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Contact:
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Robert Schmermund
(202) 857-3104 (work)
(301) 858-0922 (home)
[email protected]
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
January 18, 2002
#02-5 |
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AMERICA’S COMMUNITY BANKERS URGES OFHEO TO MODIFY PROPOSED FANNIE, FREDDIE CAPITAL CHARGES
Editors, Reporters:
America’s Community Bankers has urged
the Office of Federal Housing Enterprise Oversight to modify its proposed rule
on capital charges for Fannie Mae and Freddie Mac involving loans insured by
private mortgage insurance companies rated less than triple-A. Five of the seven
major PMI companies are rated double-A.
While the proposal made a slight
concession on the issue, it would continue to set a lower default rate for
triple-A rated companies. ACB said the default rate should be set the same — at
5 percent — for both triple-A and double-A rated companies. Doing that would
make it unnecessary to extend the phase-in period beyond the original five-year
period.
ACB said the OFHEO proposal is
“inconsistent with actual expected risk of loss and could have a measurably
negative impact on community bankers and others selling loans to the GSEs.”
The comment letter is ATTACHED.
America’s Community Bankers represents the nation’s community banks of
all charter types and sizes. ACB members, whose aggregate assets are more
than $1 trillion, pursue progressive, entrepreneurial and service-oriented
strategies in providing financial services to benefit their customers and
communities.
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Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
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