U.S. Mortgage Insurers (USMI) submitted comments to the Federal Housing Finance Agency (FHFA) today regarding its Single-Family Credit Risk Transfer (CRT) Request for Input (RFI) and steps to further shield the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as American taxpayers, from losses from mortgage-related risks. In its comments, USMI highlights the distinct advantages of front-end CRT done through expanded use of mortgage insurance (MI) that can address existing shortcomings in the GSEs’ credit risk transfer transactions and that can offer substantial benefits for taxpayers, lenders of all sizes, and borrowers.
Lindsey Johnson, President and Executive Director of U.S. Mortgage Insurers (USMI), said the following today upon the announcement from Freddie Mac about a new pilot program involving mortgage insurers:
USMI delivered the following letter to members of the Senate Banking Committee:
U.S. Mortgage Insurers (USMI) today announced Patrick Sinks will serve as the organization’s new chairman. Sinks is MGIC Investment Corporation’s Chief Executive Officer (CEO) and succeeds USMI Chairman Rohit Gupta, President and CEO of Genworth Mortgage Insurance (MI). Sinks’ appointment marks a new chapter for USMI since its formation in March 2014.
The Federal Housing Finance Agency (FHFA) has released a Progress Report and Request for Input (RFI) on Single-Family Credit Risk Transfers as a follow-up to the release of the 2016 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions. U.S. Mortgage Insurers (USMI) welcomes the opportunity to work with FHFA and the government sponsored enterprises (GSEs) on specific steps the GSEs need to take to increase the amount and levels of credit risk transferred. Front-end risk sharing with deeper coverage using private mortgage insurance (MI) will address existing shortcomings in the GSEs’ credit risk transfer efforts and offers substantial benefits for taxpayers and borrowers.
Today, U.S. Mortgage Insurers (USMI) joined 25 financial services and residential real estate trade associations and consumer groups, including the National Association of Realtors, Mortgage Bankers Association, National Association of Home Builders, Credit Union National Association, as well as the Center for Responsible Lending and Consumer Federation of America, in a letter to Federal Housing Finance Agency (FHFA) Director Mel Watt calling for Fannie Mae or Freddie Mac (the government sponsored enterprises, or “GSEs”) to reduce or eliminate loan level price adjustments (LLPAs) charged by the GSEs.
U.S. Mortgage Insurers (USMI) today announced a new set of housing finance reform principles to help evaluate and shape reform efforts aimed at ensuring that American consumers have access to mortgage credit while better shielding taxpayers from housing-related risks.
Private mortgage insurance (MI) helped approximately 740,000 homeowners in 2015, a more than 18 percent increase over 2014, U.S. Mortgage Insurers (USMI) today announced in conjunction with National Homeownership Month. This growth mirrors the positive national trend showing total mortgage borrowing reaching a four-year high.
Private mortgage insurance companies, although few in number, play an important role in the housing finance system […]
USMI submitted comments on the Federal Housing Finance Agency’s (FHFA’s) proposal for how the government sponsored housing enterprises Fannie Mae and Freddie Mac should serve underserved markets. USMI supports both principles of facilitating the financing of affordable housing for low-to-moderate income families consistent with the Enterprises’ overall public purposes while maintaining a strong financial condition and reasonable economic return.
U.S. Mortgage Insurers (USMI) announced today that Brendan Kihn has joined the organization as Government Relations Manager. “Brendan is a terrific addition to the USMI team,” said USMI President and Executive Director Lindsey Johnson. “He brings a strong background in housing finance policy to the organization at a time of intense focus on housing policy, at the congressional and regulatory as well as state level. His insights and analysis will strengthen our advocacy and impact at this important time.”
(March 15, 2016) In letters to House and Senate Budget Committee leadership, USMI joined a broad group of more than a dozen housing organizations urging Congress to use GSE G-fees for their intended purpose, to support homeownership stability.
Policy Priorities
