The CEO of the Mortgage Bankers Association (MBA) joined the chorus of government and industry leaders calling for comprehensive GSE reform in testimony before the House Financial Services Committee Subcommittee on Housing and Insurance yesterday.

David H. Stevens, CMB, president and CEO of the MBA, said now is the time for GSE reform and submitted his organization’s plan to get it done.

“The time to act on comprehensive legislative reform is now,” Stevens told the committee. “Despite the positive steps FHFA has taken as conservator, only Congress can provide the legitimacy and public confidence needed for long-term stability in both the primary and secondary mortgage markets.”

The proposal calls for the GSEs to be replaced with at least two guarantors, more private capital and more protections for the government and borrowers.

“Our plan suggests other improvements to better serve the full continuum of households, including updating credit-scoring models, and better capturing nontraditional income,” Stevens told the committee. “Our framework has outcomes that are transparent, well-defined, measurable and enforceable.”