The Mortgage Collaborative Response to Dec 7 NY Times Column by Gretchen Morgenson

The Mortgage Collaborative takes issue with the characterization of MBA CEO David Stevens as the architect of a conspiracy by big banks to unseat Fannie Mae and Freddie Mac.  On the contrary, Stevens has been a staunch supporter of independent mortgage banks, credit unions and community banks.

Stevens advocates for a diverse membership, commercial banks represent only 8% of MBA's 2300- strong membership, because he knows it improves consumers ability to access credit, lowers costs, and creates a level playing field among mortgage lenders.  He has consistently called for regulators to improve market liquidity and reduce taxpayer risk by:

  *  Creating a mortgage-backed security structure that passes a larger share of risk to responsible private capital
  *  Making this structure available to all lenders, large and small
  *  Reforming the GSEs, not replacing them with large banking institutions

Our organization represents approximately $75 billion in annualized originations from small to medium U.S. lenders.  We recognize David Stevens as a tireless proponent of the American consumer who advocates for the decentralization of mortgage lending because he knows it is best for his industry and his country.  To suggest that he would collude to restructure America's housing finance system by consolidating the GSE market share into big banking is both non-factual and grossly irresponsible reporting.

The Mortgage Collaborative

John M. Robbins CMB, Founder and Chairman
MBA Chairman 2007

Jim Park, Founder and Partner
2013 President, the Asian Real Estate Association of America

Gary Acosta, Founder and Partner
CEO and Founder, the National Association of Hispanic Real Estate Professionals

​David Kittle, CMB, Founder and Partner
2009 MBA Chairman