MBA’s Broeksmit to Testify This Morning at House Hearing

As of press time, Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, is scheduled to testify this morning at a House Financial Services Committee hearing on a housing finance reform bill.

The status of the hearing remains uncertain pending resolution of a Continuing Resolution to keep the federal government open through Feb. 8. The Senate on Wednesday passed a CR; however, the Senate bill does not contain $5 billion in funding for a border wall, which raised objections from House conservatives and President Trump, who; after initially agreeing to sign a bill without wall money, changed his mind yesterday and said he would not sign the bill unless it included the funding. The issue remained unresolved at press time.  

Should the hearing move forward, Broeksmit is expected to testify in favor of the bill (, introduced by two outgoing House members, Committee Chairman Jeb Hensarling, R-Texas, and John Delaney, D-Md. It would repeal the charters of Fannie Mae and Freddie Mac and transition to a system that allows qualified mortgages backed by an approved private credit enhancer with regulated, diversified capital resources to access the explicit, full government securitization guarantee provided by Ginnie Mae.  

Also scheduled to testify: Edward J. DeMarco, President of the Housing Policy Council; Diane Yentel, President and CEO of the National Low Income Housing Coalition; Vince Malta, President-Elect of the National Association of Realtors; Jerry Howard, CEO of the National Association of Home Builders; Don Calcaterra Jr., Vice-President of the Community Home Lender Association; Rick Stafford on behalf of National Association of Federally Insured Credit Unions; Lindsey Johnson, President of U.S. Mortgage Insurers; Alex Pollack, Distinguished Senior Fellow with Financial Markets; and Norbert Michel, Director of the Center for Data Analysis with The Heritage Foundation.  

The hearing, A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Housing Finance Reform Act of 2018, is scheduled to begin at 9:00 a.m. ET in 2128 Rayburn House Office Building and can be accessed online at MBA NewsLink will provide coverage.