MBA Wants ‘Full Explanation’ on GSE Net Worth Choice

Mortgage Bankers Association president and CEO David Stevens Monday declared that Fannie Mae and Freddie Mac should go through the same rule-making process as any other government agency while they are in conservatorship.

Speaking to members of the media during the trade group’s annual convention in Chicago, he said the government agency rule-making process is fully transparent, with the opportunity for stakeholders to examine and comment on the proposals.

Stevens, a former FHA commissioner in the Obama administration, also raised the issue of Fannie Mae’s minimum net worth/volume cap proposals. (Earlier this month National Mortgage News broke the news that Fannie was placing conditions on its secondary market purchases with new seller/servicers.)

Fannie Mae believes it is being fully transparent, a point in which Stevens said he disagreed. Collective stakeholders should have the opportunity to weigh in on the process. “Let’s get a full explanation of what they plan,” he said.

During a speech to members, Stevens said that no matter who wins the presidential election, there needs to be a housing policy coordinator appointed. This person would be more of a traffic cop, directing the various agencies involved in rulemaking to speak with each other and to coordinate so that new policies do not conflict with each other.