Testifying before Congress, Mortgage Insurance Companies of America (MICA) pledged to play a critical role in the future of housing finance by continuing to enable first-time and lower income families to purchase homes safely and soundly. Testifying on behalf of MICA was Patrick Sinks, president and chief operating officer of Mortgage Guaranty Insurance Corporation in Milwaukee, Wisc.Read more

The Obama Administration has announced expanded opportunities for public engagement on the future of our nation's housing finance system, including Fannie Mae and Freddie Mac. These events, which will include a major conference in Washington, D.C., will help provide critical public input as the Administration continues its work developing a comprehensive housing finance reform proposal for delivery to Congress by January 2011.Read more

The National Association of Mortgage Brokers (NAMB), the Association of Mortgage Professionals, has recognized June as National Homeownership Month, an important time for the American economy and American consumer as the housing industry continues its recovery. “NAMB applauds Rep. Gary Miller (R-CA) for his resolution recently passed by the House of Representatives recognizing June as National Homeownership Month, and for his hard work on and commitment to the recovery of the housing industry,” said NAMB President, Jim Pair, CMC.Read more

There seems to be some concern with a small number our members regarding what is happening in Washington, D.C. and what the National Association of Mortgage Brokers is doing to ensure our industry is being protected. Let me assure you that legislative protection is the highest priority of your association. Our staff and our lobby team are constantly monitoring Capitol Hill and the agencies to learn the hot issues of the day. The rapport we have on the Hill and with the agencies is the best we have ever experienced in the history of our association.Read more

Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association (MBA) has issued the following comment reacting to passage of S. 3217, the Restoring American Financial Stability Act of 2010: "MBA has long supported a more efficient regulatory regime for the financial services industry, and passage of the bill is another important milestone. However, the bill, as we view it, still has flaws that will negatively impact borrowers and the real estate markets.Read more

U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan has announced that the Obama Administration will work with Congress to find ways to help state and local governments more effectively combat the ongoing effects of the housing crisis and home foreclosures through additional funding for the Department's Neighborhood Stabilization Program (NSP) and foreclosure prevention counseling. Donovan made the announcement at a Tuesday morning roundtable with Washington, D.C.-based reporters sponsored by the Christian Science Monitor.Read more

The commercial real estate market is experiencing its worst liquidity challenge in almost 20 years, and it is vital that Congress take action to prevent a deepening crisis, the National Association of Realtors (NAR) said in its Monday, May 17th testimony to the U.S. House of Representatives Subcommittee on Oversight and Investigations.Read more

Rep. Scott Garrett (R-NJ) has announced the introduction of the United States Covered Bond Act, with support from Rep. Paul E. Kanjorski (D-PA) and Financial Services Committee Ranking Member Spencer Bachus (R-AL) as leading co-sponsors. This legislation aims to help facilitate a robust covered bonds market in the U.S. to add liquidity and certainty to our nation's capital markets.Read more

Ocwen Financial Corporation President Ronald M. Faris, has testified before Congress, voicing the mortgage servicer's support of the Obama Administration's Home Affordable Modification Program (HAMP) and recommended enhancements that Ocwen believes would make the program more effective at preventing foreclosures and helping distressed homeowners.Read more

National Mortgage Professional Magazine recently had an opportunity to chat with David H. Stevens, Assistant Secretary for Housing at the U.S. Department of Housing & Urban Development (HUD), and 27th Commissioner of the Federal Housing Administration (FHA).Read more