Subcommittee To Evaluate Mortgage Origination Law Impact On Funding, Private Sector Participation
Washington,
July 12, 2011 -
WASHINGTON -Continuing the Financial Services Committee’s ongoing efforts to thoroughly review government policies and regulations, the Insurance, Housing and Community Opportunity Subcommittee will meet for a hearing to evaluate recent changes to mortgage origination laws. The Subcommittee hearing will particularly focus on the impact the new laws and regulations have on consumers and credit availability in the mortgage finance markets.
Financial Services Committee Chairman Spencer Bachus said, “While the financial crisis led to numerous Federal and state laws that changed the mortgage origination process, no overall review or cost-benefit analysis has been conducted. Our primary concern right now is ensuring that these regulations facilitate an environment where private capital can reenter the mortgage finance markets without cutting off funding for worthy borrowers. We need to restart lending in order to help create jobs and get the housing market going again.”
Insurance, Housing and Community Opportunity Chairman Judy Biggert said, “The intersection of the credit and housing markets remains at the center of our current economic downturn. Our hearing will focus on regulatory barriers that may needlessly limit the availability of credit, raise costs for consumers, and add uncertainly to an already fragile recovery. With the addition of a massive new financial regulator under the Dodd-Frank bill, the CFPB, the potential for market-distorting and costly rules remains a top concern, and our aim is to ensure that federal action protects consumers, promotes competition, and allows small businesses to grow and create jobs.”
The Subcommittee hearing, entitled “Mortgage Origination: the Impact of Recent Changes on Homeowners And Businesses,” will take place on Wednesday, July 13th at 2 pm in room 2128 Rayburn.
Witnesses scheduled to testify:
Panel I
The Honorable Sandra F. Braunstein, Director of Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System
The Honorable Teresa Payne, Associate Deputy Assistant Secretary, Real Estate Settlement Procedures Act, Department of Housing and Urban Development
Kelly Cochran, Deputy Assistant Director for Regulations, Consumer Financial Protection Bureau , Department of Treasury
James R. Park, Executive Director, Appraisal Subcommittee, Federal Financial Institutions Examination Council
William B. Shear, Director of Financial Markets and Community Investment, Government Accountability Office
Anne Norton, Maryland Deputy Commissioner of Financial Regulation, on behalf of the Conference of State Bank Supervisors
Panel II
Steve A. Brown, Executive Vice President, Crye-Leike
Henry V. Cunningham, Jr., President, Cunningham & Company
Tim Wilson, President, Affiliated Businesses for Long & Foster Companies
Anne Anastasi, President, Genesis Abstract and President, American Land Title Association
Mike Anderson, President, Essential Mortgage
Marc Savitt, President, The Mortgage Center
Sara Stephens, President Elect, Appraisal Institute
Don Kelly, Executive Director, Real Estate Valuation Advocacy Association
Janis Bowdler, Director, Wealth-Building Policy Project Office of Research, Advocacy, and Legislation
Ira Rheingold, Executive Director, National Association of Consumer Advocates
