housing Finance Agency's (FHFA) announcement on the transition to a single security for the Government Sponsored Enterprises (GSEs).
"For more than two years, we have been talking to the GSEs, policymakers and a broad array of stakeholders about the widespread benefits of a fungible, pooled, TBA-eligible GSE securities market. Today's announcement takes what many told us was an unworkable fantasy and brings it closer to reality.
"The move to a single security will enable the two GSEs to compete on a more level playing field, and this competition will be beneficial to both homebuyers and lenders. In addition, it will be an important piece to help transition the market to any new future structure by providing a more flexible and efficient way of trading securities. Director Watt and his team deserve a lot of credit for moving forward on this critical initiative, and we look forward to working with FHFA and the GSEs on implementation."
[Category: Financial Services]
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