| Title: | Quinn Encouraged by Recommendations of Presidential Working Group on Financial Markets |
| Source: | MBA |
| Date: | 3/13/2008 |
Contacts:
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WASHINGTON, D.C. (March 13, 2008) – Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association today welcomed the recommendations of the President’s
Working Group (PWG) on Financial Markets. The recommendations were released by Treasury Secretary Paulson in a speech this
morning at the National Press Club.
Quinn issued the following statement:
“When the credit markets seized in August, President Bush acted quickly to convene this group, led by Secretary Paulson, to
look at the issues that were causing market turmoil, how to fix them and how to prevent them from occurring again. The group’s
recommendations, and the context in which the Secretary spoke about them, are consistent with MBA’s best thinking in a number
of ways.
“We agree with Treasury’s recommendation that mortgage brokers should be held to stronger licensing and enforcement standards
and that stricter safeguards against mortgage fraud should be put in place.
“Furthermore, we agree that borrower disclosures, including a better disclosure of mortgage broker compensation, are critical
and we will continue to work with policymakers to streamline, improve and simplify disclosures, because simply adding more
to the currently unmanageable pile of borrower paperwork will only further confuse borrowers’ understanding of loan products.
“The PWG makes a number of recommendations regarding information transparency, due diligence and risk management as they relate
to credit rating agencies, securities issuers and investors. MBA appreciates Treasury’s leadership in this area, supports
the shared goal of improving liquidity in the credit markets, and looks forward to contributing to ongoing discussions and
reviewing forthcoming recommendations in these areas.”
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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 370,000 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.