Washington, DC – November 7, 2012 – (RealEstateRama) — The Mortgage Bankers Association (MBA) released the following statement reacting to the re-election of President Barack Obama.
“The Mortgage Bankers Association congratulates President Obama on his re-election and looks forward to continuing to work with the administration on efforts to revitalize the real estate and mortgage markets. We encourage the President and Congress to work in a bi-partisan, cooperative manner so continued progress can be made on the critical issues our nation continues to face.
“We are at a very delicate time in a fragile housing recovery, and government and regulatory policies around housing need to be carefully thought out, in a comprehensive manner, ever-mindful of the way new programs, rules and regulations intersect with each other.
“That is why we are renewing our call on the President to appoint a federal housing policy coordinator to act as a ‘traffic cop’, not to make rules and policies, but rather to ensure a coordinated housing policy where federal and regulatory agencies are effectively talking to each other as the rulemakings and policies are proposed and adopted in order to ensure that they complement each other.
“We applaud this administration for the work that has been done to help borrowers in need and to establish rules to protect consumers from abusive lending practices. It is now critical that we build upon that progress in a balanced way that will protect current and future borrowers, while still giving qualified consumers access to the credit they need. Investment in, and financing of, real estate remains a crucial building block for this nation’s economy.
“MBA supports efforts that protect consumers without cutting off the supply of mortgage credit through burdensome regulation and exposure to litigation. We will work with the Obama administration to ensure that policymakers understand the nature of the tradeoffs involved in various regulatory and legislative efforts.
“Economic growth must be an overarching goal of the President’s second term, and our industry is committed to being a productive partner with all policymakers to ensure that rules are put in place that will foster safe, sustainable investment in real estate.”
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.