Magazine article Mortgage Banking

MBA Unveils 2009 Policy Agenda

Magazine article Mortgage Banking

MBA Unveils 2009 Policy Agenda

Article excerpt

Restoring liquidity to the mortgage market, assisting borrowers and renters, and preventing future problems are the three broad themes of an aggressive policy agenda that the Mortgage Bankers Association (MBA) revealed in January.

While acknowledging that the mortgage industry's reputation and image have suffered during the past year, MBA President and Chief Executive Officer John Courson said MBA and the industry at large are ready to move forward.

"We recognize that we have an opportunity to look at how we've done business over the past few years and an opportunity to restructure," said Courson during a conference call with reporters.


In order to stabilize the mortgage market, MBA Senior Vice President for Government Affairs Steve O'Connor said any stimulus package passed by Congress needs to contain key provisions such as ensuring Federal Housing Administration (FHA) resources, guaranteeing the soundness of the secondary market and extending tax credits to homebuyers.

Furthermore, O'Connor said MBA supports a new refinancing program to assist distressed borrowers, using funds from the Troubled Asset Relief Program. The program would allow lenders to assist borrowers who are "underwater" or those whose mortgages exceed the value of their home to refinance. …

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