Jann Swanson, Mortgage News Daily, reports:
He [David H. Stevens, President/CEO, Mortgage Bankers Association] complained that, in the four years since Freddie Mac and Fannie Mae were placed into conservatorship there have been countless proposals and ideas put forth by MBA and others on ways to restructure the secondary market and that it is now time for action. "Proposals of this magnitude, he said, "need a transparent process to engage with stakeholders, articulate objectives and alternatives, and demonstrate that stakeholder concerns have been evaluated and addressed." It is time for Congress and regulators to involve other stakeholders and "move the ball forward. Until this happens, the uncertainty in the markets will persist, and a full recovery of the housing market will remain elusive."