| Title: | MBA's Courson Welcomes Geithner Announcement on Financial Stability Plan |
| Source: | MBA |
| Date: | 2/10/2009 |
WASHINGTON, D.C. (February 10, 2009) - John A. Courson, President and CEO of the Mortgage Bankers Association (MBA) today issued the following statement in response
to Treasury Secretary Timothy Geithner's announcement this morning outlining the administration's plan to help recapitalize
the banking system and aid struggling homeowners.
"Today's announcement represents a significant step forward in the effort to restore confidence in our financial institutions,
stabilize the credit and housing markets and address some of the systemic problems currently plaguing our national economy.
MBA will continue to work with the administration, banking regulators and Congress to ensure the plan is quickly implemented
and has its maximum intended effect."
"There are two major components of today's announcement. Secretary Geithner discussed efforts to help homeowners who are
having difficulty making their mortgage payments. Helping stem the tide of foreclosures is a crucial part of stabilizing
both the housing market and the overall economy and we hope to work with the administration and regulators to craft a plan
to further help homeowners. MBA supports Treasury's goal of bringing all stakeholders together around a uniform and workable
standard for modifying loans to help troubled homeowners achieve an affordable monthly payment.
"Secretary Geithner also unveiled a multi-pronged approach to restart the stalled credit markets and encourage financial institutions
to start lending again. We are pleased, particularly with the expansion of the TALF to specifically include commercial mortgage-backed
securities. We hope the program will contain support for both new and existing assets including private label residential
mortgage-backed securities. The market for new private label RMBS and CMBS has essentially disappeared, and this will hopefully
help spur lending for commercial and multifamily projects."
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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.