WASHINGTON, D.C. – January 26, 2012 – (RealEstateRama) — David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today issued the following statement.
“Like the President, we believe it is time to move forward with rebuilding this nation’s housing market and that lenders and borrowers alike contributed to the housing crisis we are currently in. Let there also be no mistake, those who committed illegal acts ought to face the consequences, if they haven’t already.
“The most important step that policymakers can take is to articulate a clear national housing policy that establishes certainty for lenders and borrowers alike. Finalize the Risk Retention/Qualified Residential Mortgage (QRM) rule in a way that ensures access to credit for all qualified borrowers. Establish workable national servicing standards that will provide clear rules of the road so that borrowers know how they will be treated by their loan servicers. Develop a legal safe-harbor for the Qualified Mortgage/Ability to Repay requirements under Dodd-Frank so that lenders have an unambiguous, bright line standard to govern who should get a mortgage. Move quickly to determine the proper role of the federal government in the mortgage market in order to ensure sufficient mortgage liquidity through all markets, good and bad.
“MBA is calling on all stakeholders to join us in real time to enact and implement these and other solutions that will stabilize and benefit the entire housing market, borrowers and lenders alike.”
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: www.mortgagebankers.org.