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Mr. Robbins discussed the critical need to protect the availability of subprime mortgage options in the U.S., especially for consumers with no credit – or those with a poor credit history.  Such subprime loans have enabled millions of Americans to purchase homes, many of whom are the first in their family to be able to realize that dream.

The almost 81 percent of subprime borrowers who are making timely payments are building a sound credit rating and helping strengthen the communities in which they buy homes.  However, Robbins warned, “Potential new laws now being discussed by some legislators and regulators may result in tightening access to credit, robbing prospective homebuyers of the benefits of subprime loans as well as closing the door to current subprime borrowers wishing to refinance.”

Mr. Robbins shared initiatives the mortgage industry and MBA have undertaken to directly help consumers who are in danger of foreclosure, and those who wish to learn more about lending options.  MBA is in the process of establishing foreclosure intervention programs in cities at high risk by helping to train and certify more foreclosure counselors through its partnership with NeighborWorks America, a non-profit organization providing financial support and training for nearly 4,500 communities around the nation.

MBA has also relaunched its HomeLoanLearningCenter.com consumer education
website, now featuring easy-to-use interactive calculators and advice to help consumers find their own best mortgage fit. The site, available in English and Spanish, can be found at WWW.HOMELOANLEARNINGCENTER.COM

Mr. Robbins’ remarks and speech are attached.

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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.