The Virginia Bankers Association hosted Sen. Mark Warner Friday for a town hall meeting where interested groups discussed GSE reform. League Senior Vice President David Miles and several credit union representatives attended.
The Virginia Bankers Association hosted Sen. Mark Warner Friday for a town hall meeting where interested groups discussed GSE reform.
League Senior Vice President David Miles and several credit union representatives attended.
Among the approximately 70 attendees were representatives from state, regional, and national banks, mortgage bankers and originators, and credit unions. Additionally, representatives from realtors, housing authorities, and others were present. Sen. Warner made the case that it is time to move forward with S1217 (the Corker/Warner Bill). Warner noted that most industry groups (such as those present representing bankers, credit unions, et al.) would rate the satisfaction with the bill from “6” to “8” on a scale of “10” acknowledging that it is not a perfect bill but a step in the right direction.
Sen. Warner did hit on most of the important points from the credit union perspective:
- Maintaining liquidity in the mortgage market
- Preservation of the 30-year fixed rate mortgage
- Fair access for all lenders and originators
- A balance between a government backstop and private sector risks and capitalization
- Fair housing access
Sen. Warner also made the case for a common securitization platform and separation between the aggregators and the holders of mortgage debt.
In his final statements, the Senator said we cannot go back to the early 2000’s and that status quo is not an acceptable option nor in his opinion is the House bill eliminating government involvement in an industry crucial to all of our economic interests.