Washington, D.C (Sept. 18, 2019)—Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today's Federal Housing Finance Agency action.
"ICBA commends the Federal Housing Finance Agency for ending its pilot program that enabled Fannie Mae and Freddie Mac to finance mortgage-servicing rights for certain mortgage servicers.
"As ICBA wrote in a May 2018 letter to the FHFA, providing a credit facility for servicers that cannot access other sources of financing and operating lines from commercial banks is outside the mission of the government-sponsored enterprises and puts them and taxpayers at risk. If those mortgage servicers cannot obtain financing from readily available commercial banking sources or the capital markets, then they should not be allowed to hold GSE MSRs.
"ICBA looks forward to continuing to work with the FHFA and other policymakers on housing-finance issues."
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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