WASHINGTON, D.C. – June 7, 2011 – (RealEstateRama) — Statement of David H. Stevens, President and CEO of the Mortgage Bankers Association on the announced extension of the comment deadline for the federal financial regulators’ proposed rule implementing the Dodd-Frank Act’s risk retention rule.
“MBA is very pleased that the regulators decided to allow more time for stakeholders to better understand the full scope of the proposed rules and how they will affect borrowers and lenders. While not having an immediate short-term impact, these rules will have a profound long-term effect on how we finance residential, commercial and multifamily real estate in this country. For example, the Qualified Residential Mortgage (QRM) will define who will and who will not get the most affordable mortgage products, potentially prohibiting a significant segment of qualified borrowers from being able to achieve homeownership. For commercial and multifamily real estate transactions, these rules will affect the flow of private capital back into those markets. Allowing more time for comment will enable us to prepare a more thoughtful and comprehensive analysis and response, which should help the regulators craft a final rule that meets both their objectives and those of the legislators who tasked them with creating the rules.”
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.
John Mechem (202) 557-2924