Washington, DC – December 3, 2007 – Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded a proposal unveiled today by Treasury Secretary Henry Paulson to expand tax-exempt qualified mortgage bond programs to refinance existing loans. Under current law, these tax exempt bond programs can only be used to support purchase loans. Secretary Paulson proposed making the tax change effective for the years 2008 through 2010. Mr. Quinn issued the following statement:
“MBA has been advocating just such a move, and we thank Secretary Paulson for his leadership in making this issue a priority. We believe it will give housing finance agencies a tool to help at-risk borrowers in this time of mortgage market uncertainty by allowing states and localities to help lenders offer at-risk borrowers the opportunity to refinance into a more affordable loan.
We look forward to working with Secretary Paulson and Congress to implement this important change. In the current mortgage and housing environment we must continue to find new, innovative ways to help borrowers who face difficulties with their mortgage payments. We all agree on the need to help keep homeowners in their homes, because nobody wins when a home goes into foreclosure.”
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 500,000 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 3,000 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.