In response to discussions in the House Financial Services Committee raising the possibility that a regulatory reform bill could include provisions allowing bankruptcy judges to modify mortgages on primary residences, MBA Chairman David Kittle issued the following statement. "Allowing judges to retroactively modify borrowers' mortgage balances will destabilize a mortgage market that desperately needs stability right now. "Treasury officials today reported that the Obama Administration's Home Affordable Modification Program (HAMP) is on target to reach its stated goal of 500,000 trial loan modifications by November 1. We ought to let that program, still in its early stages, continue to take hold, rather than rushing to try to pass a measure that will do more harm than good. "We hope that proponents of cramdown will recognize the successes that the industry is making through HAMP and other means to help keep borrowers in their homes. Loan modifications cannot happen overnight. But as today's report from Treasury shows, servicers are making significant progress." For more information, visit www.mortgagebankers.gov.