As part of Washington’s continued focus on reducing regulatory burden for Main Street, the House Financial Institutions and Consumer Credit Subcommittee convened on Wednesday to discuss a series of recently proposed bills aimed at achieving this goal. Some of these bills have received bipartisan support, such as H.R. 2121, the SAFE Transitional Licensing Act, which would ensure that those originating mortgages at depository institutions would be able to move to non-depositories with minimal work disruption.
Another bill that has received bipartisan support is H.R. 2473, the Preserving Capital Access and Mortgage Liquidity Act of 2015, which would ensure that small credit unions are able to more easily access the secondary mortgage market to make sure their members receive competitive prices and robust credit availability. Subcommittee chairman Randy Neugebauer said, quote, Throughout this Congress, we have seen examples and heard testimony about how regulatory impediments prohibit job creation, cause consolidation of community financial institutions, and decrease choices for consumers. Close quote
As a testament to the growing popularity of the single-family rental asset class, total issuance for 25 single-family securitizations in two years have amounted to 13 point 08 billion dollars backed by loans on nearly 100 thousand homes, according to an announcement from Morningstar Credit Ratings on Wednesday. Since the first securitization in October 2013, when Invitation Homes brought a 479 point 1 million deal to the market backed by rental payments on approximately 3,200 single-family homes in five states, an additional 24 deals have come to the market totaling more than 12 point 5 billion dollars.