MBA Submits Letter to Securities & Exchange Commission Opposing Disclosure of Preliminary Ratings
December 14, 2009 - (RealEstateRama) — On Monday, December 14, 2009, Mortgage Bankers Association (MBA) President and CEO John A. Courson submitted a letter to the Securities & Exchange Commission (SEC) opposing a proposed rule that would require rating agencies to disclose preliminary ratings.
The letter discusses the potential adverse effects of comparing preliminary and final ratings on loan pools as the two ratings can potentially change significantly. As a result, the disclosure of preliminary ratings could be misleading to investors.
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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.
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