Basel III’s adverse treatment of Mortgage Servicing Rights coupled with new rules and a variety of enforcement actions have caused a shift from the recent dominance of the servicing industry by banks to an increasing market share for independent mortgage bankers. New servicing rules have dramatically increased the cost to service, raising additional barriers to entry. Further, the market for Ginnie Mae servicing has become less liquid and the value of Ginnie Mae MSRs is down.

Large depository institutions show no signs of returning to the market. As the paradigm has shifted, some have called for new rules, higher capital standards and a prudential regulator for independents. But such actions could exacerbate problems if they raise the cost of servicing or create more barriers to growth or new entrants. What concerns, opportunities and predictions do policymakers, regulators, industry experts and government leaders have about the future of the Ginnie Mae servicing market? What should be done to make the market deeper and more liquid and the servicing of Ginnie Mae MBS more attractive to all market players, including depositories?

Join HUD’s Office of Policy Development & Research on June 24 for a candid discussion around how to ensure that a liquid market continues to exist and that it encourages high quality issuers, servicers and investors to stay in the business and serve consumers.

Opening Remarks

• Richard K. Green, Senior Advisor for Housing Finance, HUD

The View from Ginnie Mae and Mortgage Bankers Association

• Ted Tozer, President, Ginnie Mae
• Dave Stevens, President and CEO, MBA

Liquidity Needs of the Housing Finance Industry

• Dr. Karen Dynan, Assistant Secretary for Economic Policy, Chief Economist, U.S. Department of the Treasury
  Click here to view Dr. Dynan's powerpoint presentation. A PDF version is available here.
• Karen Pence, Adviser, Division of Research and Statistics, Board of Governors of the Federal Reserve System.
  Click here to view Karen Pence's powerpoint presentation. A PDF version is available here.
• Nancy Wallace, Lisle and Roslyn Payne Chair in Real Estate and Capital Markets, Haas School of Business, University of California, Berkeley
  Click here to view Nancy Wallace's powerpoint presentation. A PDF version is available here.
• Warren Kornfeld, Senior Vice President, Moody’s
  Click here to view Warren Kornfeld's powerpoint presentation. A PDF version is available here.

The Mortgage Banking Industry Lens on Servicing

• Sanjiv Das, CEO, Caliber
• Dave Motley, President, Colonial Mortgage
• Ramon Gomez, Executive Director, JPM Chase
• Mark Jones, President, Amerifirst Mortgage (Michigan)

Next Steps/Wrap-Up: Sustaining a Robust Market for MSRs with Diverse and Stable Market Participants

• Seth Sprague, Senior Vice President, Phoenix Capital, Moderator