MBA Applauds House Passage of Housing Stimulus Legislation

Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today issued this statement following the House's passage of the housing stimulus legislation.

'FHA modernization has long been one of MBA's top legislative priorities and we are extremely pleased to see the legislation included in this bill. Likewise, creating a new regulator for the GSEs is crucial given the current state of the market.

'Legislation to allow FHA to assist troubled borrowers has the potential to help a significant number of borrowers avoid foreclosure. We want to ensure there are appropriate safeguards to help those borrowers most deserving while keeping the program voluntary for lenders.

'We also support the tax incentives designed to stabilize the housing market by encouraging consumers to start buying homes again.

'By passing this legislation, Congress is giving lenders additional tools to help troubled borrowers stay in their homes as well as helping to prevent future problems for the housing market.

'We applaud Chairman Frank for shepherding this bill through the House and we look forward to working with members of the Senate to continue the momentum.'