MBA's Kittle testifies on mortgage reformMortgagePress.comMBA, David Kittle, mortgage reform, Congress, Vision Mortgage Capital LLC
David G. Kittle, chairman of the Mortgage Bankers Association
and executive vice president at Vision Mortgage Capital LLC
testified before the House Financial Services Subcommittee on
Financial Institutions and Consumer Credit. At the hearing, titled,
"The Current State of the American Mortgage Lending System and
Proposals to Reform the System," Mr. Kittle laid out the principles
upon which MBA has been building a comprehensive reform proposal to
reform oversight of the mortgage industry.
"We believe that our industry must be central to solutions that
restore faith in the market and protect future borrowers," said
Kittle in his statement. "We know that these proposals will
constrain some in our industry, but they will also help our members
and their customers in the long-run."
According to Kittle, reform efforts should build upon the work
done in the last Congress on H.R. 3915, as well as the Federal
Reserve's Home Ownership Equity Protection Act (HOEPA) rules.
Kittle indicated in his statement that MBA's proposal would be
forthcoming soon and that it would be a comprehensive approach that
would apply across the country and affect lenders of all sizes and
structures.
"Reform proposals directed to the mortgage lending industry
should be considered in a comprehensive, not piecemeal, manner,"
stated Kittle. "Reform legislation should provide a rigorous new
regulatory standard to protect consumers regardless of where they
live. A single set of consumer protection rules should be dynamic
and able to quickly respond to new concerns. Federal and state
officials should work together to revise the national standard to
address new abuses and concerns."
Mr. Kittle's full written testimony can be found at
here.
For more information, visit www.mortgagebankers.org.
