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MBA Opposes Disclosure Legislation

May 10, 2002

Bankers Group Says Uniform Securities Disclosure Act 'Raises Unresolved Issues'

Inman News Features

The Mortgage Bankers Association of America announced today that its board of directors voted to oppose the Uniform Securities Disclosure Act, which would repeal the exemption of Fannie Mae and Freddie Mac from SEC registration and disclosure requirements.

The legislation, H.R. 4071, was introduced in the House of Representatives March 20 by Reps. Christopher Shays (R-Conn.) and Edward Markey (D-Mass.).

The MBA says that while it supports increased disclosure by the GSEs on their debt, equity and mortgage-backed securities, the organization does not endorse the specifics of the legislation because it raises unresolved issues.

According to the organization, the issues include the potential impact on the affordability of homeownership and rental housing, the efficiency of the housing finance market and the potential of unnecessary additional liability of mortgage lenders.

"While MBA does not support H.R. 4071, we believe that strong, independent regulation of the GSEs is essential to ensure their continued financial safety and soundness," said MBA Chairman James M. Murphy. "As the customer base of the GSEs, MBA members are committed to work with the SEC, OFHEO, HUD and Congress to ensure strong regulatory oversight and eliminate disclosure inadequacies."

Washington, D.C.-based MBA is a national association representing the real estate finance industry.

Copyright: Inman News Service

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