MBA’s Kittle Testifies on Mortgage Reform

WASHINGTON, D.C. - March 12, 2009 - (RealEstateRama) —  David G. Kittle, Chairman of the Mortgage Bankers Association (MBA) and Executive Vice President at Vision Mortgage Capital, LLC today testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.  At the hearing, titled, “The Current State of the American Mortgage Lending System and Proposals to Reform the System,” Mr. Kittle laid out the principles upon which MBA has been building a comprehensive reform proposal to reform oversight of the mortgage industry.“We believe that our industry must be central to solutions that restore faith in the market and protect future borrowers,” said Kittle in his statement.  “We know that these proposals will constrain some in our industry, but they will also help our members and their customers in the long-run.”

According to Kittle, reform efforts should build upon the work done in the last Congress on H.R. 3915, as well as the Federal Reserve’s Home Ownership Equity Protection Act (HOEPA) rules.  Kittle indicated in his statement that MBA’s proposal would be forthcoming soon and that it would be a comprehensive approach that would apply across the country and affect lenders of all sizes and structures.

“Reform proposals directed to the mortgage lending industry should be considered in a comprehensive, not piecemeal, manner,” stated Kittle.  “Reform legislation should provide a rigorous new regulatory standard to protect consumers regardless of where they live.  A single set of consumer protection rules should be dynamic and able to quickly respond to new concerns.  Federal and state officials should work together to revise the national standard to address new abuses and concerns.”

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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.

Tagged as: commercial banks, Finance Industry, HOEPA, MBA, Mortgage Brokers, mortgage companies, Mortgage Reform

 

 

 

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HUD - U.S. Department of Housing and Urban Development

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FHFA - Federal Housing Finance Agency

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MBA - Mortgage Bankers Association