NMP - November 2019 - 77

77

current
piecemeal series of steps,
announcements,
proclamations, directives, etc.
may prove to only create
volatility at the expense of
many lenders who have been
critical to market support

David H. Stevens, CMB is chief executive officer of
Mountain Lake Consulting Inc. He is the former chief
executive officer of the Mortgage Bankers Association
(MBA) and served as the Assistant Secretary of Housing
and FHA Commissioner under President Obama. Dave has
spent more than three decades in key leadership roles in
housing finance. In 2018, National Mortgage Professional
Magazine named David as its "Mortgage Professional of
the Year."

n National Mortgage Professional Magazine n NOVEMBER 2019

clear, it may
result in an outcome
where non-bank lenders and
mid-sized to small-sized bank
lenders will become disintermediated out of the
market at some level. What's
important to recognize here is
that it is, in fact, these nonbank lenders and community
banks and more that filled in
the gap, extending credit to
communities across the
country, while many of the
largest pulled back during
the peak of the crisis.
GSE reform is important. It
is something I have advocated
for since conservatorship
began. But to be clear,
comprehensive GSE reform is
what is needed and the

NationalMortgageProfessional.com

Acting
Director Edward
Demarco and Director
Melvin Watts' respective
tenures, the GSE's continued
to provide steady liquidity to
the housing sector, making it
one of the stronger aspects of
the economic recovery. In
fact, home prices returned to
pre-recession levels, thanks to
this continuity and the
thousands of lenders that
continued to lend into the
market despite other
contractions in private
capital.
What we risk by a
piecemeal approach is
significant. Efforts to shrink
footprints and "crowd in"
private capital may simply
shift the level playing field in
favor of institutions with
deeper capital as it will be
their respective balance
sheets that benefit. But to be

and to the families who found
an access point to a home
through them.
Rather than pulling
supports in an isolated series
of steps, it would be far better
for the housing market if
policymakers would enact
comprehensive GSE reform
legislation, just as they
outlined in their own
Administration paper in
September.
It's time to slow down what
could be death by a thousand
cuts, and promote a pathway
of legislated comprehensive
GSE reform.


http://www.NationalMortgageProfessional.com

NMP - November 2019

Table of Contents for the Digital Edition of NMP - November 2019

Contents
NMP - November 2019 - CT1
NMP - November 2019 - CT2
NMP - November 2019 - Cover1
NMP - November 2019 - Cover2
NMP - November 2019 - 1
NMP - November 2019 - Contents
NMP - November 2019 - 3
NMP - November 2019 - 4
NMP - November 2019 - 5
NMP - November 2019 - 6
NMP - November 2019 - 7
NMP - November 2019 - 8
NMP - November 2019 - 9
NMP - November 2019 - 10
NMP - November 2019 - 11
NMP - November 2019 - 12
NMP - November 2019 - 13
NMP - November 2019 - 14
NMP - November 2019 - 15
NMP - November 2019 - 16
NMP - November 2019 - 17
NMP - November 2019 - 18
NMP - November 2019 - 19
NMP - November 2019 - 20
NMP - November 2019 - 21
NMP - November 2019 - 22
NMP - November 2019 - 23
NMP - November 2019 - 24
NMP - November 2019 - 25
NMP - November 2019 - 26
NMP - November 2019 - 27
NMP - November 2019 - 28
NMP - November 2019 - 29
NMP - November 2019 - 30
NMP - November 2019 - 31
NMP - November 2019 - 32
NMP - November 2019 - 33
NMP - November 2019 - 34
NMP - November 2019 - 35
NMP - November 2019 - 36
NMP - November 2019 - 37
NMP - November 2019 - 38
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NMP - November 2019 - Cover3
NMP - November 2019 - Cover4
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