ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release September 7, 2000 #00-102
E-mail: [email protected]

STATEMENT BY DIANE M. CASEY, PRESIDENT, AMERICA’S COMMUNITY BANKERS, ON THE RESPONSE BY THE OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT TO ACB’S REQUEST FOR REVIEW OF FREDDIE MAC’S INVOLVEMENT WITH

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America’s Community Bankers is disappointed by the reasons cited by the Office of Federal Housing Enterprise Oversight for taking no action regarding Freddie Mac’s involvement with HomeAdvisors Technologies Inc.

Notwithstanding the importance of technology initiatives in the mortgage market, we believe that involvement of a government-sponsored enterprise is not appropriate in a venture that is not truly open to all market participants.

ACB appreciates that OFHEO does recognize the potential concentration of risk to Freddie Mac of exclusive arrangements. ACB has received a variety of descriptions of how open the access to HTI programs will be. ACB hopes that OFHEO will check to see that viable access will indeed be offered to lenders of all sizes in the Freddie Mac-HTI program.

We believe that the Freddie Mac-HTI venture further blurs the line necessary to distinguish and separate the primary from the secondary market, where GSEs should operate. Such ventures underscore the importance of the policy issues raised by Rep. Richard Baker in his legislative initiative to review and reform the oversight of GSE activities.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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