John A. Courson, President and CEO of the Mortgage Bankers Association (MBA) issued a statement on February 10, 2009 in response to Treasury Secretary Timothy Geithner’s announcement on the administration’s plan to help recapitalize the banking system and aid struggling US Real Estate.

Mr. Courson highlighted two major components of Geithner’s plan. First, efforts will be made to help homeowners who are having difficulty making their mortgage payments.  Stemming the tide of foreclosures is a crucial part of stabilizing both the housing market and the overall economy. Mortgage Banker Association supports Treasury’s goal of bring all stakeholders together around a uniform and workable standard for modifying loans to help troubled homeowners of US real estate achieve an affordable monthly mortgage payment.

The second component consists of a multi-pronged approach to restart the stalled credit markets and encourage financial institutions to start lending again. Mr. Courson is pleased the expansion of the TALF to specifically include commercial mortgage-backed securities. The US Mortgage Banker Association hopes the program will contain support for both new and existing assets including private label residential mortgage-backed securities.

The US Mortgage Banker Association will continue to work with the administration, banking regulators and Congress to ensure the plan is quickly implemented and has its maximum intended effect.

This entry was posted on Friday, February 13th, 2009 at 2:06 pm and is filed under Mortgage, Real Estate Market Analysis, US Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.