| Title: | MBA Chairman Robbins Testifies on Remedies to Help Avoid Foreclosure |
| Source: | MBA |
| Date: | 9/20/2007 |
WASHINGTON, DC (September 20, 2007) — John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) testified today before the House Financial Services
Committee. The hearing was titled, “Legislative and Regulatory Options for Minimizing and Mitigating Mortgage Foreclosures.”
Robbins issued the following statement:
“I have been in the mortgage business for 36 years, and today’s market is the toughest environment I have ever seen. We have
two immediate problems: how to help homeowners, particularly resident homeowners, avoid foreclosure and stay in their homes,
and how to restore liquidity and stability to the full mortgage market and other credit markets going forward.
We are encouraged by the President’s proposals to help homeowners announced on August 31, and we endorse many of the measures
in that initiative. The President’s initiative and the Cabinet-level attention it will involve, along with the actions Congress
can take, will help to alleviate the painful state of the mortgage market for many consumers, the industry and investors.
MBA, in fact, has long advocated for many of these changes – such as Federal Housing Administration (FHA) modernization, improving
mortgage disclosures, improving financial literacy and RESPA reform – even before the recent troubles in the subprime mortgage
market. In his proposal, the President called on Congress to pass pending bills that would modernize the FHA and allow temporary
tax relief to borrowers who have had mortgage debt cancelled.
Moreover, he announced the launch of a new foreclosure avoidance initiative spearheaded by the Department of Housing and Urban
Development (HUD) and the Treasury Department.
MBA hails all of these initiatives which complement MBA’s long-standing efforts on behalf of the mortgage industry.
MBA profoundly believes that better financial literacy, greater transparency in the mortgage process, better licensing of
originators and uniform national lending standards offer the greatest promise to improve the mortgage process while protecting
and reducing costs to consumers. MBA looks forward to working with the President and Congress to protect homeowners and improve
the mortgage financing system. “
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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.