Robbins issued the following statement:

“This bill is of critical importance to many current and prospective homebuyers during this time when the home finance market is enduring significant disruptions.  Extending the deduction for mortgage insurance premiums will lower the cost of a mortgage for many low and moderate income borrowers, making the American dream of homeownership more affordable and more attainable.

For those borrowers who have worked through a troubled loan with their lender, they should not have to face a tax bill on the phantom income that results from debt forgiveness.  I hope the Senate recognizes the importance of this legislation and moves quickly to get it to the President’s desk.”

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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.