Contacts: ABA: Susan Besaw, (202) 663-5469; ACB: Robert Schmermund (202) 857-3104; CBA: Fritz Elmendorf, (703) 276-3879; HPC: Gina Maffei, (202) 589-2427; FSR: Gina Maffei, (202) 589-2427; MBA: John Mechem, (202) 557-2727

Financial Services Industry Issues Joint Statement on Subprime Lending
Consistent Regulation and Uniform Standards are Key to Success

Washington, D.C. (May 21, 2007) – In a statement issued today, six financial services trade groups outlined their commitment to strengthening subprime lending standards.

The industry is committed to helping homeowners who are in financial distress to remain in their home through a variety of efforts such as refinancing, loan restructuring, and forbearance.  The statement calls on federal and state regulators to provide enhanced consumer protections without limiting the availability of homeownership to credit worthy borrowers. 

"Responsible subprime lending has helped many Americans improve their lives and achieve the dream of homeownership," the statement said. "Our trade associations look forward to working with all market participants, the regulatory agencies and Congress in addressing the issues in the housing market and preserving the opportunity of homeownership for all Americans who seek it."
 
The statement was released by the American Bankers Association, America's Community Bankers, the Consumer Bankers Association, the Housing Policy Council, the Financial Services Roundtable, and the Mortgage Bankers Association.

For a full copy of the statement, please click here.

Represented Oranizations

American Bankers Association
The American Bankers Association, on behalf of the more than two million men and women who work in the nation's banks, brings together all categories of banking institutions to best represent the interests of this rapidly changing industry.  Its membership-which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks-makes ABA the largest banking trade association in the country. 

America's Community Bankers
America's Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks.  ACB members, whose aggregate assets are more than $1.5 trillion, pursue progressive, entreprenurial and service-oriented strategies in providing financial services to benefit their customers and communities.

Consumer Bankers Association
The Consumer Bankers Association is the recognized voice on retail banking issues in the nation's capital. Member institutions are the leaders in consumer finance (auto, home equity and education), electronic retail delivery systems, bank sales of investment products, small business services, and community development. CBA was founded in 1919 and provides leadership and representation on retail banking issues such as privacy, fair lending, and consumer protection legislation/regulation. CBA members include 85% of the nation's largest 50 bank holding companies and hold two-thirds of the industry's total assets.

The Housing Policy Council
The Housing Policy Council was formed in 2003 by members of the Financial Services Roundtable, because of the importance of housing and mortgage finance to consumers, the economy and the business of our members. The members of the Roundtable and the Housing Policy Council are directly involved in providing mortgage credit to Americans seeking to achieve the dream of homeownership. HPC's member companies originate, service, and insure mortgages for Americans across the nation every day.  It is estimated that Housing Policy Council companies originate approximately 64 percent of all mortgages for American Consumers.

The Financial Services Roundtable
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.  The Roundtable's Housing Policy Council is made up of twenty-three companies that are among the nation's leaders in mortgage finance.  Member companies originate sixty-five percent of the mortgages for American home buyers. Member companies participate in the Council through the senior mortgage executive in their company. Roundtable member companies provide fuel for America's economic engine, accounting directly for $65.8 trillion in managed assets, $1 trillion in revenue, and 2.4 million jobs.

###

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.mortgagebankers.org.