Press Releases

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

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