David Stevens stresses the important role of IMBs

Power House

The Housing News Podcast is a weekly wrap of the top news stories by HousingWire CEO Clayton Collins.

Each week, HousingWire interviews financial services experts who can help make sense of the latest headlines sponsored by our partners at Arch MI and Quicken Loans Mortgage Services.

This week, Mountain Lake Consulting’s CEO David Stevens, who is the former president and CEO of the Mortgage Bankers Association, joins the Housing News Podcast for episode six.

In this episode, Stevens who formerly served as the US Assistant Secretary of Housing for the United States Department of Housing and Urban Development under the Obama administration from 2009 to 2011, discusses his perspectives on the current state of the U.S. housing finance industry, particularly on independent mortgage banks and their role in lending.

As the industry knows, market uncertainty continues to increase as more and more borrowers request forbearance on their mortgages due to financial difficulty born out of the coronavirus pandemic.

According to Stevens, every person in the mortgage finance sector needs to be prepared for an extended duration of credit constraints being applied to the loans they’re attempting to originate.

Here are links to the topics discussed:

• Calabria: No nonbank is too big to fail
• Calabria: No servicer liquidity facility coming, but GSEs may pull servicing from struggling companies
• MBA “strongly disagrees” with FHFA Director Calabria’s stance on servicing
• Calabria does not expect widespread delinquencies due to coronavirus
• [PULSE] A federal liquidity solution for the mortgage servicing industry
• [PULSE] IMBs are the path to recovery, not the problem

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