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Objective Recap of Accusations Levied at 'Big Banks' and MBA

Tuesday, December 8, 2015

The New York Times has fired the first salvo in what already looks like a battle of words between it and the mortgage finance industry with the Mortgage Bankers Association (MBA) leading on defense.  Times reporter Gretchen Morgenson on Monday published a mammoth report - over 5,000 words, on what she claims has been a long-term campaign by big banks to end the role Fannie Mae and Freddie Mac (the GSEs) play in mortgage lending.  For its part MBA, never slow on the draw when it comes to press releases, called the newspaper's allegations "inflammatory and unfounded."

None of the objective details should be a surprise, considering the administration's and the MBA's efforts on risk-sharing and common securitization are well-publicized.  The surprise, or "news," in this case, is the accusation of wrongdoing.


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