Press Release

Title: In Letter to Congress, MBA Urges Against Bankruptcy Cram Down
Source:   MBA
Date: 9/24/2008

Attached please find a letter from MBA’s Chief Operating Officer John A. Courson to members of the House and Senate supporting quick passage of legislation to enable the Treasury to purchase distressed mortgage-related assets and encouraging legislators to not include unrelated provisions to the bill, primarily changes to the bankruptcy code that would allow judges to alter residential mortgages in bankruptcy.  The letter makes the case why this proposal would result in further instability in the market for both consumers and the financial markets.   


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: