“This bill contains a number of critically important provisions to help stabilize the mortgage and real estate market.  We support many of those, including the modernization of FHA, the expansion of mortgage revenue bond programs and additional funding for housing and credit counselors to help those borrowers who are facing difficulties making their mortgage payments.

“I want to thank Senators Reid, McConnell, Dodd and Shelby for their bipartisan leadership in crafting a broadly supported compromise.  We look forward to working with leaders in the House to help stabilize the market and further assist at risk 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 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.