MIB’s Letter to Senator Jon Tester

Dear Senator Tester:

I am writing on behalf of the members of the Montana Independent Bankers Association (“Association”) to thank you for your sponsorship of legislation to replace Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency with a new Federal Mortgage Insurance Corp., which would regulate the secondary market and Federal Home Loan Banks.

As you know, access for community banks to a financially sound secondary mortgage market is critical to ensuring access to mortgage in all areas of the country, including rural Montana.  We are also pleased this bipartisan legislation allows community banks like ours to gain access to the secondary market without requiring us to take on additional risk and the excessive cost of securitizing loans.

Again, thank you for being a sponsor of this important bill and taking the lead on secondary-market reform.

If you or your staff would like to discuss this bill or any other matter relevant to Montana’s banking industry, please feel free to contact me at (406) 449-7444 or by emailing me.



James E. Brown
Executive Director