WASHINGTON — This week, 25 members of Congress sent a letter to U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson urging him to reinstate a cut scheduled under the Obama Administration to the Federal Housing Administration (FHA) mortgage insurance premiums (MIP). The following statement can be attributed to Lindsey Johnson, USMI President and Executive Director.
USMI released a paper assessing housing finance reform proposals announced by housing institutions and organizations, the Senate Banking Committee held a hearing on housing finance reform, Genworth Financial introduced its first-ever First-Time Homebuyer Market Report, the Federal Housing Finance Agency (FHFA) submitted its 2016 annual report to Congress, and American Action Forum (AAF) commented on Fannie Mae and Freddie Mac’s (the GSEs) increasingly risky credit portfolios while calling for greater usage of private mortgage insurance (MI).
Nearly a decade after the financial crisis, the housing finance system remains largely structurally unreformed.
The Trump administration released its 2018 federal budget proposal for the U.S. Department of Housing and Urban Development (HUD), Federal Housing Finance Agency (FHFA) Director Mel Watt and Treasury Secretary Steven Mnuchin testified before the U.S. Senate on potential GSE reform, USMI and numerous other housing industry groups voiced their support for the nomination of Pam Patenaude to serve as Deputy Secretary of HUD, and several third party groups released white papers on access to affordable mortgage credit and housing finance reform.
Are you considering buying a home? With mortgage rates on the slow and steady incline, there may be no better time for a home purchase than now.
USMI’s Lindsey Johnson interviews USMI Board Chairman Patrick Sinks on the 60th anniversary of the private mortgage insurance (MI) industry. Additionally, a recent congressional bill aimed at promoting greater transparency at Fannie Mae and Freddie Mac (the GSEs) was passed by the House of Representatives, President Trump announced his nomination for Deputy Secretary of the Department of Housing and Urban Development (HUD), and the Mortgage Bankers Association (MBA) released a new report on reform recommendations for the GSEs and housing finance system.
The private MI industry is in the midst of a once in a generation opportunity to positively reform the country’s housing finance system. To do it right, there must be a comprehensive approach to evaluate what the proper role is for the GSEs, FHA, and private capital.
Lindsey Johnson, President and Executive Director of the U.S. Mortgage Insurers (USMI), today issued the following statement on the Mortgage Bankers Association report on reform recommendations for Fannie Mae and Freddie Mac (the GSEs) and the housing finance system.
In a recent blog post by Patrick Sinks, the President and CEO of MGIC and Chairman of USMI, he argues that the federal government must balance important protections provided by new lending standards with reasonable consumer access to credit.
Since the 2008 financial crisis, certain safeguards were put in place that resulted in more stringent underwriting standards for lenders and borrowers. As a mortgage insurer, lenders are my customers.
You would like to buy, but you can’t manage that 20 percent down payment. Does this sound familiar?
Here is a roundup of recent news in the housing finance industry, including the unveiling of USMI’s new logo to commemorate 60 years of making homeownership possible through private mortgage insurance and housing policy developments in Congress and in the executive branch.
Policy Priorities
