Freddie Mac PMMS: Lower mortgage rates translate into large volume of refis

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.