Magazine article Mortgage Banking

Groups Respond to Administration's Proposal for GSE Regulation

Magazine article Mortgage Banking

Groups Respond to Administration's Proposal for GSE Regulation

Article excerpt

MBA, FANNIE MAE, FM POLICY FOCUS, THE Office of Federal Housing Enterprise Oversight (OFHEO) and the National Black Caucus of State Legislators (NBCSL) have responded to the Bush administration's proposal for the regulation of the government-sponsored enterprises (GSEs).

MBA applauded the testimony delivered by Treasury Secretary John Snow and Department of Housing and Urban Development (HUD) Secretary Mel Martinez on GSE regulation. In testimony before the House Financial Services Committee on GSE regulation in September, the administration emphasized the important role of the housing sector in the U.S. economy's recovery and its commitment to strong, effective and independently funded regulation of the GSEs. MBA Chairman John A. Courson stated MBA "has had a long-standing policy of supporting an independent, well-funded regulator for the GSEs, and we look forward to reviewing specific proposals of GSE regulation legislation."

In a statement, Fannie Mae Chairman and Chief Executive Officer Franklin D. Raines said Fannie Mae welcomes the administration's approach of assigning GSE financial regulation to a bureau of the U.S. Treasury Department. "We believe that having a strong, well-funded financial regulator is in the best interests of housing and the financial system, as well as Fannie Mae and our investors, shareholders and stakeholders," Raines stated. "We believe the administration's approach addresses an important policy issue while ensuring that no harm comes to housing or the contribution housing makes to a strong economy. …

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