Washington, D.C (Oct. 29, 2019)— Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued this statement following the Federal Housing Finance Agency's release of its 2019 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac and 2020 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions.
"The Federal Housing Finance Agency's 2019 Strategic Plan and 2020 Scorecard represent the first serious and realistic efforts to end the 11-year conservatorship of the government-sponsored enterprises by following Housing and Economic Recovery Act statute and restoring these critical entities to a safe and sound condition.
"As noted by FHFA, the strategic plan and the Trump administration's plan to reform the housing-finance system are part of a new course that aims to fulfill the mandates of HERA and restore the enterprises 'to their proper role as fully private, well-capitalized, and well-regulated financial institutions.' ICBA has strongly advocated this action for several years.
"ICBA thanks the FHFA for the release of these documents and commends Director Mark Calabria for taking this new direction to protect taxpayers, support access to the secondary market for community banks, and create a path to a strong and sustainable mortgage market that will benefit all Americans. ICBA will continue to work with FHFA and all other stakeholders in this process."
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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