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Through nonprime lending the mortgage industry has afforded credit options to a growing number of consumers that would not traditionally have access to mortgage credit. The recent transition in the subprime market is affecting access to mortgage credit and putting mortgage companies out of business. This situation, along with the significant liability due to the growing proliferation of well-intended, though overbroad, state regulations and laws, threaten the availability of credit to consumers. In response, MBA supports the establishment of a balanced uniform national lending standard that protects consumers and facilitates the availability of mortgage credit.
MBA is committed to eradicating predatory lending. MBA supports a balanced, strong national anti-predatory lending standard that protects borrowers from unscrupulous actors without diminishing legitimate lending. MBA believes that a uniform set of federal laws would ultimately relieve the significant compliance burden and liability that currently exists among the states. It would also increase competition thereby lowering the costs of homeownership.
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