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Photo of David H. Stevens Stevens: Recap and release is “more like rewind and repeat.”

NEW YORK CITY—Mortgage Bankers Association president David H. Stevens on Monday rejected “recap and release” of Fannie Mae and Freddie Mac as a strategy for strengthening the secondary mortgage market. In prepared remarks at the opening general session of MBA’s National Secondary Market Conference and Expo in New York City, Stevens said MBA’s latest proposal for GSE reform “preserves what works in the current system, while enhancing the stability of the market, and protecting taxpayers and consumers.”

The “recap and release” of Fannie and Freddie would entail the government recapitalizing both entities and then quickly selling its stakes, Treasury Secretary Steven Mnuchin has testified that he doesn’t endorse that solution, although he has also made it clear that housing finance reform is a priority of the current administration.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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