MBA's Courson welcomes Geithner announcement on financial stability planMortgagePress.comJohn A. Courson, MBA, Treasury Secretary Timothy Geithner, financial stability plan
John A. Courson, president and CEO of the Mortgage Bankers
Association (MBA) has 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."
For more information, visit www.mortgagebankers.org.
