Banks Join MGIC Pushing to Ease Insurer Capital Plan
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Bankers joined loan guarantors in pushing the Federal Housing Finance Agency to ease proposed capital rules for mortgage insurers, saying the plan will make borrowing less affordable for homebuyers unless it’s revised.
The Mortgage Bankers Association and MGIC Investment Corp. suggested changes to rules tied to premiums and the amount of funds required to be held. The firms didn’t call for a wholesale rewrite of the proposed Private Mortgage Insurance Eligibility Requirements, or PMIERs, for firms that do business with Fannie Mae and Freddie Mac.