Magazine article Mortgage Banking

MBA Supports TRIA Extension Study

Magazine article Mortgage Banking

MBA Supports TRIA Extension Study

Article excerpt

MBA HAS AGREED WITH THE CONCLUSIONS OF a study released in September finding that a two-year extension of the Terrorism Risk Insurance Act of 2002 (TRIA) would enhance U.S. economic performance in the near term, strengthen the nation's overall economy and allow time to evaluate alternative approaches to terrorism risk.

The study, The Effects of Federal Participation in Terrorism Risk, by R. Glenn Hubbard, dean of the Graduate School of Business at Columbia University, New York, and former chairman, Council of Economic Advisers, Washington, D.C.

"The U.S. economy will be stronger with TRIA than without it. Over time, it may be possible to develop alternative approaches to TRIA," said Bruce Deal, managing principal, Analysis Group Inc., Boston. "However, while several alternatives have been suggested, they are not in place today and we do not believe that any of them are viable in the near term."

"The Mortgage Bankers Association wholeheartedly endorses the conclusions of The Effects of Federal Participation in Terrorism Risk study," said Kieran Quinn, president and chief executive officer, Column Financial Inc. …

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