Nevada Mortgage Bankers Underscore Need for Housing Finance Reform

CARSON CITY, Nev., Oct. 26, 2017 /PRNewswire/ -- Leading mortgage bankers from Nevada traveled to Denver this week to participate in the 2017 Mortgage Bankers Association (MBA) Annual Convention and Expo where attendees and guest speakers, including the Department of Housing and Urban Development (HUD) Secretary Ben Carson and Director of Federal Housing Finance Agency (FHFA) Mel Watt, discussed housing finance reform.

"The housing finance system could become unsustainable unless protections are locked into place by Congress," said Jon Gedde, Chairman of the Nevada Mortgage Lenders Association and Senior Mortgage Advisor at Alderus Mortgage. "Fannie Mae and Freddie Mac have been left in conservatorship for far too long and we must address their future by providing certainty."

Attendees of the convention participated in informational meetings and networking opportunities and heard from various real estate finance industry experts. This included sessions specifically related to the future of Fannie Mae and Freddie Mac as well as the overall secondary mortgage market.

"With a temporary band aid left on our housing finance system from the 2008 financial crisis, many Nevadans could be at risk unless action is taken," said Gedde. "We need smart reforms that will ensure affordable housing and competition in the market place."

MBA has laid out a proposal to overhaul the current housing finance system, which remains the last piece of unfinished business from the 2008 financial crisis. The plan aims to expand access to credit, promote affordable housing, and support underserved market segments.

"Democrats and Republicans in Congress and the Trump Administration have all deemed housing finance reform a top priority," said Gedde. "Hopefully they will be motivated to find a bipartisan solution in the not too distant future."

SOURCE Mortgage Bankers Association