Community banks must continue to be able to sell individual loans for cash, to retain servicing on those loans, and to access the secondary market without the complexity and costs associated with securitizing loans.
Washington, DC (PRWEB) May 15, 2014
Camden R. Fine, president and CEO of the Independent Community Bankers of America® (ICBA), today issued this statement following today’s Senate Banking Committee 13-9 vote to advance the Housing Finance Reform and Taxpayer Protection Act of 2013 (S. 1217), bipartisan legislation to reform the housing-finance system.
“ICBA and the nation’s community banks recognize the need for housing-finance reform and appreciate the hard work the Senate Banking Committee has put into drafting and advancing a bipartisan bill. The community banking industry remains concerned with how the legislation would work in the real-world marketplace and whether it would cause further market concentration of the housing-finance system into a few of the largest financial institutions.
“Ensuring continued community bank access to a financially strong, competitive, reliable and impartial secondary mortgage market is vital to supporting the flow of mortgage credit to consumers nationwide. Community banks must continue to be able to sell individual loans for cash, to retain servicing on those loans, and to access the secondary market without the complexity and costs associated with securitizing loans.
“ICBA looks forward to continuing to work with the Senate and House to ensure housing-finance reform meets the needs of community banks and the customers and communities they serve.”
For more information, visit http://www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit http://www.icba.org.