Friday, September 15, 2006

Witness List Released for Senate Hearing: Nontraditional Mortgages

by Bill McBride on 9/15/2006 02:11:00 PM

The witness list was released this morning for the Senate hearing on Assessing Non-Traditional Mortgage Products. The hearing is Wednesday, September 20, at 10 AM ET.

The first panel will be mostly representatives from the regulatory agencies responsible for the new guidance. One insider suggested the OCC is pushing hard to release the new guidance, and some of the other agencies may be dragging their feet. So this might be interesting.

Panel 1
Ms. Orice Williams , Director, Government Accountability Office
Ms. Kathryn E. Dick , Deputy Comptroller for Credit and Market Risk, Office of the Comptroller of the Currency
Ms. Sandra F. Braunstein , Director of the Division of Consumer and Community Affairs, Federal Reserve
Ms. Sandra Thompson , Director of the Division of Supervision and Consumer Protection, Federal Deposit Insurance Corporation
Mr. Scott Albinson , Managing Director for Examinations, Supervision, and Enforcement, Office of Thrift Supervision

Expect some fireworks from the second panel!

The MBA and the Mortgage Brokers Association oppose the new guidance, or at least want it neutered. The last three panel members will be arguing the guidance is necessary and should have some teeth.

Panel 2
Mr. Robert Broeksmit , Chairman of the Residential Board of Governors, Mortgage Bankers Association
Mr. George Hanzimanolis , NAMB President-Elect, Bankers First Mortgage, Inc. testifying on behalf of the National Association of Mortgage Brokers
Mr. William A. Simpson , Chairman, Republic Mortgage Insurance Company testifying on behalf of the Mortgage Insurance Companies of America
Mr. Michael D. Calhoun , President, Center For Responsible Lending
Mr. Allen Fishbein , Director of Housing and Credit Policy, Consumer Federation of America

The UberNerds will be having fun on Wednesday (a hat tip to Tanta!).