The members of a panel at the Mortgage Bankers Association (MBA) annual convention say the 30-year fixed rate mortgage (FRM) is so ingrained in the system that removing it would have unintended consequences. William McCue of McCue Mortage says nearly all of his loans are for Federal Housing Administration (FHA)-insured loans, like an enveloping institution that gives consumers comfort, as nationalmortgagenews tells MHProNews. Adding there may be multiple ideas good for the market, he says the mentality of policy makers needs to change after acknowledging the housing industry caused the second worst financial crisis in the nation’s history. FHA Commissioner Carol Galante says there is the opportunity to create a stable housing finance system in the coming year.

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