Contact: MICA (202) 682–2683
Email: pat@micadc.org
MICA Statement on Presidential Signing of Major Housing Legislation
The following is a statement from Suzanne C. Hutchinson, Executive Vice President of the Mortgage Insurance Companies of America, on the President’s signing of the Federal Housing Finance Regulatory Reform Act of 2008:
WASHINGTON, D.C. July 30, 2008–Today the President signed landmark housing legislation, marking a major achievement by Congress and the President to help stabilize the housing market and assist borrowers needing help to navigate their way out of loans they could no longer afford. The Mortgage Insurance Companies of America recognizes the vital role played by the GSEs in the nation’s housing finance system by providing liquidity for the secondary market. Because of that, we strongly supported the GSE reform measures included in this bill in order to ensure the safety and soundness of the enterprises and provide enough flexibility for the GSEs to respond to changing market conditions. Chief among those provisions is establishment of a strong regulator to oversee the activities of the GSEs, including product review authority.
MICA thanks Congress and the President for their stalwart leadership in crafting this major piece of legislation. In addition, MICA recognizes the special commitment to GSE reform long held by FM Policy Focus, the public policy coalition we have participated in for many years. Its steadfast persistence has resulted in a positive outcome that will help create a reliable and affordable mortgage market for years to come.