St Casimirs Mortgage Minute

ABA Posts Staff Summary of Johnson-Crapo Proposal



ABA today released a staff summary of the bipartisan housing finance reform proposal unveiled recently by Sens. Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho). The summary offers an overview of Johnson and Crapo’s proposals for a new Federal Mortgage Insurance Corporation, a mutual entity and securitization platform, multifamily housing finance, affordable housing and underwriting.

“We note that the draft includes many key provisions urged by ABA including equitable access to the secondary market for lenders of all sizes,” the summary says, adding that areas of concern include the regulatory authority of the FMIC, capitalization and first loss positions and the impact on affordable housing.

--ABA Daily Newsbytes