Mortgage Bankers Association Agenda To Stabilize Housing Market

The MBA is calling on Congress and the Administration to take further action to help stabilize the housing market, help distressed borrowers and ensure that history does not repeat itself. Although programs such as Hope Now have helped over one million people, there is still work to do.

The MBA continues to support legislation to modernize FHA and stronger oversight of Fannie Mae and Freddie Mac. Revitalizing FHA programs would help the housing market by making home loans available for low and moderate income homebuyers.

Reforming Fannie Mae and Freddie Mac and the Federal Home Loan Banks to ensure they are financially stable would include a single regulator to watch over the companies.

The MBA also believes that Congress can use new tax incentives to help entice the housing market. By providing 1st time homebuyers with tax incentives, the MBA believes, it will spur demand for housing and possibly stop the bleeding of declining home values.

The MBA is also calling for stronger regulations for on licensing all loan single family loan originators to be stored on a national database. This would allow mortgage consumers to ensure they are working with a professional before signing any papers.

Mortgage fraud is a zero tolerance policy for the MBA as they seek $6.25 million for 30 new FBI investigators and 2 new Departments of Justice’s. These task forces would be spread out between the top 15 areas concentrated with mortgage fraud.

Submitted by admin on 5/04/08
Source: MBA







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