WASHINGTON, Dec. 14, 2015 /PRNewswire/ -- On Tuesday, December 15, at 9:30am EST, Joshua Rosner, Managing Director of Graham Fisher & Co., will join fellow mortgage industry experts for a media call after releasing his latest paper, "GSE Reform: Something Old, Something New, And Something Borrowed."
Participants on the call will discuss efforts to include portions of GSE reform language in the Omnibus. Rosner will join Center for Responsible Lending (CRL) President Mike Calhoun; Community Mortgage Lenders of America (CMLA) Executive Director Glen Corso; National Community Reinvestment Coalition (NCRC) Director of Policy & Government Affairs Gerron Levi; and Community Home Lenders Association (CMLA) Executive Director Scott Olson.
The speakers will discuss the current state of GSE reform and various ideas about how to fix Fannie Mae and Freddie Mac, which are in their seventh year of conservatorship. Rosner's paper, which argues that history has shown "the best way to serve the public interest is to recapitalize Fannie Mae and Freddie Mac and make certain they perform their historic mission as countercyclical sources of secondary-market capital capable of providing stability to the home finance market."
Rosner's paper recommends that FHFA should apply the Congressionally-given power to restore the original public-utility-like function of the secondary mortgage market. His paper dispels several false myths that have been central to GSE reform efforts to date and provides a path forward toward meaningful reform.
The Housing and Economic Recovery Act of 2008 (HERA) made sweeping oversight changes to legislative and regulatory powers over Fannie and Freddie and required the GSEs' regulator to recapitalize them and to then oversee them utilizing the powers contained in HERA. Rosner argues that a complete reinvention of the proverbial wheel would be both unnecessary and detrimental to the housing finance system, to access to mortgage credit by individual citizens and to smaller lenders.
Media call details:
Date: Tuesday, December 15, 2015
Time: 9:30am EST
Phone: (800) 288-8967
Mike Calhoun, Center for Responsible Lending
Glen Corso, Community Mortgage Lenders of America
Gerron Levi, National Community Reinvestment Coalition
Joshua Rosner, Graham Fisher & Co.
Scott Olson, Community Home Lenders Association
*RSVP is required. Those who RSVP will receive an embargoed copy of the paper prior to the call*