| Title: | MBA Chairman Robbins Testifies on Need to Protect Consumers While Maintaining Access to Mortgage Credit |
| Source: | MBA |
| Date: | 6/26/2007 |
WASHINGTON, DC (June 26, 2007) — John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) testified today before the Senate Banking Committee’s
Subcommittee on Housing, Transportation and Community Development. The hearing was titled, “Ending Mortgage Abuse: Safeguarding
Homeowners.” Robbins issued the following statement:
“MBA shares the commitment of the Committee to protect consumers from abusive lending. The challenge for policymakers is
to balance the need to assure consumer protections against the need to assure the availability of credit.
MBA believes that in addition to assuring the availability of mortgage credit, there are three things the government can do
to help protect consumers. First, make financial education a priority. Second, simplify and make more transparent the mortgage
process and the functions and fees of key professionals.
Third, enact a strong and balanced uniform national standard for mortgage lending with increased consumer protections and
more accountability for mortgage professionals including much better licensing requirements and the establishment of a national
registry to help protect against bad actors moving from place to place. Sound national regulatory standards for mortgage
professionals are essential steps to establishing much better mortgage lending protections for borrowers.”
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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 2,400 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.