FOR IMMEDIATE RELEASE
ICBA Statement on Johnson-Crapo Legislative Text on Housing-Finance Reform
Washington, D.C. (March 17, 2014)—The Independent Community Bankers of America® (ICBA) today released this statement following the release of legislative text by Senate Banking Committee Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo (R-Idaho) to reform the housing-finance system and secondary mortgage market.
“It is vital that community banks continue to have a financially strong, reliable and impartial secondary mortgage market to ensure the flow of mortgage credit to consumers nationwide. Because community banks must continue to be able to sell individual loans for cash and to retain servicing on those loans, ICBA is encouraged by provisions of the Johnson-Crapo plan that support continued access for community banks.
“The community banking sector needs to access the secondary market without the complexity and costs associated with securitizing loans. ICBA looks forward to reviewing the legislation and will continue working with Congress and the administration to ensure housing-finance reforms meet the association’s principles.”
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.