FOR IMMEDIATE RELEASE
ICBA Statement on Permitting Greater MBS Purchases by Federal Home Loan Banks, Fannie Mae, Freddie Mac
Washington, D.C. (March 24, 2008)—Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), issued the following statement on the Federal Housing Finance Board's decision to permit the Federal Home Loan Banks to increase the level of mortgage security purchases:
"ICBA commends the action of the Federal Housing Finance Board and its decision to permit greater mortgage-backed security (MBS) purchases by the Federal Home Loan Banks. This decision, together with similar action by the Office of Federal Housing Enterprise Oversight (OFHEO) allowing greater mortgage and MBS purchases by Fannie Mae and Freddie Mac, is a major step in restoring homebuyer confidence and extending greater liquidity in the mortgage markets."
"The government sponsored enterprises were created by Congress to help American homeowners address market imbalances and to ensure that credit flows to communities across the country. ICBA is pleased to see they are playing an important role in addressing the current mortgage market problems."