| Title: | MBA’s Quinn Commends Introduction of Mortgage Relief Bill |
| Source: | MBA |
| Date: | 3/13/2008 |
WASHINGTON, D.C. (March 13, 2008) – Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association today welcomed Congressman Barney Frank’s proposal for
legislation to help stabilize the mortgage and housing markets and assist borrowers. Legislative language was introduced
today, though Chairman Frank warned that it could change before the bill was officially introduced.
Quinn issued the following statement:
“The current situation in the mortgage and housing market needs to be addressed and borrowers need to be helped. By introducing
this bill, Chairman Frank has offered a constructive proposal that will help start what is sure to be a vigorous dialog about
how best to help borrowers and stabilize the market.
“MBA is still analyzing the proposal based on a set of principles we believe any such proposal must include. Among those
principles are that the program should be voluntary, not increase costs on future borrowers, be available only to owner-occupants
and not assist borrowers who engaged in fraud.
“MBA also believes that any such plan should not be a government bailout and that lenders should assume their share of the
loss. It is also crucial that any plan ought to include protection for servicers and trustees from the risk for litigation
in connection with the provisions of any applicable pooling and servicing agreements.
“We look forward to working with Chairman Frank and other policy makers to help find solutions to the current market and borrower
troubles.”
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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.