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Senators Warren, Warner Urge FHFA Action on Housing Finance Infrastructure and Access to Credit

enewspf.com | November 19, 2014

Washington, DC --(ENEWSPF)--November 18, 2014. United States Senators Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) today wrote a letter to Federal Housing Finance Agency (FHFA) Director Melvin Watt urging the agency to take steps "to build a housing finance infrastructure for the future, enhance the role of private capital in the agency mortgage-backed security (MBS) market, and responsibly increase access to mortgage credit."

The senators highlighted six areas where further FHFA action can advance these goals: (1) developing a single security for Fannie Mae and Freddie Mac mortgage-backed securities; (2) creating the Common Securitization Platform (CSP) as an independent, transparent, and more efficient securitization infrastructure; (3) continuing experimentation in risk-sharing pilot programs; (4) creating specific, uniform, and public regulations for private mortgage insurers that insure loans guaranteed by Fannie and Freddie; (5) expanding and improving the First Look program; and (6) updating the credit scoring models that Fannie Mae and Freddie Mac use.

"Millions of creditworthy families are struggling to get mortgages and buy a home," said Senator Warren. "We believe FHFA can use its existing authority to extend credit to responsible families and, at the same time, prepare the housing finance system for the end of government conservatorship."

"While we work in Congress to pass comprehensive housing finance reform, we are asking FHFA to move responsibly and transparently as they lay the foundation for a system that better protects taxpayers and improves access to credit for homeowners," said Senator Warner.

A PDF copy of the full letter is available here.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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