Georgia Mortgage Bankers Underscore Need for Housing Finance Reform
Friday, October 27th, 2017
Leading mortgage bankers from Georgia traveled to Denver this week to participate in the 2017 Mortgage Bankers Association Annual Convention and Expo where attendees and guest speakers, including Department of Housing and Urban Development Secretary Ben Carson and Director of Federal Housing Finance Agency Mel Watt, discussed housing finance reform.
"After nearly 10 years in conservatorship it is imperative that Congress take action to lock in reforms to Fannie Mae and Freddie Mac, which will protect taxpayers," said Fowler Williams, MBA State Ambassador and President and CEO of Crescent Mortgage Company.
Attendees of the convention participated in informational meetings and networking opportunities and heard from various real estate finance industry experts. This included sessions specifically related to the future of Fannie Mae and Freddie Mac as well as the overall secondary mortgage market.
"Owning a home is part of the American Dream, but that dream could become a distant thought for many Georgians," said Williams. "The tools to fix Fannie and Freddie are at the disposal of our federal government. The question is – will they act before it's too late?"
MBA has laid out a proposal to overhaul the current housing finance system, which remains the last piece of unfinished business from the 2008 financial crisis. The MBA plan aims to promote access to credit, protect taxpayers, and support underserved market segments.
"While many issues do not garner bipartisan support in Washington, D.C., the need for housing finance reform transcends political party lines. That is why I urge my Congressional Delegation to find common sense solutions that protect taxpayers and drive competition throughout the market as soon as possible," Williams concluded.