Release Date: June 25, 2013
Contact: Andrew DeSouza, 202.962.7390, email@example.com
SIFMA Commends Senators on Planning for the Future of the Secondary Mortgage Market
Washington, D.C., June 25, 2013— SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., president, regarding the introduction of bipartisan legislation to reform the housing finance system. The legislation was introduced by Senators Bob Corker (R-TN), Mark Warner (D-VA), Mike Johanns (R-NE), Jon Tester (D-MT), Dean Heller (R-NV), Heidi Heitkamp (D-ND), Jerry Moran (R-KS) and Kay Hagan (D-NC).
"SIFMA commends the efforts of this bipartisan group of Senators to move forward with planning for the future structure of the secondary mortgage market. The time to address the future of mortgage finance is overdue, and we agree with the fundamental premise that private capital must play a larger role than it does in today's market.
“While it is in need of serious reform, our current housing finance system has certain features that should be retained, such as the highly-liquid TBA market that provides a benchmark for all other mortgage markets. Preserving this broad liquidity while fostering a healthy non-government securitization market is essential to ensuring that Americans will continue to be able to realize their dream of home ownership.
“We very much appreciate this thoughtful addition to the public debate on what the future system should look like and SIFMA looks forward to continuing to work with Congress and the Administration on this critically important reform effort."
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.