Anti-Predatory Lending Bill Jumpstarts Crystal Ball into Mortgage Mayhem

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RISMEDIA, Dec. 14, 2007-Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA) expressed concerns about “The Homeownership Preservation and Protection Act of 2007,” legislation introduced by U.S. Senator Christopher Dodd (D-CT), Chairman of the Senate Banking Committee.Quinn issued the following statement:

“The introduction of this bill is an important development as it will jumpstart the debate in the Senate over how to prevent a reoccurrence of the current troubles facing the mortgage market. We are still reviewing the specific language in the bill, but there are several provisions that concern us deeply.

Senator Dodd’s bill does not provide a uniform national standard to protect consumers from predatory lending, a step we feel is necessary to ensure a smooth and efficient marketplace. Further, we are troubled by the bill’s ‘duty of care’ and assignee liability requirements.

We welcome the coming debate over the bill and look forward to working with Chairman Dodd, Ranking Member Shelby and senators on both sides of the aisle
as the bill progresses.”

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 400,000 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 3,000 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 more information, visit www.mortgagebankers.org.

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