Mortgage Concepts promotes Leonard J. Ramirez to VP

MBA's Courson and Kittle react to mortgage cramdown dealMortgagePress.comMBA, John A. Courson, David G. Kittle, FHA, VA John A. Courson, president and CEO and David G. Kittle, CMB, chairman of the Mortgage Bankers Association (MBA) has issued the following statement on a proposed compromise to allow bankruptcy judges to alter mortgage contracts. "We remain opposed to bankruptcy cram down legislation because of the destabilizing effect it will have on an already turbulent mortgage market. We were surprised by the suddenness of the announcement and are still evaluating the proposed deal, but we believe there remain a number of crucial issues that need to be addressed. "Any agreement needs to protect FHA and VA guarantee programs. Today's announced agreement does nothing to solve that important issue. In addition we believe that this legislation ought to be limited only to subprime loans. We would also want to see a sunset date that limits how long judges would be granted this extraordinary power. "This legislation would have a significant effect on the mortgage markets and we believe it ought to be subject to the normal legislative process, including hearings and markup. We look forward to working with our members and Congress to address these and other issues." For more information, visit www.mortgagebankers.org.