ICBA Sounds Off on GSE Termination Proposal

The Independent Community Bankers of America (ICBA) has released the following statement following the proposed housing finance reform legislation by House Financial Services Committee Chairman Jeb Hensarling (R-TX) and other members of Congress. “ICBA appreciates the efforts of Chairman Hensarling and other lawmakers for proposing legislation to reform the housing government-sponsored enterprises. Continued community bank access to a financially strong, reliable and impartial secondary mortgage market is essential to preserving access to mortgage credit in all areas of the country and supporting the housing recovery. All lenders should have equitable access to the secondary market to ensure the continued flow of mortgage credit to consumers nationwide. “This legislation advances an important discussion that is critical to the economic health and well-being of Main Street communities. Given community banks’ direct and fundamental ties to their communities, it’s essential that the community banking industry continue to be closely involved in the process of secondary-market reform. We look forward to continuing to work with Congress on this issue as the debate continues.” The Protecting American Taxpayers and Homeowners Act (PATH Act) was presented by House Financial Services Committee Chairman Jeb Hensarling to put an end to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac.