|Title: ||NHEMA to Merge with MBA|
Washington, DC (August 23, 2006) - Earlier this week, the National Home Equity Mortgage Association (NHEMA) Board of Directors
voted unanimously to merge with the Mortgage Bankers Association (MBA). The MBA Board had previously approved the concept
of the merger. NHEMA represents the nonprime mortgage lending industry and is comprised of 220 mortgage lenders accounting
for 80 percent of outstanding nonprime mortgage loans. This merger is a natural progression for NHEMA and MBA which will further
strengthen the mortgage lending industry as a whole.
"This merger has been in development for several months and we would be thrilled to see NHEMA become a part of MBA," said
Regina Lowrie, CMB, MBA's Chairman. "This partnership is in the industry's best interest and will allow MBA to have one, strong
voice that speaks on behalf of the entire mortgage lending industry."
"NHEMA and its members have been committed to providing open and available access to credit for all homeowners," said Richard
Kile, NHEMA's Chairman and Executive Vice President of Citimortgage, mortgage banking. "This merger is an exciting convergence
of expertise that will allow the mortgage industry to better serve the entire spectrum of clientele."
As presently anticipated, following an affirmative member vote, NHEMA will officially become part of MBA on October 1, 2006.
At that time, a new Council will be formed that will be made up of NHEMA Leadership (its current Officers and Executive Committee),
NHEMA's current Board of Directors as charter members and selected MBA members. This Council will continue NHEMA's focus on
nonprime mortgage lending issues and will report into MBA's Residential Board of Governors (RESBOG). The Council will meet
for the first time at MBA's Annual Convention in Chicago in late October.
NHEMA is the only trade association solely representing the nonprime mortgage lending industry. NHEMA's approximately 220
members account for 80 percent of the approximately $608 billion in nonprime mortgage loans originated last year. The association
and its members are committed to ensuring that all homeowners have fair and equitable access to credit.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mba.org.