Washington, DC – November 7, 2012 – (RealEstateRama) — The Mortgage Bankers Association (MBA) announced today it has partnered with Habitat for Humanity to provide $40,000 to help those residents of the Mid-Atlantic and Northeast United States who have been affected by “superstorm” Sandy. MBA has also made a $25,000 direct donation to the American Red Cross. While many MBA members have already made donations, MBA encouraged all of its members to consider doing so.
“Our industry has a long tradition of helping our customers and their communities in times of great need, and this is one of those times,” said MBA Chairman Debra W. Still, CMB. “Many MBA member companies have already stepped up and made donations to this relief effort and we are encouraging others to follow their lead.”
MBA made the donation to American Red Cross Disaster Relief and has encouraged its roughly 2,000 member companies operating in an industry that employs over 200,000 nationwide to make donations to the Red Cross or other non-profit organizations providing similar disaster relief.
“Sandy has disrupted the lives and destroyed the homes of many Americans on the East Coast and beyond, including many MBA members and friends,” said MBA President and CEO David H. Stevens. “MBA is dedicated to investing in communities and it is our responsibility to help at a time when so many of our fellow citizens are in need.”
Numerous organizations are providing assistance in the aftermath of Sandy, which killed more than 100 Americans and left more than 6 million without power. According to disaster modeling company Eqecat, total economic damages caused by Sandy could reach $50 billion, making it the second costliest natural disaster behind Hurricane Katrina in 2005.
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.